| [May 11, 2006] |
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Atlantic Broadband Finance, LLC Reports 2006 First Quarter Financial Results and Conference Call
QUINCY, Mass. --(Business Wire)-- May 11, 2006 -- Atlantic Broadband Finance, LLC ("Atlantic Broadband") reported today financial results for the quarter ended March 31, 2006.
Atlantic Broadband's total revenue for the three months ended March 31, 2006 was $50.0 million as compared to $46.3 million for the three months ended March 31, 2005. The increase in revenue was driven mainly by increases in high speed data revenues resulting from significant consumer demand and increases in digital video revenue driven by the expanded availability of new Digital Video Recorder and High Definition service offerings.
For the three months ended March 31, 2006, the Company's operating and selling, general and administrative expenses were $31.4 million, compared to $29.1 million for the same period in 2005. This increase is mainly the result of contractual increases in programming costs, expenses incurred in advance of the launch of the Company's cable telephony service and increases in marketing expenditures to drive sales.
Liquidity and Cash Flow:
Total debt outstanding including capital lease obligations at March 31, 2006 was $482.1 million and cash balances were $5.2 million at quarter end. On an annualized basis, EBITDA for the six months ended March 31, 2006, adjusted for certain expenditures as defined in the Company's credit agreement associated mostly with hurricane damage repairs and debt amendment fees totaling $2,780,000, resulted in a total leverage ratio as defined in said credit agreement of approximately 6.3x.
Summary Financial Results:
The following tables summarize financial results for the three month period ended March 31, 2006:
Subscriber information
3/31/05 12/31/05 3/31/06
--------- --------- ---------
EBU's 217,082 213,396 213,520
Digital Subscribers 76,756 73,985 74,830
HSD Subscribers 55,782 69,018 75,114
Telephone Subscribers -- -- 1,381
Homes Passed 430,593 438,404 439,593
Internet-ready Homes Passed 388,169 424,253 425,366
Basic Subscribers 252,658 249,754 251,467
Basic Penetration of Homes Passed 58.7% 57.0% 57.2%
Digital Penetration of Basic
Subscribers 30.4% 29.6% 29.8%
HSD Penetration of Internet-ready
Homes Passed 14.4% 16.3% 17.7%
Operating results
Three Months Ended March 31.
------------------------------------------
2005 2006
-------------------- --------------------
Amount % Amount %
--------- --------- --------- ---------
(dollars in thousands)
Revenue:
Video $31,636 68.3% $32,549 65.2%
High Speed Data 5,144 11.1 7,207 14.4
Telephone -- 0.0 98 0.2
Advertising Sales 1,402 3.0 1,330 2.7
Commercial 3,794 8.2 4,165 8.3
Other 4,328 9.4 4,610 9.2
--------- --------- --------- ---------
Total revenue $46,304 100.0% $49,959 100.0%
Costs and expenses:
Operating (excluding
depreciation and
amortization and
selling, general and
administrative listed
below) 21,489 46.4% 23,129 46.3%
Selling, general and
administrative 7,650 16.5% 8,300 16.6%
Depreciation and
amortization 9,886 21.4% 11,425 22.9%
--------- ---------
Income from
operations 7,279 7,105
Other Income (expenses):
Gain (loss) from
derivative instruments 1,819 (470)
Interest expense, net (8,103) (8,998)
--------- ---------
Income (loss) before
income taxes $995 $(2,363)
Reconciliation of Income from operations to EBITDA (in thousands):
Three Months
Ended
March 31, 2006
------------------
Income from operations $7,105
Plus: Depreciation and amortization 11,425
------------------
EBITDA $18,530
------------------
---------------------------------------------------
-------------------
Conference Call:
The Company will host a conference call at 10:00 ET on Tuesday May 16, 2006 to discuss the financial results. To access the conference call, interested parties may dial (800) 895-1549 and provide the conference ID "Atlantic" to the attendant. A replay will be available through May 30, 2006 by dialing (800) 945-0804 (no access code is necessary).
Note Regarding Forward-Looking Statements:
Statements in this release that are "forward-looking statements" are based upon current expectations and assumptions, and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation reform Act of 1995. Words of expressions such as "intends", "expects", "expected", "anticipates" or variations of such words and similar expressions are intended to identify such forward-looking statements. Key risks are described in the Company's report filed with the Securities and Exchange Commission (SEC).
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