ST. LOUIS (March 7, 2013) - Cequel Communications Holdings I, LLC ("Cequel," and together with its subsidiaries, the "Company" or "Suddenlink") today reported financial and operating results for the fourth quarter and full year 2012.
"The fourth quarter capped off a tremendous year for our company," said Suddenlink Chairman and CEO Jerry Kent. "We welcomed new partners. We generated year-over-year revenue growth of 6.4% and Adjusted EBITDA growth of 8.8%, excluding non-recurring expenses that were primarily associated with financing and closing the acquisition. We also accelerated our generation of free cash flow and grew customer relationships for the third consecutive year. As we celebrate the tenth year of our founding, the company is well positioned from a financial and strategic perspective."
Fourth Quarter and Full Year 2012 Highlights
Operating results and metrics and year-over-year changes described below are presented on a pro forma basis to include the acquisition of all of the issued and outstanding capital stock of NPG Cable, Inc., Mercury Voice and Data Company and NPG Digital Phone, Inc. (collectively, "NPG Cable") on April 1, 2011, and contribution of all of the capital stock of Excell Communications, Inc., ("Excell"), on November 15, 2012, and exclude the impact of immaterial asset divestitures in 2012, as if those transactions had been consummated on January 1, 2011.
Fourth-quarter revenues of $525.6 million grew 7.1% compared to the fourth quarter of the prior year. Revenues for the full year of 2012 of $2,061.0 million grew 6.4% compared to the full year of 2011.
Excluding the impact of non-recurring expenses, Adjusted EBITDA (as defined herein) for the fourth quarter and full year 2012 was $212.0 million and $792.0 million, respectively, representing growth of 12.0% and 8.8%, respectively, compared to the same periods in the prior year. Adjusted EBITDA for the fourth quarter and full year 2012, including the impact of non-recurring expenses, was $191.9 million and $763.1 million, respectively, representing growth of 1.7% and 6.4%, respectively, compared to the same periods in the prior year.