Atlantic Broadband Finance, LLC Reports 2006 Second Quarter Financial Results and Conference Call.QUINCY Quincy. 1 (kwĭnt`sē) City (1990 pop. 39,681), seat of Adams co., W Ill., on a bluff above the Mississippi; inc. 1839. It is a trade, industrial (steel parts), and distribution center in a grain and livestock area. , Mass. -- Atlantic Broadband Atlantic Broadband is one of the top 20 cable operators in the United States with over 250,000 customers. The company services the regions of: Florida, Maryland/Delaware, South Carolina and Western Pennsylvania.[1] Website Controversy The AtlanticBroadband. Finance, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("Atlantic Broadband") reported today financial results for the period ended June June: see month. 30, 2006 Revenue for the three months ended June 30, 2006 was $51.7 million as compared to $47.1 million for the three months ended June 30, 2005, an increase of $4.6 million or 9.8%. This increase is mainly attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a $1.9 million increase in high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. data (HSD HSD Human Services Department HSD High Speed Data HSD Hillsboro School District (Hillsboro, OR) HSD Hybrid Synergy Drive (Toyota/Lexus) HSD High School Diploma HSD Historical Society of Delaware ) revenue resulting from HSD subscriber subscriber, n the person, usually the employee, who represents the family unit in relation to the prepayment plan. Other family members are dependents. Also called certificate holders or enrollees. growth driven by continued marketing focus on this service,, coupled with a $1.2 million increase in video revenues due primarily to increased penetration of Digital Video Recorders See DVR. and High Definition package offerings. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the three months ended June 30, 2006 were $23.7 million as compared to $22.2 million for the same period in 2005. The $1.5 million increase was mainly the result of increased programming costs in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with annual contractual increases, coupled with the incurrence In`cur´rence n. 1. The act of incurring, bringing on, or subjecting one's self to (something troublesome or burdensome); as, the incurrence of guilt, debt, responsibility, etc. s> Noun 1. of costs associated with the Company's launch of cable telephony See cable telephone. service. Selling, general and administrative expenses for the three months ended June 30, 2006 were $7.7 million as compared to $7.1 million for the three months ended June 30, 2005, an increase of $0.6 million. This increase resulted mainly from an increase in administrative staff to support the launch of cable telephony services in 2006, coupled with general increases in salaries and benefit costs. We expect to see continued increases in selling, general and administrative expenses as we increase marketing spending to continue subscriber growth trends, with levels remaining relatively consistent as a percentage of revenues. Revenue for the six months ended June 30, 2006 was $101.6 million as compared to $93.4 million for the six months ended June 30, 2005, an increase of $8.2 million or 8.8%. This increase was largely due to a $3.9 million increase in high-speed data revenue resulting from continued marketing focus for this service offering driving HSD subscriber growth, coupled with a $2.2 million increase in video revenues of the Company driven mainly by increased penetration of Digital Video Recorders and High Definition package offerings. Operating expenses for the six months ended June 30, 2006 were $46.8 million as compared to $43.7 million for the same period in 2005. The $3.1 million increase was mainly the result of increased programming costs in conjunction with annual contractual increases, coupled with the costs associated with the launch of cable telephony service. Overall operating expenses have trended downwards down·ward adv. or down·wards 1. In, to, or toward a lower place, level, or position: floating downward. 2. as a percentage of total revenues, decreasing from 46.8% of total revenues for the six months ended June 30, 2005 to 46.0% for the six months ended June 30, 2006. Selling, general and administrative expenses for the six months ended June 30, 2006 were $16.0 million as compared to $14.7 million for the six months ended June 30, 2005, an increase of $1.3 million. This increase resulted mainly from a $0.3 million increase in marketing costs to continue to drive revenue and subscriber levels, an increase in administrative staff to support the launch of cable telephony services and general salary and benefit increases. Liquidity and Cash Flow: Total debt outstanding at June 30, 2006 was $480.5 million and cash balances were $8.4 million at quarter end. On an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis, EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become for the six months ended June 30, 2006, adjusted for certain expenditures as defined in the Company's credit agreement totaling $1.1 million resulted in a total leverage ratio as defined in said credit agreement of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 6.1x. Summary Financial Results: The following tables summarize sum·ma·rize intr. & tr.v. sum·ma·rized, sum·ma·riz·ing, sum·ma·riz·es To make a summary or make a summary of. sum financial results for the three and six month periods ended June 30, 2006:
Subscriber information
6/30/05 12/31/05 6/30/06
--------- --------- ---------
EBU's 214,159 213,396 212,888
Digital Subscribers 74,558 73,985 74,003
HSD Subscribers 59,107 69,018 78,086
Telephone Subscribers -- -- 3,731
Homes Passed 430,784 438,404 440,684
Internet-ready Homes Passed 399,754 424,253 425,971
Basic Subscribers 261,267 263,464 263,735
Basic Penetration of Homes Passed 60.6% 60.1% 59.8%
Digital Penetration of Basic
Subscribers 28.5% 28.1% 28.1%
HSD Penetration of Internet-ready Homes
Passed 14.8% 16.3% 18.3%
Operating results
Three Months Ended June 30.
--------------------------------------
2005 2006
Amount % Amount %
------------------ ------------------
(dollars in thousands)
Revenue:
Video $31,933 67.9% $33,186 64.2%
High Speed Data 5,526 11.7 7,400 14.3
Telephone -- -- 327 0.6
Advertising Sales 1,461 3.1 1,589 3.1
Commercial 3,847 8.2 4,582 8.9
Other 4,303 9.1 4,569 8.8
------------------ ------------------
Total revenue $47,070 100.0% $51,653 100.0%
Costs and expenses:
Operating (excluding
depreciation and
amortization and other
items listed below) 22,199 47.2% 23,658 45.8%
Selling, general and
administrative 7,063 15.0% 7,686 14.9%
Depreciation and amortization 10,717 22.8% 12,632 24.5%
--------- ---------
Income from operations 7,091 7,677
Other Income (expenses):
Gain (loss) from derivative
instruments (1,806) (294)
Interest expense, net (8,458) (9,661)
--------- ---------
Net Loss (3,173) (2,278)
--------- ---------
Six Months Ended June 30.
--------------------------------------
2005 2006
Amount % Amount %
------------------ ------------------
(dollars in thousands)
Revenue:
Video $63,569 68.1% $65,735 64.7%
High Speed Data 10,670 11.4 14,607 14.4
Telephone -- -- 425 0.4
Advertising Sales 2,863 3.1 2,919 2.9
Commercial 7,641 8.2 8,747 8.6
Other 8,631 9.2 9,179 9.0
------------------ ------------------
Total revenue $93,374 100.0% $101,612 100.0%
Costs and expenses:
Operating (excluding
depreciation and
amortization and other
items listed below) 43,688 46.8% 46,787 46.0%
Selling, general and
administrative 14,713 15.8% 15,986 15.7%
Depreciation and amortization 20,603 22.1% 24,057 23.7%
--------- ---------
Income from operations 14,370 14,782
Other Income (expenses):
Gain (loss) from derivative
instruments 13 (764)
Interest expense, net (16,561) (18,659)
--------- ---------
Net Loss (2,178) (4,641)
--------- ---------
Reconciliation of Income from operations to EBITDA (in thousands):
Three Months Six Months
Ended Ended
June 30, 2006 June 30, 2006
------------- -------------
Income from operations $7,677 $14,782
Plus: Depreciation and amortization 12,632 24,057
------------- -------------
EBITDA $20,309 $38,839
------------- -------------
Additionally, on July July: see month. 13, 2006 the Company entered into a definitive asset purchase agreement to purchase substantially all of the assets of G Force LLC, owner of certain cable systems representing approximately 21,000 basic subscribers in South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , for approximately $62.0 million. The transaction, which is expected to close in the fourth quarter of 2006, will be financed through a combination of debt and the issuance of a note payable to the seller of the assets. Conference Call: The Company will host a conference call at 11:00 ET on Tuesday Tuesday: see week. August 1, 2006 to discuss the financial results. To access the conference call, interested parties may dial (800) 895-0198 and provide the conference ID "Atlantic" to the attendant ATTENDANT. One who owes a duty or service to another, or in some sort depends upon him. Termes de la Ley, h.t. As to attendant terms, see Powell on Morts. Index, tit. Attendant term; Park on Dower, c. 1 7. . A replay will be available through August 15, 2006 by dialing (888) 566-0151 (no access code is necessary). Note Regarding Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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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