February 26, 2016

Shenandoah Telecommunications Company Reports Net Income Increases 40% in Fourth Quarter and 20.6% for 2015

Fourth Quarter 2015 EPS of $0.24; Adjusted OIBDA Up 17.5%

- Operating Income Up 33% on Strong Cable Improvement of $4.1 Million

- Revenues Increase 5.4% Driven by Wireless and Cable Customer Growth

EDINBURG, Va., Feb. 26, 2016 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company ("Shentel") (NASDAQ:SHEN) announces financial and operating results for the three months and year ended December 31, 2015

Consolidated Fourth Quarter Results

For the quarter ended December 31, 2015, net income increased 40% to $12.1 million, compared to $8.6 million in the fourth quarter of 2014, primarily due to operating improvements in the Cable segment as well as continued growth in the Wireless and Wireline segments.  Operating income was $21.7 million, an increase of 33% from the same quarter last year. 

Adjusted OIBDA (Operating Income Before Depreciation and Amortization) increased 17.5% to $40.1 million in the fourth quarter of 2015 from $34.2 million in the fourth quarter of 2014.  Total revenues were $87.3 million, an increase of 5.4% compared to $82.8 million for the 2014 fourth quarter. Cable segment revenues increased due to an increase in subscribers and Revenue Generating Units (RGUs), video price increases, as well as improved product mix with customers selecting higher-speed data packages.  Wireless revenues decreased as customers shifted to service plans that excluded subsidized phones, while Wireline segment revenues increased due to higher fiber revenues, as well as higher internet service fees as customers upgraded their services.  Total operating expenses were $65.6 million in the fourth quarter of 2015 compared to $66.5 million in the prior year period.  

President and CEO Christopher E. French commented, "We are pleased to have delivered continued revenue growth and enhanced profitability in the fourth quarter, while also increasing our customer base, as demonstrated by the record growth in postpaid additions to our wireless business.  Our upgraded wireless and cable networks provide reliable coverage and access to premium high speed internet service, positioning us well as the carrier of choice in the markets in which we operate."

Consolidated Full Year Results

For the year ended December 31, 2015, net income increased 20.6% to $40.9 million, compared to $33.9 million in 2014.  Operating income was $74.1 million, an increase of 19.6% as compared to $61.9 million in the prior year.    

Adjusted OIBDA increased 14.2% to $150.9 million in 2015 from $132.1 million in 2014.  Total revenues were $342.5 million, an increase of 4.8% compared to $326.9 million in 2014.  Cable segment revenues increased due to an increase in subscribers and RGUs, video price increases, as well as improved product mix with customers selecting higher-speed data packages.  Wireless revenues increased primarily as a result of growth in wireless subscribers, while Wireline segment revenues increased due to higher fiber revenues as well as higher internet service fees as customers upgraded their services.  Total operating expenses were $268.4 million in 2015 compared to $265.0 million in the prior year. 

Wireless Segment

Fourth Quarter average postpaid subscribers grew a record 6.7%, while postpaid service revenues in the Wireless segment decreased $1.2 million or 3.1% as compared to the fourth quarter of 2014 primarily as a result of postpaid customers selecting lower-priced service plans associated with leasing and installment billing programs for handsets.  Offsetting the decrease in postpaid revenue was a decrease in the cost of postpaid handset subsidies of $1.2 million.   In the fourth quarter, net prepaid service revenues grew $0.9 million, or 8.4%, due primarily to improved product mix and 1.1% growth in average prepaid customers as compared to the same period of 2014.

During the fourth quarter of 2015, net additions to postpaid subscribers were 8,985, up 84% compared to 4,891 net postpaid subscriber additions in the fourth quarter of 2014.  Net prepaid subscribers declined by 2,264 during fourth quarter 2015, compared to 5,036 added in the fourth quarter of 2014.

Fourth quarter adjusted OIBDA in the Wireless segment was $27.4 million, an increase of 3.6% from the fourth quarter of 2014. 

"Our state of the art wireless network provides reliable coverage, coupled with the strength of our service offering, drove record growth in our postpaid customer base during the quarter," Mr. French stated.  "Monthly service fees and handset subsidy costs have continued to decline as customers select lower revenue service plans related to handset financing and leasing plans."     

Cable Segment

Revenue in the Cable segment increased $3.5 million or 15.8% to $25.7 million, due to 3.8% growth in average RGUs (the sum of voice, data, and video users), video rate increases implemented in January 2015 to pass-through programming cost increases, and customers selecting higher speed data access packages.  Operating expenses declined 2.6% to $23.5 million in the fourth quarter of 2015. Fourth quarter operating income was $2.2 million compared to an operating loss of $1.9 million in the prior year.

Revenue generating units totaled 126,071 at the end of 2015, an increase of 3.6% over December 31, 2014.

Adjusted OIBDA in the Cable segment for fourth quarter 2015 was $8.2 million, up 90% from $4.3 million in the fourth quarter of 2014.

Mr. French stated, "Customers are demanding more from their broadband provider, and our enhanced service capabilities and product offerings are attracting new customers and encouraging our existing customers to transition to upgraded monthly subscription plans."

Wireline Segment

Revenue in the Wireline segment increased 15.3% to $18.1 million in the fourth quarter of 2015, as compared to $15.7 million in the fourth quarter of 2014.  Carrier access and fiber revenue for the quarter was $11.8 million, an increase from $9.8 million for the same quarter last year, due to growth in new fiber contracts.  Operating expenses increased 7.4% or $0.9 million to $13.5 million for fourth quarter 2015, primarily due to costs to support new fiber contracts.

Adjusted OIBDA for the Wireline segment for fourth quarter 2015 was $8.0 million, as compared to $6.3 million in fourth quarter 2014.

Other Information

On October 20, 2015, the Company declared a dividend of $0.48 per share payable December 1, 2015 to shareholders of record on November 5, 2015, with a payout of $11.6 million.  The Company also declared a two-for-one stock split effective for shareholders of record as of December 31, 2015.

Capital expenditures were $30.0 million in the fourth quarter of 2015 compared to $17.0 million in the comparable 2014 period. 

Cash and cash equivalents as of December 31, 2015 were $76.8 million, compared to $68.9 million at December 31, 2014. Total outstanding debt at December 31, 2015 totaled $201.3 million compared to $224.3 million as of December 31, 2014. The Company began making quarterly principal payments of $5.75 million on its debt in December 2014. According to the terms of the Company's credit agreement, a decrease in the Company's leverage triggered a 0.25% decrease in the interest rate on the Company's outstanding debt during 2015.  At December 31, 2015, debt as a percent of total assets was 32.0%. The amount available to the Company through its revolver facility was $50 million.

"Our balance sheet remains solid, providing a platform for continued growth of our customer base, and for improvements to our capabilities and service offerings.  We look forward to the closing of the nTelos acquisition and to expanding our operations to include additional customers and new markets," Mr. French concluded.

Conference Call and Webcast

The Company will host a conference call and simultaneous webcast today, Friday, February 26, 2016, at 10 A.M. Eastern Time.

Teleconference Information: 
Friday, February 26, 2016 10:00 A.M. (ET)
Dial in number: 1-888-695-7639

Password: 51713132
Audio webcast: http://investor.shentel.com/ 

An audio replay of the call will be available approximately one hour after the call is complete, through March 4, 2016 by calling (855) 859-2056.

About Shenandoah Telecommunications

Shenandoah Telecommunications Company (Shentel) provides a broad range of diversified communications services through its high speed, state-of-the-art network to customers in the Mid-Atlantic United States.  The Company's services include: wireless voice and data; cable video, internet and voice; fiber network and services; and local and long distance telephone. Shentel is the exclusive personal communications service ("PCS") Affiliate of Sprint in portions of Pennsylvania, Maryland, Virginia and West Virginia.  For more information, please visit www.shentel.com

This release contains forward-looking statements that are subject to various risks and uncertainties. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of unforeseen factors. A discussion of factors that may cause actual results to differ from management's projections, forecasts, estimates and expectations is available in the Company filings with the SEC. Those factors may include changes in general economic conditions, increases in costs, changes in regulation and other competitive factors.


SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
   
 December 31, December 31,
20152014
Cash and cash equivalents$76,812 $68,917
Other current assets 51,135  59,407
Total current assets 127,947  128,324
Investments 10,679   10,089
Net property, plant and equipment 410,018  405,907
Intangible assets, net 66,993  68,260
Deferred charges and other assets, net 13,103  6,662
Total assets$628,740 $619,242
   
Current maturities of long-term debt 23,000  23,000
Other current liabilities 38,237  36,154
Long-term debt, less current maturities 178,250  201,250
Total other liabilities 99,315  100,492
Total shareholders' equity 289,938  258,346
Total liabilities and shareholders' equity$628,740 $619,242


SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
    
 Three Months Ended Twelve Months Ended
 December 31, December 31,
 20152014 20152014
Operating revenues$87,285 $82,810  $342,485 $326,946 
      
Cost of goods and services 29,789  31,774   121,330  129,743 
Selling, general, and administrative 18,192  17,534   76,367   69,370 
Depreciation and amortization 17,583  17,176   70,702  65,890 
Total operating expenses 65,564  66,484   268,399  265,003 
Operating income 21,721  16,326   74,086  61,943 
Other income (expense):     
Interest expense (1,692) (2,029)  (7,355) (8,148)
Gain (loss) on investments, net 116  (127)  105  208 
Non-operating income, net 489  535   1,754  2,031 
Income before income taxes 20,634  14,705   68,590  56,034 
Income tax expense 8,526  6,056   27,726  22,151 
Net income$12,108 $8,649  $40,864 $33,883 
      
Basic and diluted income per share:     
Net income - Basic$0.24 $0.18  $0.84 $0.70 
Net income - Diluted$0.24 $0.18  $0.83 $0.70 
Weighted average shares outstanding:     
Basic 48,457  48,240   48,388  48,198 
Diluted  49,206  48,830   49,024  48,720 
              

Non-GAAP Financial Measure

In managing our business and assessing our financial performance, management supplements the information provided by financial statement measures prepared in accordance with GAAP with adjusted OIBDA, which is considered a "non-GAAP financial measure" under SEC rules.

Adjusted OIBDA is defined by us as operating income (loss) before depreciation and amortization, adjusted to exclude the effects of:  certain non-recurring transactions; impairment of assets; gains and losses on asset sales; and share based compensation expense.  Adjusted OIBDA should not be construed as an alternative to operating income as determined in accordance with GAAP as a measure of operating performance.

In a capital-intensive industry such as telecommunications, management believes that adjusted OIBDA and the associated percentage margin calculations are meaningful measures of our operating performance.  We use adjusted OIBDA as a supplemental performance measure because management believes it facilitates comparisons of our operating performance from period to period and comparisons of our operating performance to that of other companies by excluding potential differences caused by the age and book depreciation of fixed assets (affecting relative depreciation expenses) as well as the other items described above for which additional adjustments were made.  In the future, management expects that the Company may again report adjusted OIBDA excluding these items and may incur expenses similar to these excluded items.  Accordingly, the exclusion of these and other similar items from our non-GAAP presentation should not be interpreted as implying these items are non-recurring, infrequent or unusual.

While depreciation and amortization are considered operating costs under generally accepted accounting principles, these expenses primarily represent the current period allocation of costs associated with long-lived assets acquired or constructed in prior periods, and accordingly may obscure underlying operating trends for some purposes.  By isolating the effects of these expenses and other items that vary from period to period without any correlation to our underlying performance, or that vary widely among similar companies, management believes adjusted OIBDA facilitates internal comparisons of our historical operating performance, which are used by management for business planning purposes, and also facilitates comparisons of our performance relative to that of our competitors.  In addition, we believe that adjusted OIBDA and similar measures are widely used by investors and financial analysts as measures of our financial performance over time, and to compare our financial performance with that of other companies in our industry.

Adjusted OIBDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP.  These limitations include the following:

  • it does not reflect capital expenditures;
  • many of the assets being depreciated and amortized will have to be replaced in the future and adjusted OIBDA does not reflect cash requirements for such replacements;
  • it does not reflect costs associated with share-based awards exchanged for employee services;
  • it does not reflect interest expense necessary to service interest or principal payments on indebtedness;
  • it does not reflect gains, losses or dividends on investments;
  • it does not reflect expenses incurred for the payment of income taxes; and
  • other companies, including companies in our industry, may calculate adjusted OIBDA differently than we do, limiting its usefulness as a comparative measure.

In light of these limitations, management considers adjusted OIBDA as a financial performance measure that supplements but does not replace the information reflected in our GAAP results.

The following table shows adjusted OIBDA for the three and twelve months ended December 31, 2015 and 2014:

 Three Months EndedTwelve Months Ended
(in thousands)December 31,December 31,
 2015201420152014
     
Adjusted OIBDA$ 40,143 $34,152 $150,902 $132,144 
             

The following table reconciles adjusted OIBDA to operating income, which we consider to be the most directly comparable GAAP financial measure, for the three and twelve months ended December 31, 2015 and 2014:

Consolidated:     
(in thousands)Three Months Ended Twelve Months Ended
 December 31, December 31,
 2015
2014
 2015
2014
      
Operating income$21,721  $16,326  $74,086 $61,943
Plus depreciation and amortization 17,583  17,176   70,702  65,890
Plus (gain) loss on asset sales 6  243   235  2,054
Plus nTelos acquisition expenses 393  -   3,546  -
Plus share based compensation expense 440  407   2,333  2,257
Adjusted OIBDA$40,143 $34,152  $150,902 $132,144
             

The following tables reconcile adjusted OIBDA to operating income by major segment for the three and twelve months ended December 31, 2015 and 2014:

Wireless Segment:     
(in thousands)Three Months Ended Twelve Months Ended
 December 31, December 31,
 20152014 20152014
      
Operating income$18,922 $18,185  $75,023 $69,882 
Plus depreciation and amortization 8,328  7,949   34,416  31,111 
Plus (gain) loss on asset sales (11) 192   62  (101)
Plus share based compensation expense 113  88   554  475 
Adjusted OIBDA$27,352 $26,414  $110,055 $101,367 


Cable Segment:     
(in thousands)Three Months Ended Twelve Months Ended
 December 31, December 31,
 2015
2014
 2015
2014
       
Operating income (loss)$2,208 ($1,928) $502 ($10,098)
Plus depreciation and amortization 5,811  6,113   23,097  23,148 
Plus (gain) loss on asset sales 33  (28)  45  1,500 
Plus share based compensation expense 146  149   811  848 
Adjusted OIBDA$8,198 $4,306  $24,455 $15,398 


Wireline Segment:    
(in thousands)Three Months Ended Twelve Months Ended
 December 31, December 31,
 20152014 20152014
      
Operating income$4,634 $3,163  $16,404 $15,714 
Plus depreciation and amortization 3,325   2,999   12,736  11,224 
Plus loss on asset sales 37  80   169  655 
Plus share based compensation expense 78  75   408  386 
Adjusted OIBDA$8,074 $6,317  $29,717 $27,979 


The following table shows selected operating statistics of the Wireless segment as of the dates shown: 

    Dec. 31,  Dec. 31,  Dec. 31,
   2015  2014  2013 
Retail PCS Subscribers - Postpaid  312,512  287,867  273,721 
Retail PCS Subscribers - Prepaid  142,840  145,162  137,047 
PCS Market POPS (000) (1)  2,433  2,415  2,397 
PCS Covered POPS (000) (1)  2,224  2,207  2,067 
CDMA Base Stations (sites)  552  537  526 
Towers Owned  158  154  153 
Non-affiliate Cell Site Leases (2)  202  198   217 
Gross PCS Subscriber Additions - Postpaid  77,067  72,891  66,558 
Net PCS Subscriber Additions - Postpaid  24,645  14,146  10,829 
PCS Average Monthly Retail Churn % - Postpaid (3)  1.47% 1.76% 1.75%
Gross PCS Subscriber Additions - Prepaid  83,796  74,838  76,416 
Net PCS Subscriber Additions (Losses) - Prepaid  (2,322) 8,115  8,870 
PCS Average Monthly Retail Churn % - Prepaid (3)   4.93% 4.00% 4.24%
 
1) POPS refers to the estimated population of a given geographic area and is based on information purchased from third party sources.  Market POPS are those within a market area which the Company is authorized to serve under its Sprint PCS affiliate agreements, and Covered POPS are those covered by the Company's network. Covered POPS increased in 2014 primarily as a result of the Company's deployment of the 800 megahertz spectrum at existing cell sites.
2) The decrease from December 31, 2013 to December 31, 2014 is primarily a result of termination of Sprint iDEN leases associated with the former Nextel network.
3) PCS Average Monthly Retail Churn is the average of the monthly subscriber turnover, or churn, calculations for the period.
 

The following table shows selected operating statistics of the Wireline segment as of the dates shown: 

  Dec. 31,Dec. 31,Dec. 31,
  201520142013
Telephone Access Lines (1) 20,25221,61222,106
Long Distance Subscribers 9,4769,5719,851
Video Customers (2) 5,3565,6926,342
DSL and Cable Modem Subscribers (3) 13,08612,74212,632
Fiber Route Miles 1,7361,5561,452
Total Fiber Miles (4) 123,89186,80184,600
     
1) Effective October 1, 2015, the Company launched cable modem services on its cable plant, and ceased the requirement that a customer have a telephone access line to purchase DSL service.
2) The wireline segment's video service passes approximately 16,000 homes.
3) 2015 total includes 420 customers served via the coaxial cable network.
4) Fiber miles are measured by taking the number of fiber strands in a cable and multiplying that number by the route distance.  For example, a 10 mile route with 144 fiber strands would equal 1,440 fiber miles.


The following table shows selected operating statistics of the Cable segment as of the dates shown: 

  Dec. 31
2015
Dec. 31,
2014
Dec. 31,
2013
     
Homes Passed (1) 172,538  171,589   170,470 
Customer Relationships (2)    
Video customers 48,184  49,247  51,197 
Non-video customers 24,550  22,051  18,341 
Total customer relationships 72,734  71,298  69,538 
Video    
Customers (3) 50,215  52,095  53,076 
Penetration (4) 29.1% 30.4% 31.1%
Digital video penetration (5) 77.9% 65.9% 49.2%
High-speed Internet    
Available Homes (6) 172,538  171,589  168,255 
Customers (3) 55,690  51,359  45,776 
Penetration (4) 32.3% 29.9% 27.2%
Voice    
Available Homes (6) 169,801   168,852  163,282 
Customers (3) 20,166  18,262  14,988 
Penetration (4) 11.9% 10.8% 9.2%
Revenue Generating Units (7) 126,071  121,716  113,840 
Fiber Route Miles 2,844  2,834  2,636 
Total Fiber Miles (8) 76,949  72,694  69,296 
Average Revenue Generating Units 124,054  117,744  110,611 
          
1. Homes and businesses are considered passed ("homes passed") if we can connect them to our distribution system without further extending the transmission lines.  Homes passed is an estimate based upon the best available information. 
2. Customer relationships represent the number of customers who receive at least one of our services.
3. Generally, a dwelling or commercial unit with one or more television sets connected to our distribution system counts as one video customer.  Where services are provided on a bulk basis, such as to hotels, universities and some multi-dwelling units, the revenue charged to the customer is divided by the rate for comparable service in the local market to determine the number of customer equivalents included in the customer counts shown above.
4. Penetration is calculated by dividing the number of customers by the number of homes passed or available homes, as appropriate.
5. Digital video penetration is calculated by dividing the number of digital video customers by total video customers.  Digital video customers are video customers who receive any level of video service via digital transmission.  A dwelling with one or more digital set-top boxes or digital adapters counts as one digital video customer.
6. Homes and businesses are considered available ("available homes") if we can connect them to our distribution system without further extending the transmission lines and if we offer the service in that area.
7. Revenue generating units are the sum of video, voice and high-speed internet customers.
8. Fiber miles are measured by taking the number of fiber strands in a cable and multiplying that number by the route distance.  For example, a 10 mile route with 144 fiber strands would equal 1,440 fiber miles.
 

Segment Information

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision makers.  The Company has three reportable segments, which the Company operates and manages as strategic business units organized by lines of business: (1) Wireless, (2) Cable, and (3) Wireline.   A fourth segment, Other, primarily includes Shenandoah Telecommunications Company, the parent holding company.

The Wireless segment provides digital wireless service to a portion of a four-state area covering the region from Harrisburg, York and Altoona, Pennsylvania, to Harrisonburg, Virginia, as a Sprint PCS Affiliate.  This segment also owns cell site towers built on leased land, and leases space on these towers to both affiliates and non-affiliated service providers.

The Cable segment provides video, internet and voice services in Virginia, West Virginia and Maryland, and leases fiber optic facilities throughout southern Virginia and West Virginia. It does not include video, internet and voice services provided to customers in Shenandoah County, Virginia.

The Wireline segment provides regulated and unregulated voice services, DSL internet access, and long distance access services throughout Shenandoah County and portions of Rockingham, Frederick, Warren and Augusta counties, Virginia. The segment also provides video services in portions of Shenandoah County, and leases fiber optic facilities throughout the northern Shenandoah Valley of Virginia, northern Virginia and adjacent areas along the Interstate 81 corridor through West Virginia, Maryland and portions of Pennsylvania.

Three months ended December 31, 2015      
       
(in thousands)      
       
 WirelessCableWirelineOtherEliminationsConsolidated
Totals
External revenues      
Service revenues$47,835 $23,178 $4,843 $- $- $ 75,856
Other 2,998  2,298  6,133  -  -  11,429
Total external revenues 50,833  25,476  10,976  -  -  87,285
Internal revenues 1,121  265  7,118  -  (8,504) -
Total operating revenues 51,954  25,741  18,094  -  (8,504) 87,285
       
Operating expenses      
Costs of goods and services, exclusive of  depreciation and amortization shown separately below 15,908   13,233  8,445  -  (7,797) 29,789
Selling, general and administrative, exclusive of depreciation and amortization shown separately below 8,796  4,489  1,690  3,924  (707) 18,192
Depreciation and amortization 8,328  5,811  3,325  119  -  17,583
Total operating expenses 33,032  23,533  13,460  4,043  (8,504) 65,564
Operating income (loss)$18,922 $2,208 $4,634 $(4,043)$- $21,721


Three months ended December 31, 2014     
(in thousands)     
       
 WirelessCableWirelineOtherEliminationsConsolidated
Totals
External revenues     
Service revenues$48,035 $20,151 $4,663 $- $- $72,849
Other 3,215   2,022  4,724  -  -  9,961
Total external revenues 51,250  22,173  9,387  -  -  82,810
Internal revenues 1,157  59  6,305  -  (7,521) -
Total operating revenues 52,407  22,232  15,692  -  (7,521) 82,810
       
Operating expenses     
Costs of goods and services, exclusive of  depreciation and amortization shown  separately below 17,835  13,015  7,791   -  (6,867) 31,774
Selling, general and administrative, exclusive of depreciation and amortization shown separately below 8,438  5,033  1,739  2,978  (654) 17,534
Depreciation and amortization 7,949  6,113  2,999  115  -  17,176
Total operating expenses 34,222  24,161  12,529  3,093  (7,521) 66,484
Operating income (loss)$18,185 $(1,929)$3,163 $(3,093)$- $16,326
       
Twelve months ended December 31, 2015     
       
(in thousands)     
       
 WirelessCableWirelineOtherEliminationsConsolidated
Totals
External revenues     
Service revenues$192,752 $88,980 $19,386 $- $- $301,118
Other 11,609  7,793  21,965  -  -  41,367
Total external revenues 204,361  96,773  41,351  -  -  342,485
Internal revenues 4,440  849  26,069  -  (31,358) -
Total operating revenues 208,801  97,622  67,420  -  (31,358) 342,485
       
Operating expenses     
Costs of goods and services, exclusive of  depreciation and amortization shown separately below  63,570  54,611  31,668  -  (28,519) 121,330
Selling, general and administrative, exclusive of depreciation and amortization shown separately below 35,792  19,412  6,612  17,390  (2,839) 76,367
Depreciation and amortization 34,416  23,097   12,736  453  -  70,702
Total operating expenses 133,778  97,120  51,016  17,843  (31,358) 268,399
Operating income (loss)$75,023 $502 $16,404 $(17,843)$ - $74,086
       
Twelve months ended December 31, 2014     
       
(in thousands)     
       
 WirelessCableWirelineOtherEliminationsConsolidated
Totals
External revenues     
Service revenues$191,147 $77,179 $18,919 $- $- $287,245
Other 11,867  7,224  20,610  -  -  39,701
Total external revenues 203,014  84,403  39,529  -  -  326,946
Internal revenues 4,440  150  23,506  -  (28,096) -
Total operating revenues 207,454  84,553  63,035  -  (28,096) 326,946
       
Operating expenses     
Costs of goods and services, exclusive of depreciation and amortization shown separately below 73,290  51,982  30,088  -  (25,617) 129,743
Selling, general and administrative, exclusive of depreciation and amortization shown separately below 33,171  19,521  6,009  13,148  (2,479) 69,370
Depreciation and amortization 31,111  23,148  11,224  407  -  65,890
Total operating expenses 137,572  94,651  47,321  13,555  (28,096) 265,003
Operating income (loss)$69,882 $(10,098)$15,714 $(13,555)$- $61,943
                  
CONTACTS:



Shenandoah Telecommunications, Inc.

Adele Skolits

CFO and VP of Finance

540-984-5161

Adele.skolits@emp.shentel.com



Or



John Nesbett/Jennifer Belodeau

Institutional Marketing Services (IMS)

203-972-9200

jnesbett@institutionalms.com

Source: Shenandoah Telecommunications Co

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