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Shenandoah Telecommunications Company Reports First Quarter 2024 Results
EDINBURG, Va., May 03, 2024 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel” or the “Company”) (Nasdaq: SHEN) announced first quarter 2024
About this update from Shenandoah Telecommunications Co
[{"type":"text","content":"EDINBURG, Va., May 03, 2024 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel” or the “Company”) (Nasdaq: SHEN) announced first quarter 2024 financial and operating results. Tower segment’s financial results will be presented as discontinued operations in the Company’s Consolidated Financial Statements. Under the new organizational and reporting structure, the Company has one reportable segment in continuing operations. First Quarter 2024 Highlights Glo Fiber Markets added approximately 5,000 subscribers and ended the quarter with approximately 47,000 subscribers.Glo Fiber passings grew 25,700 to a total of approximately 260,000.As previously reported, Shentel completed the initial closing of the sale of substantially all of Shentel’s tower portfolio and operations (“Tower Portfolio”) to Vertical Bridge Holdco, LLC for $309.9 million in cash (the “Tower Transaction”) on March 29, 2024. The Company expects to pay up to $10.0 million in income taxes during the remainder of 2024 as a result of the gain on the sale after utilization of net operating loss carryforwards.Revenue grew 3.1% to $69.2 million compared to the first quarter of 2023. Glo Fiber Markets revenue grew 73.0% to $12.1 million.Net loss from continuing operations was $4.1 million in the first quarter of 2024 compared with net income from continuing operations of $0.7 million in the first quarter of 2023 due primarily to higher interest expense.Net income from discontinued operations was $218.8 million in the first quarter of 2024, compared with net income of $1.3 million in the first quarter of 2023 due primarily to a gain recognized on the sale of the Tower Portfolio. “We had another record quarter for Glo Fiber net subscriber additions and a strong quarter of Glo Fiber passings released to sales, while also closing a major acquisition, a major divestiture and $356 million in financings.” said President and CEO, Christopher E. French. “We are making good progress on the Horizon integration, and we are well positioned for sustainable organic growth as we complete the integration by early 2025.” Shentel’s first-quarter earnings conference call will be webcast at 8:30 a.m. ET on Friday, May 3, 2024. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com/. First Quarter 2024 Results T...