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Shenandoah Telecommunications Company Reports Fourth Quarter and Full Year 2019 Results
EDINBURG, Va., Feb. 26, 2020 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced fourth quarter and full year 2019
About this update from Shenandoah Telecommunications Co
[{"type":"text","content":"EDINBURG, Va., Feb. 26, 2020 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced fourth quarter and full year 2019 financial and operating results.\n 2019 Highlights Earnings per share increased 18.3% to $1.10.Consolidated normalized free cash flow grew 7.9% to a record $139.2 million.Record Wireless postpaid gross and net additions of 235,953 and 49,018, respectively.Broadband revenues, Adjusted OIBDA and Operating Income grew 5.9%, 4.9% and 2.2%, respectively, from 2018.Completed upgrades to DOCSIS 3.1 in our cable markets enabling broadband speeds up to 1 Gbps and completed wireless network growth-related capital investments in recently acquired markets.Launched Fiber to the Home (\"FTTH\") service branded Glo Fiber in Harrisonburg, Virginia. \"We are pleased with the progress we made in 2019 in executing our strategic plan. Our recently completed investments in our cable and wireless networks have already begun to produce positive returns with our cable broadband penetration growing from 37.4% to 40.6% in 2019 and our Wireless business achieving a record year of postpaid gross and net additions,\" said President and CEO, Christopher E. French. \"In addition, we launched our new fiber edge-out strategy, Glo Fiber, and acquired valuable mid-band spectrum in our region for our planned fixed wireless broadband launch later this year. We expect these investments will drive long-term growth in our Broadband business for the next several years and we are well positioned financially and operationally to continue the positive momentum in 2020.\" Shentel's fourth-quarter earnings conference call will be webcast at 8:30 a.m. ET on Thursday, February 27, 2020. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com/. Consolidated Full Year 2019 Results Revenue grew $3.1 million, or 0.5%, year over year to $633.9 million in 2019 driven primarily by Broadband revenue growth of $10.8 million partially offset by Wireless revenue decline of $7.1 million. The Wireless segment recognized $12.0 million in lower travel revenue in 2019 compared to 2018 due to the ongoing dispute with Sprint over resetting the travel fee.Adjusted OIBDA decreased $3.7 million to $260.9 million in 2019 from $264.6 million in 2018 due to the $12 million trav...