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Shenandoah Telecommunications Company Reports Fourth Quarter and Full Year 2020 Results
EDINBURG, Va., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced fourth quarter and full year 2020
About this update from Shenandoah Telecommunications Co
[{"type":"text","content":"EDINBURG, Va., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced fourth quarter and full year 2020 financial and operating results. 2020 Highlights Record Broadband data net additions of approximately 18,800 with Glo Fiber and Beam contributing approximately 4,000 and 100, respectivelyAdded approximately 27,000 Glo Fiber homes passed and eight new franchise agreements expanding franchise passings to over 116,000Launched Beam fixed wireless broadband service in the fourth quarter 2020 to approximately 9,400 homes passed in four counties in Virginia “2020 was a very successful and pivotal year for our Company, as we built momentum executing our Broadband strategy. Our incumbent cable business had a record year of data net additions, driven by our upgraded DOCSIS 3.1 cable network, the value of our Powerhouse rate card, and the increase in customers working and learning from home,” said President and CEO, Christopher E. French. “Our first full year of Glo Fiber exceeded our expectations for construction pace, penetration rates and churn, validating our investment thesis. We are also pleased to have successfully launched our Beam fixed wireless service in October, providing an additional means to deliver broadband services. We are excited that the foundational investments made in our integrated broadband network will support sustainable high growth rates for the next several years.” Shentel's fourth-quarter earnings conference call will be webcast at 8:30 a.m. ET on Thursday, February 25, 2021. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com/. Consolidated Full Year 2020 Results Revenue grew 6.7% to $220.8 million driven by 31% growth in Tower and 5.4% growth in Broadband segments. Adjusted OIBDA increased 15.8% to $57.2 million in 2020 due to strong growth in Towers and a 13.3% decline in Corporate expenses.Operating loss in 2020 was $(1.1) million, compared with $(0.7) million in 2019.Earnings from continuing operations per diluted share was $0.05 compared to $0.05 in 2019 and earnings from discontinued operations grew 131.8% to $2.48 per diluted share 2020. Broadband Total Broadband Data Revenue Generating Units (\"RGUs\") as of December 31, 2020 were 102,812, representing 22.3% year over year gro...