Business
Shenandoah Telecommunications Company Reports Third Quarter 2020 Results
EDINBURG, Va., Nov. 06, 2020 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced third quarter 2020 financial and
About this update from Shenandoah Telecommunications Co
[{"type":"text","content":"EDINBURG, Va., Nov. 06, 2020 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced third quarter 2020 financial and operating results.\n Third Quarter 2020 Highlights Strong Broadband data net additions of 6,000 with Glo Fiber contributing 1,500Executed Glo Fiber franchise agreements in six new markets in Maryland, Pennsylvania, Virginia and West VirginiaLaunched fixed wireless broadband service in the counties of Albemarle and Rockingham, Virginia, in October 2020 under the brand name of BeamAcquired CBRS spectrum for $16.1 millionAs previously announced, T-Mobile exercised its option to purchase our Wireless segment on August 26, 2020The Wireless segment’s financial results will be presented as discontinued operations in the Company’s Consolidated Financial Statements effective with the date of the purchase optionAs previously announced, our Board of Directors declared a cash dividend of $0.34 per share representing a 17.2% increase over the 2019 dividend. \"Our Broadband business had another quarter of strong operating results with continued demand for our high speed Internet services. We are very excited by the early results of Glo Fiber with a record quarter of net additions and high customer interest following our launch of Beam in October. Based on our track record of success, we plan to accelerate our investments in these new initiatives to increase our Broadband addressable market to over 700,000 homes passed and serve as a catalyst for delivering sustainable long-term growth. Solid operating results along with our strong cash flow generation in 2020, supports returning value to our shareholders with our increased dividend,\" said President and CEO, Christopher E. French. “With T-Mobile’s exercise of the purchase option of our wireless business, we are focused on the upcoming Wireless appraisal process and the transition to a broadband centric company.” Shentel's third-quarter earnings conference call will be webcast at 8:30 a.m. ET on Friday, November 6, 2020. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com. Wireless Update On April 1, 2020, T-Mobile announced the completion of its business combination with Sprint and subsequently delivered to the Company a notice of Network Technology Conversion, Brand ...