Business
Uniti Group Inc. Reports Fourth Quarter and Full Year 2019 Results
Reaches Agreement in Principle with Windstream Announces Sale of Select U.S. Towers and Enters into Ongoing Strategic Tower Arrangement Issues $2.25 Billion
About this update from Uniti Group Inc.
[{"type":"text","content":"Reaches Agreement in Principle with Windstream\n Announces Sale of Select U.S. Towers and Enters into Ongoing Strategic Tower Arrangement Issues $2.25 Billion of Senior Secured Notes and Significantly Extends Debt Maturities Revenues of $268.5 Million and $1,057.6 Million for the Fourth Quarter and Full YearNet Loss of $0.06 and Net Income of $0.04 Per Diluted Common Share for the Fourth Quarter and Full YearAFFO Per Diluted Common Share of $0.48 and $2.08 for the Fourth Quarter and Full Year Introduces 2020 Financial Outlook LITTLE ROCK, Ark., March 12, 2020 (GLOBE NEWSWIRE) -- Uniti Group Inc. (“Uniti” or the “Company”) (Nasdaq: UNIT) today announced its results for the fourth quarter and full year 2019. “As previously announced, we are pleased to have reached an agreement in principle with Windstream. This agreement has significant strategic value for Uniti as it ensures further expansion of our national network footprint in the coming years through on-going fiber deployment. These fiber investments will significantly enhance the value of our network, and should substantially strengthen Windstream’s competitive position. Furthermore, we are also announcing today that we have agreed to sell approximately 486 of our U.S towers, and are simultaneously entering into a strategic arrangement with a valued wireless infrastructure provider to continue to build towers in the U.S. This transaction realizes substantial value for our stockholders, and recycles capital at a highly attractive valuation,” commented Kenny Gunderman, President and Chief Executive Officer. Mr. Gunderman continued, “As we enter 2020, we continue to see robust momentum in all of our businesses, including a strong focus on additional lease-up of both our Uniti Leasing and Uniti Fiber networks. Our 2020 outlook reflects the continued investment in our portfolio of premier communication infrastructure assets, providing the foundation for the continual success in all of our operating business segments.” QUARTERLY RESULTS Consolidated revenues for the fourth quarter of 2019 were $268.5 million. Net loss and Adjusted EBITDA were $11.4 million and $202.9 million, respectively, for the same period. Net loss attributable to common shares was $11.4 million for the period and included $14.8 million of transaction related and other costs. Adjusted Funds From Operations (“AF...