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GCI Reports First Quarter 2013 Financial Results.


Consolidated
  
v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates

v.tr.
1. To unite into one system or whole; combine:
 revenue of $186.2 million

– Adjusted
EBITDA

 of $58.6 million

– Net income of $3.2 million or $0.08 per
diluted
  
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.

2. To lessen the force, strength, purity, or brilliance of, especially by admixture.
 share

ANCHORAGE
 , city (1990 pop. 226,338), Anchorage census div., S central Alaska, a port at the head of Cook Inlet; inc. 1920.
,
Alaska
 , largest in area of the United States but third smallest (exceeding only Vermont and Wyoming) in population, occupying the northwest extremity of the North American continent, separated from the coterminous United States
, May 1, 2013 /PRNewswire/ — General
Communication, Inc. (”
GCI

GCI Growth Competitiveness Index
GCI Great Cities Institute
“)(
NASDAQ

:GNCMA) today reported its
first quarter 2013 results with revenues increasing to $186.2 million
over revenues of $171.9 million in the first quarter of 2012, an
increase of $14.3 million or 8.3 percent. Adjusted EBITDA increased $3.8
million or 7.0 percent over the first quarter of 2012 EBITDA of $54.8
million.

GCI’s first quarter 2013 net income totaled $3.2 million or
earnings per diluted share of $0.08 and compares to net income of $1.4
million or earnings per diluted share of $0.03 for the first quarter of
2012.

First quarter of 2013 revenues increased $2.5 million or 1.4 percent
over revenues of $183.7 million in the fourth quarter of 2012. Adjusted
EBITDA increased $5.5 million or 10.4 percent over adjusted EBITDA of
$53.1 million in the fourth quarter of 2012.

“GCI had a good first quarter,” said
Ron

 
Duncan
 city (1990 pop. 21,732), seat of Stephens co., SW Okla., in an oil, farm, and cattle area; inc. 1892. There is an oil industry, and electronics, concrete, and apparel are manufactured. During the late 19th cent.
, GCI
president. “Typically the first quarter is the slowest one of the
year. We are off to a good start and I am pleased with both the customer

metrics
 Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM.
 and financial performance.”

“Yesterday we completed the
refinancing

 of our senior credit
facility, taking another step in satisfying the remaining conditions to
close the
AWN

 transaction.”

The AWN transaction is expected to close once all requisite

regulatory
  
tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates
1. To control or direct according to rule, principle, or law.

2.
 approvals are received. The timing of such closing during the
quarter will impact GCI’s 2013 results. GCI will issue guidance on
consolidated revenues, EBITDA and AWN’s expected preferred
distributions for 2013 after the AWN transaction has been approved and
completed.

Highlights

* Managed broadband revenues for the first quarter of 2013 totaled
$28.0 million, an increase of $3.5 million or 14.1 percent over the
first quarter of 2012 and a decrease of $0.5 million on a
sequential

 basis. The year-over-year growth is due to continuing investment in

terrestrial

 broadband facilities in rural Alaska and success in
acquiring additional
telemedicine

 and distance learning customers.

* GCI repurchased 764,380 shares of its Class A common stock in the
first quarter of 2013 at an average price per share of $8.64. GCI is
authorized to
repurchase
  
tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es
To buy (something) again.

n.
The act of buying something that one previously sold or owned.

Noun 1.
 $99.7 million of its shares depending on
company performance, market conditions, liquidity, and subject to board

oversight

Oversight may refer to:

  • Government regulation — The role of an official authority in regulating a separate authority.


. At the end of the first quarter of 2013, GCI had

approximately
  
adj.
1. Almost exact or correct:

2.
 41.5 million shares outstanding.

* GCI received payment of $2.0 million for
IRU
 , in the Bible, Caleb’s eldest son.
 capacity sold to a
large carrier customer in the first quarter of 2013. The IRU sale is
treated as deferred revenue and will be recognized into income over the
expected life of the capacity.

* GCI had 130,400 consumer and commercial
cable modem

 customers at
the end of the first quarter of 2013, an increase of 8,400 over the end
of the first quarter of 2012 and an increase of 1,500 on a sequential
basis. Average monthly revenue per cable modem for the first quarter of
2013 was $66.53, an increase of $5.05 over $61.48 posted for the prior
year and $0.76 over $65.77 reported for the fourth quarter of 2012.

* On April 30, 2013, GCI Holdings, Inc., a
wholly owned subsidiary

 of GCI, closed on a $390 million senior secured credit facility with
Credit Agricole Corporate and Investment Bank, as administrative agent,
Union Bank, N.A., as
syndication

 agent, and SunTrust Bank as
documentation agent, and as co-lead arrangers and joint book runners.
The pro-rata bank facility provides up to $240.0 million of delayed draw
term loans and a $150.0 million
revolving credit

 facility. The interest
rate under the loan agreement is
LIBOR

See London interbank offered rate (LIBOR).
 plus a margin of 2 percent to 3
percent dependent upon the total leverage ratio. The facility will
mature on April 30, 2018.

* In part, in anticipation of closing the AWN transaction, we have
changed our
segment reporting

A type of financial reporting in which the firm discloses information by identifiable industry segments. For example, Union Pacific Corporation reports revenues, income, assets, depreciation, and capital expenditures for each of four
 methodology. Effective the first of this
year, we are now organized in two segments, including wireless and
wireline. The wireless segment’s revenue is
derived
  
v. de·rived, de·riv·ing, de·rives

v.tr.
1. To obtain or receive from a source.

2.
 from wholesale
wireless services, which includes revenue that was previously reported
in the historical consumer, network access, and commercial segments. The
wireline segment’s revenue is from all of our other services and
products and includes three major customer groups: consumer, business
services and managed broadband. The consumer customer group includes the
historical consumer segment, the business services customer group
includes the historical commercial and network access segments, and the
managed broadband customer group includes the historical managed
broadband and
regulated
  
tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates
1. To control or direct according to rule, principle, or law.

2.
 operations segments. The comparative figures for
2012 have been
recast
  
tr.v. re·cast, re·cast·ing, re·casts
1. To mold again:

2.
 to be consistent with the new segment
presentation.

Wireless Wireless revenues of $33.8 million, for the first quarter
of 2013, increased $4.4 million or 14.9 percent when compared to the
prior year quarter and $1.2 million or 3.5 percent on a sequential
basis. The increase is primarily due to increases in
roaming

 revenue and
retail non-Lifeline wireless subscribers. GCI served 141,600 wireless
subscribers at the end of the first quarter 2013.

GCI served 108,900
postpaid
  
adj.
With the postage having been paid in advance.


Adverb, adj

with the postage prepaid

Adj. 1.
 and pre-paid non-Lifeline wireless
subscribers at the end of the first quarter of 2013, an increase of
10,300 over the end of the prior year quarter and an increase of 1,300
wireless customers
sequentially
  
adj.
1. Forming or characterized by a sequence, as of units or musical notes.

2. Sequent.


se·quen
.

GCI served 32,700
Lifeline
  
n.
1.
a. An anchored line thrown as a support to someone falling or drowning.

b. A line shot to a ship in distress.

c. A line used to raise and lower deep-sea divers.

2.
 customers at the end of the first quarter
of 2013, a decrease of 8,700 when compared to the prior year quarter and
an increase of 300 on a sequential basis.

Wireline – Consumer Consumer revenues of $68.1 million for the first
quarter of 2013 increased 2.0 percent over the first quarter of 2012 and
were steady with the fourth quarter of 2012. An increase in data and
wireless revenues offset the decreases in voice and video revenues when
compared to the first quarter of 2012.

Consumer voice revenues of $9.5 million decreased $1.7 million when
compared to the prior year quarter and were steady with the fourth
quarter of 2012 as customers continue to abandon wireline service and
shift to wireless. Consumer local access lines in service at the end of
the first quarter of 2013 totaled 68,000, a decrease of 8,100 lines from
the first quarter of 2012 and 1,700 lines from the fourth quarter of
2012.

Consumer video revenues of $28.0 million decreased $1.1 million from
the first quarter of 2012 and $0.7 million from the fourth quarter of
2012. The decrease is primarily due to a decline in basic video
subscribers. Consumer basic video subscribers totaled 122,000 at the end
of the first quarter of 2013, a decrease of 2,200 subscribers from the
first quarter of 2012 and 300 subscribers from the fourth quarter of
2012. GCI has had a steady increase in the number of customers who

subscribe

 only to cable modem service. These customers may be purchasing
video programming from other sources including over-the-top providers
such as
Netflix

 and
Hulu

.

Consumer data revenues of $24.1 million increased $3.6 million or
17.6 percent over the first quarter of 2012 and $0.9 million or 4.1
percent over the fourth quarter of 2012. The increase in consumer data
revenues is due to an increase in cable modem customers and increasing
monthly usage. GCI added 6,300 consumer cable modem customers over the
first quarter of 2012 and cable modem customer counts increased by 1,400
on a sequential basis.

Consumer wireless revenues of $6.5 million increased $0.5 million or
8.3 percent from the first quarter of 2012. Wireless revenues decreased
$0.5 million when compared to the fourth quarter of 2012.

Wireline – Business Services Business services revenues of $56.3
million increased $5.1 million or 10.1 percent over the first quarter of
2012 and $2.2 million or 4.1 percent sequentially.

Voice revenues of $12.3 million were steady with the first quarter
of 2012 and increased $0.8 million or 6.7 percent sequentially.

Commercial data service revenues were $40.1 million in the first
quarter of 2013, an increase of $5.0 million over the first quarter of
2012 and an increase of $1.7 million over the fourth quarter of 2012.
Commercial data service revenues include both transport charges for data
circuits,
professional services

 which are
time and materials
 n. what some builders or repair people contract to provide and be paid for, rather than a fixed price or a percentage of the costs.
 charges for
GCI on-site support of customer operations and data center revenues. As
summarized in the table below, data transport charges of $23.6 million
decreased by $1.2 million as compared to the first quarter of 2012, time
and material charges for support activities increased by $6.1 million to
$16.2 million and data center revenues increased by $0.1 million over
the first quarter of 2012.

Wireline – Managed Broadband Managed broadband revenues for the
first quarter of 2013 totaled $28.0 million, an increase of $3.5 million
or 14.1 percent over the first quarter of 2012 and a decrease of $0.5
million on a sequential basis. The year-over-year growth is due to
continuing investment in terrestrial broadband facilities in rural
Alaska and success in acquiring additional telemedicine and distance
learning customers. GCI will complete the extension of its terrestrial
broadband network to Nome by the end of this year and to
Kotzebue
 , city (1990 pop. 2,751), NW Alaska, on Kotzebue Sound at the tip of Baldwin Peninsula; inc. 1958. It has one of the largest settlements of Eskimos in Alaska.
 by the
end of 2014. The sequential decrease in revenues is due to fewer product
sales in the first quarter of 2013.

Other Items SG&A expenses for the first quarter of 2013 totaled
$64.5 million, an increase of $1.5 million or 2.5 percent as compared to
$63.0 million for the first quarter of 2012. The increase is due to
labor and related benefits and contract labor related to
non-capitalizable network projects for our ConnectMD and SchoolAccess
customers. As a percentage of revenues, SG&A expenses decreased to
34.7 percent in the first quarter of 2013 as compared to 36.6 percent in
the prior year quarter.

GCI’s first quarter 2013 capital expenditures totaled $29.3
million as compared to $26.6 million in the first quarter of 2012.

GCI will hold a conference call to discuss the quarter’s
results on
Thursday
 see week.
, May 2, 2013 beginning at 2 p.m. (Eastern). To
access the briefing on May 2, call the conference operator between
1:50-2:00 p.m. (Eastern Time) at 800-475-0222 (International callers
should dial 1-517-308-9186) and identify your call as “GCI.”
In addition to the conference call, GCI will make available net

conferencing

. To access the call via net conference, log on to
www.gci.com and follow the instructions. A replay of the call will be
available for 72-hours by dialing 800-967-7626, access code 7461
(International callers should dial 1-203-369-3097).

GCI is the largest
telecommunications company

 in Alaska. GCI’s
cable plant, which provides broadband data services, video, and voice,
passes 78 percent of Alaska households. GCI operates Alaska’s most
extensive terrestrial/subsea fiber
optic
 /op·tic/ () ocular (1).


 or op·ti·cal
adj.
1. Of or relating to the eye or vision.

2.
 network which connects not only
Anchorage but also Fairbanks and Juneau/Southeast Alaska to the lower 48
states with a diversely routed, protected fiber network. GCI’s
TERRA-Southwest fiber/microwave system links 65 communities in the

Bristol Bay

An arm of the Bering Sea in southwest Alaska between the mainland and the Alaska Peninsula. It is a rich salmon-fishing area.
 and
Yukon-Kuskokwim Delta

 to Anchorage bringing terrestrial
broadband
Internet access

 to the region for the first time. GCI’s
satellite network provides communications services to small towns and
communities throughout rural Alaska. GCI’s statewide mobile
wireless network seamlessly links urban and rural Alaska.

A pioneer in
bundled
  
n.
1. A group of objects held together, as by tying or wrapping.

2. Something wrapped or tied up for carrying; a package.

3. Biology A cluster or strand of closely bound muscle or nerve fibers.
 services, GCI is the top provider of data,
video and voice services to Alaska consumers with a 70 percent share of
the consumer broadband market. GCI is also the leading provider of
communications services to enterprise customers, particularly large
enterprise customers with complex data networking needs. More
information about GCI can be found at www.gci.com.

The foregoing contains forward-looking statements regarding
GCI’s expected results that are based on management’s
expectations as well as on a number of assumptions concerning future
events. Actual results might differ materially from those projected in
the forward looking statements due to uncertainties and other factors,
many of which are outside GCI’s control. Additional information
concerning factors that could cause actual results to differ materially
from those in the forward looking statements is contained in GCI’s
cautionary statement sections of Forms 10-K and 10-Q filed with the
Securities and Exchange Commission.

Source: GCI

SOURCE General Communication, Inc.