EDINBURG, Va., Jan. 24, 2019 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (Shentel) (NASDAQ: SHEN) announces preliminary operating statistics that show strong customer growth while hitting milestones and breaking records in Wireless and Cable for the fourth quarter and year-end 2018.
Shentel closed 2018 with a robust fourth quarter for Wireless subscriber additions and the continued progression of broadband customers in its Cable business. In the Wireless segment, Shentel reported postpaid net additions for the fourth quarter of 9,639 (an all-time high for a quarter) and prepaid net additions of 3,242. For full year 2018, Shentel reduced postpaid wireless retail churn to 1.82% and reduced prepaid churn to 4.45% (lowest annualized figure in four years). Since the launch of the Company’s wireless expansion strategy in 2016, Shentel’s wireless subscriber base has grown to more than 1 million subscribers today.
Shentel’s Cable operations have undergone an important shift as cable subscribers continue a steady transition to the Company’s more profitable broadband products. At the close of fourth quarter 2018, the Company had more than 135 thousand revenue generating units (RGUs) in Cable, which reflected broadband customer growth of 1,090 RGUs in the quarter.
| WIRELESS | Three Months Ended | |||||
| December 31, 2018 | September 30, 2018 | QTD Change | ||||
| Postpaid: | ||||||
| Retail PCS subscribers | 795,176 | 785,537 | 9,639 | |||
| Gross PCS subscriber additions | 54,517 | 48,111 | 6,406 | |||
| Net PCS subscriber additions | 9,639 | 4,879 | 4,760 | |||
| PCS average monthly retail churn % | 1.90% | 1.84% | 0.06 | |||
| Tablets and devices as % of postpaid base | 9.02% | 8.50% | 0.52 | |||
| Prepaid: | ||||||
| Retail PCS subscribers | 258,704 | 255,462 | 3,242 | |||
| Gross PCS subscriber additions | 38,225 | 38,486 | (261) | |||
| Net PCS subscriber additions | 3,242 | 3,408 | (166) | |||
| PCS average monthly retail churn % | 4.55% | 4.62% | (0.07) | |||
| Years Ended | ||||||
| December 31, 2018 (1) | December 31, 2017 (2) | YTD Change | ||||
| Postpaid: | ||||||
| Retail PCS subscribers | 795,176 | 736,597 | 58,579 | |||
| Gross PCS subscriber additions | 190,334 | 173,871 | 16,463 | |||
| Net PCS subscriber additions | 58,579 | 14,035 | 44,544 | |||
| PCS average monthly retail churn % | 1.82% | 2.04% | (0.22) | |||
| Tablets and devices as % of postpaid base | 9.02% | 7.90% | 1.12 | |||
| Prepaid: | ||||||
| Retail PCS subscribers | 258,704 | 225,822 | 32,882 | |||
| Gross PCS subscriber additions | 150,662 | 151,926 | (1,264) | |||
| Net PCS subscriber additions | 32,882 | 19,150 | 13,732 | |||
| PCS average monthly retail churn % | 4.45% | 5.07% | (0.62) | |||
| (1) Beginning February 1, 2018 includes Richmond Expansion Area. | ||||||
| (2) Beginning April 6, 2017 includes Parkersburg Expansion Area. | ||||||
| CABLE | Three Months Ended | ||||||||
| December 31, 2018 | September 30, 2018 | QTD Change | |||||||
| Revenue generating units (RGUs): | |||||||||
| Broadband | 68,179 | 67,089 | 1,090 | ||||||
| Video | 43,600 | 44,093 | (493 | ) | |||||
| Voice | 23,366 | 23,268 | 98 | ||||||
| Total | 135,145 | 134,450 | 695 | ||||||
| Years Ended | |||||||||
| December 31, 2018 | December 31, 2017 | YTD Change | |||||||
| Revenue generating units (RGUs): | |||||||||
| Broadband | 68,179 | 63,918 | 4,261 | ||||||
| Video | 43,600 | 46,613 | (3,013 | ) | |||||
| Voice | 23,366 | 22,555 | 811 | ||||||
| Total | 135,145 | 133,086 | 2,059 | ||||||
President and CEO Christopher French commented, “Fiscal 2018 demonstrated customer growth in all of our operating segments. In our Wireless business we achieved increases in both postpaid and prepaid customers with a record year for gross adds. We believe this is reflective of the strength of our wireless offering and our ability to provide reliable service throughout our coverage areas as well as heightened capacity for consumers who are expecting and demanding more from their wireless service provider. Our Cable segment continued to show progress with solid growth in RGUs as our high speed bandwidth and dependability allow us to meet and exceed the expectations of our existing customers and attract new subscribers. As we move into 2019 we remain focused on growing our business through the continued delivery of excellent service, expanded coverage and unmatched consistency throughout our entire service footprint.”
About Shenandoah Telecommunications Company
Shenandoah Telecommunications Company is a holding company that provides a broad range of telecommunications services through its operating subsidiaries. The Company is traded on the NASDAQ Global Select Market under the symbol "SHEN." The Company's operating subsidiaries provide local and long distance telephone, Internet and data services, cable television, wireless voice and data services, alarm monitoring and telecommunications equipment, along with many other associated solutions, in the Mid-Atlantic United States.
CONTACTS:
Shenandoah Telecommunications, Inc.
James F. Woodward
Senior Vice President, Finance and Chief Financial Officer
540-984-5990
James.Woodward@emp.shentel.com
Or
John Nesbett/Jennifer Belodeau
IMS Investor Relations
203-972-9200
jnesbett@institutionalms.com