Shentel's Q1 fiber lease revenue rose to $8.1M
Shentel reported that its first-quarter 2014 fiber lease revenue was $8.1 million, up year-over-year from $6.5 million in the same period a year ago. Out of that mix, the telco reported $4.2 million in affiliate and $3.9 million in non-affiliate fiber lease revenue.
Wireline segment operating revenue was $4.4 million, up from $3.8 million in the first quarter of 2013.
Per the industry-wide trend, Shentel's access lines dropped 1.5 percent from 22,279 in the quarter ended March 31, 2013, to 21,955 as of March 31, 2014. Broadband penetration in the LEC area was 57.9 percent, with 12,700 DSL customers. It had a total of 34,700 customer connections.
First-quarter 2014 adjusted OIBDA for the wireline segment increased 8.5 percent to $7.2 million, up from $6.7 million in the first quarter of 2013.
Overall company revenues were $80.5 million, up 5.8 percent from $76 million in the first quarter of 2013. Shentel said the revenue increase was mainly due to growth in subscribers and revenue per subscriber. Total operating expenses were $64.8 million in the first quarter of 2014 compared with $60.8 million in the prior year period.
For the quarter ended March 31, 2014, net income was $8.6 million compared with $8.4 million in the first quarter of 2013.
Shares of Shentel closed on Friday at $28.45, up 71 cents or 2.56 percent, on the Nasdaq stock exchange.
- see the earnings release
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