Revenue is flat, but 2013 EBITDA rises at Lumos

THE TAKE: Waynesboro-based Lumos Networks Corp. had total revenue of $207.5 million in 2013, largely unchanged from $206.9 million in 2012. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) rose 8.4 percent to $96.3 million. The company is a fiber-based service provider of data, voice and IP-based telecommunication services in the mid-Atlantic region.

THE NUMBERS:

2013 revenue: $207.5  million, up from $206.9 million in 2012.
2013 EBITDA: $96.3 million, up from $88.9 million.
Fourth-quarter revenue: $51 million, down from $52.7 million in the same quarter in 2012.
Fourth-quarter EBITDA: $24 million, up from $23.2 million in the same quarter in 2012.

THE COMPANY’S TAKE: “In 2013, Lumos Networks’ strategic data revenue grew by 11.3 percent year-over-year, which offset declines in our legacy voice revenue streams, and overall adjusted EBITDA grew by 8.4 percent as a result of effective expense control. We had sequential strategic data revenue growth in each quarter of 2013 and for the total year strategic data revenue accounted for more than 50 percent of our total revenue,” Timothy Blitz, the company’s president and CEO, said in a statement.

THE OUTLOOK:
For the first quarter of 2014, the company expects revenue to be $50 million to $51 million and adjusted EBITDA to be $22.5 million to $23 million. For the full year 2014, the company is introducing guidance of $200 million to $204 million for revenue and $94 million to $96 million for adjusted EBITDA.