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Hungarian Telephone And Cable Corp. Announces 2007 Annual Financial Results And 4th Quarter 2007 Financial Results Posted on: 05/03/2008 Hungarian Telephone and Cable Corp. has announced its results for the fourth quarter and year ended December 31, 2007. With the inclusion of Invitel for the full quarter, HTCC increased its revenue by 158% during the fourth quarter ended December 31, 2007 to $127.1 million as compared to revenue of $49.3 million for the fourth quarter ended December 31, 2006. HTCC's fourth quarter 2007 gross margin increased by 170% to $62.4 million as compared to $23.1 million for the fourth quarter 2006. Income from operations increased by 153% in the fourth quarter 2007 to $16.7 million compared to $6.6 million in the fourth quarter 2006. With a $21.4 million interest expense and a foreign exchange loss of $4.8 million, HTCC’s net loss attributable to common stockholders for the fourth quarter 2007 was $14.5 million, or $0.89 per (diluted) common share, as compared to net income attributable to common stockholders of $14.2 million, or $0.89 per (diluted) share for the fourth quarter 2006. HTCC's Pro-forma Adjusted EBITDA for the fourth quarter 2007, which does not take into account any future synergies resulting from the Invitel acquisition, increased 24% to $53.2 million as compared to Pro-forma Adjusted EBITDA of $43.0 for the fourth quarter 2006. Mass Market Voice - HTCC's Mass Market Voice revenue grew by 430% from $7.7 million in the fourth quarter 2006 to $40.8 million in the fourth quarter 2007, mainly due to the inclusion of Invitel and Tele2 Hungary, which resulted in $31.0 million additional revenue for the quarter. Mass Market Internet - HTCC continued its growth in its Mass Market Internet business reflecting the continued growth in broadband DSL Internet penetration both inside and outside its historical concession areas. HTCC's Mass Market Internet revenue, including the $11.1 million contribution from Invitel’s operations, increased to $12.6 million in the fourth quarter 2007 as compared to $1.1 million in the fourth quarter 2006. HTCC increased its broadband DSL customer base from approximately 10,000 subscribers as of the end of the fourth quarter 2006 to 122,000 subscribers as of the end of the fourth quarter 2007, mainly due to the addition of Invitel. Business - HTCC's Business revenue grew by 110% from $19.4 million in the fourth quarter 2006 to $40.7 million in the fourth quarter 2007, mainly as a result of the $22.0 million contribution to Business revenue from Invitel. Wholesale - HTCC's Wholesale revenue increased 56% from $21.1 million in the fourth quarter 2006 to $33.0 million in the fourth quarter 2007, primarily due to the Invitel acquisition, which resulted in an additional $5.2 million in Wholesale revenue for the quarter. [Please note that when comparing the financial results for the quarter ended December 31, 2007 to the financial results for the quarter ended December 31, 2006, the reported results in U.S. dollars have been affected by the difference between the average Hungarian forint/U.S. dollar exchange rates during such periods. The Hungarian forint appreciated by 16% when calculating the average Hungarian forint/U.S. dollar exchange rate during the quarter ended December 31, 2007 as compared to the average Hungarian forint/U.S. dollar exchange rate during the quarter ended December 31, 2006. A reconciliation of the GAAP to Non-GAAP financial measures is provided in the financial statement tables included in the press release (located on their website).]News story posted by: BroadGroup
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