Achieved Fourth Quarter and Full Year Consumer Revenue Growth of 2.6% and 3.9%
Strong Hawaiian Telcom TV Subscriber Growth of More Than 2,300 in Fourth Quarter
Expanded the Reach of Hawaiian Telcom TV to 160,000 Households on Oahu
Delivered Fourth Quarter Data Center Revenue Growth Over 60%
HONOLULU, March 12, 2015 (GLOBE NEWSWIRE) -- Hawaiian Telcom Holdco, Inc. (Nasdaq:HCOM) reported financial results for the fourth quarter and full year 2014. The highlights of 2014 and recent accomplishments in 2015 are as follows:
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Revenue was $99.6 million for the fourth quarter and $390.7 million for full year 2014:
- Consumer revenue increased 2.6 percent and 3.9 percent year-over-year for the fourth quarter and full year 2014, respectively, driven by growth in video revenue of $2.8 million and $10.8 million, respectively.
- Added over 2,300 Hawaiian Telcom TV subscribers during the fourth quarter, ending 2014 with approximately 28,100 subscribers resulting in penetration of 17.6 percent of households enabled.
- Enabled 8,000 households in the quarter, increasing enabled households on Oahu to 160,000, 57.5 percent of which are fiber-to-the-home.
- Revenue from SystemMetrics Corporation (SystemMetrics) increased over 60 percent year-over-year for the fourth quarter, driven by sales of security products and solutions.
- Fourth quarter 2014 Adjusted EBITDA(1) of $30.7 million was consistent with the same period a year ago and full year 2014 Adjusted EBITDA of $117.8 million declined $2.1 million year-over-year.
- Generated fourth quarter and full year 2014 net income of $2.0 million and $8.1 million, or $0.19 and $0.76 per diluted share, respectively.
"We delivered a successful 2014. With a focus on broadband, TV and data center and cloud services, Hawaiian Telcom's investment in our next-generation fiber network and innovative new products continue to transform our company and Hawaii's communities and businesses," said Eric K. Yeaman, Hawaiian Telcom's president and CEO. "We have invested and executed aggressively, creating new growth channels and enabling our customers with next-generation technologies to strengthen their businesses and improve their quality of life.
"Our growing momentum in the consumer channel is powered by the continued strength of Hawaiian Telcom TV and growth in high-speed Internet (HSI), which drove an industry-leading 4 percent growth in consumer revenues in 2014. Hawaii's superior entertainment experience can now reach 160,000 households on Oahu, 57.5 percent of which are fiber-to-the-home households.
"In the business channel, customers of all sizes—including 225 of Hawaii's top 250 companies—turn to Hawaiian Telcom for a full array of communications services. Our ability to meet our customers' need for integrated communications solutions is having a pull-through effect for SystemMetrics' data center and cloud services, which drove a more than 60 percent year-over-year increase in fourth quarter revenue in that segment.
"In the wholesale channel, we now have 411 fiber-to-the-tower (FTTT) cell sites completed and another 73 sites under contract to build. Future-proofed with fiber, bandwidth to these cell sites are easily increased to provide wireless carriers more capacity, which can drive a meaningful increase in revenue over time.
"We begin 2015 with strong momentum. Demand for higher bandwidth services and integrated communications solutions are dynamic and growing, as consumers and businesses increasingly view them as tools to improve their quality of life and strategic enablers of growth. To address this demand, we will continue to leverage our next-generation fiber network and data center capabilities to launch new Unified Communications services and Software-as-a-Service cloud services. We look forward to expanding the availability of Hawaiian Telcom TV to more households on Oahu in 2015, driving deeper penetration and increasing our share of the consumer video and broadband market.
"We are confident in our strategies and our platform for growth and are ready to lead Hawaii into the next generation of communications, technology and entertainment," concluded Yeaman.
Fourth Quarter 2014 Results
Fourth quarter revenue was $99.6 million, compared to $100.5 million in the fourth quarter of 2013, which benefitted from $1 million in government subsidies from the Universal Service Connect America Fund program for the expansion of broadband. Revenue growth in the quarter, driven by video, HSI, and $1.3 million of data center colocation revenue from SystemMetrics, was offset by a $2.0 million decrease in equipment and managed services revenue, related to lower customer premise equipment sales, and a 5.7 percent decline in voice access lines. Adjusted EBITDA was $30.7 million, consistent with the same period a year ago.
Net income for the fourth quarter of 2014 was $2.0 million, or $0.19 per diluted share, compared with the prior year net income for the fourth quarter of 2013 of $2.6 million, or $0.23 per diluted share. The decrease was primarily due to a $2.0 million increase in depreciation and amortization as a result of significant investments made to the Company's broadband network.
Consumer Revenue
Fourth quarter consumer revenue totaled $37.4 million, up 2.6 percent year-over-year primarily driven by revenue growth from the Company's Hawaiian Telcom TV and HSI services. The increased reach of the Company's next-generation fiber network is the catalyst that is driving revenue growth in video and HSI services, which is more than offsetting declines from legacy services.
Video service revenue grew to $7.1 million for the quarter, up from $4.2 million in the same period a year ago, driven by the addition of approximately 9,700 subscribers in 2014, ending the year with approximately 28,100 subscribers in service. Hawaiian Telcom TV average revenue per user (ARPU) was up approximately 5.8 percent year-over-year. During the quarter, 8,000 additional households were enabled, increasing the total number of households enabled to 160,000 with over 57.5 percent of those households capable of connecting directly to the Company's next-generation fiber network. Hawaiian Telcom TV penetration of households enabled was approximately 17.6 percent at the end of 2014.
Consumer HSI revenue also was up from the same period a year ago led by a 1.6 percent year-over-year increase in consumer HSI subscribers to approximately 92,900 and a 9.3 percent increase in consumer HSI ARPU due to increased adoption of higher speed offerings. As of December 31, 2014, approximately 53 percent of all video subscribers had triple-play bundles and approximately 92 percent had double- or triple-play bundles. Revenue increases from video and HSI were partially offset by legacy revenue declines related to consumer voice access and long distance line losses of 9.1 percent and 8.5 percent, respectively.
Business Revenue
Fourth quarter business revenue was $42.7 million, compared to $44.7 million in the fourth quarter of 2013. Revenue from SystemMetrics increased over 60 percent year-over-year for the fourth quarter, driven by sales of security products and solutions, was more than offset by a $2.0 million decrease in equipment and managed services revenue. Additionally, the year-over-year decline in legacy business access and long distance revenues contributed to the decline in business revenue.
Wholesale Revenue
Fourth quarter wholesale revenue totaled $16.0 million, consistent with the same period a year ago. Wholesale carrier data revenue increased $0.3 million year-over-year to $14.7 million, mainly due to special construction related to the Company's FTTT projects. Switched carrier access revenue declined year-over-year to $1.4 million, equally attributable to the overall decline in voice access lines and minutes of use and the impact of intercarrier compensation reform.
Operating Expenses, Capital Expenditures and Liquidity
Operating expenses, exclusive of depreciation and amortization, non-cash stock compensation, SystemMetrics earn-out and other one-time charges, decreased 1.2 percent to $68.9 million, primarily due to decreased cost of goods related to lower levels of equipment sales, as well as a decline in costs related to employee benefits, partially offset by increased direct cost of services related to video and higher advertising expense.
Full Year 2014 Results
Revenue was $390.7 million, compared to $391.2 million for the prior year. After adjusting for $1 million in government subsidies in the fourth quarter 2013, revenue for 2014 was consistent with the same period a year ago. Adjusted EBITDA was $117.8 million, compared to $119.9 million in 2013.
Net income for the full year 2014 was $8.1 million, or $0.76 per diluted share, compared with the prior year net income for the full year 2013 of $10.5 million, or $0.95 per diluted share. The decrease was primarily due to one-time costs relating to Tropical Storm Iselle of $1.1 million recorded in the third quarter 2014, as well as a $6.5 million gain from the sale of property recorded in the second quarter of 2013, partially offset by a $3.7 million loss on early extinguishment of debt in the second quarter of 2013.
Capital expenditures totaled $96.7 million for the full year 2014, up from $86.3 million in 2013 primarily due to the success-based spending to support the growth of Hawaiian Telcom TV fiber-to-the-premise subscribers, success-based spending related to the fiber-to-the-tower initiative and costs associated with consolidating and virtualizing internal data centers.
At the end of 2014, the Company had $39.9 million in cash and cash equivalents compared to $49.6 million at the end of 2013. The use of cash is primarily related to higher levels of next-generation fiber network and success-based capital expenditures. Net Debt(2) was $252.5 million, resulting in a Net Debt to Adjusted EBITDA ratio as of December 31, 2014 of 2.14x.
Conference Call
The Company will host a conference call to discuss its fourth quarter and full year 2014 results at 8:00 a.m. (Hawaii Time), or 2:00 p.m. (Eastern Time) on Thursday, March 12, 2015.
To access the call, participants should dial (866) 515-2915 (US/Canada), or (617) 399-5129 (International) ten minutes prior to the start of the call and enter passcode 59723237.
A live webcast of the conference call, including a slide presentation, will be available from the Investor Relations section of the Company's website at http://hawaiiantel.com. The webcast will be archived at the same location.
A telephonic replay of the conference call will be available three hours after the conclusion of the call until 11:59 p.m. (Eastern Time) March 19, 2015. Access the replay by dialing (888) 286-8010 and entering passcode 45668399. Alternatively, the replay can be accessed by dialing (617) 801-6888 and entering passcode 45668399.
Use of Non-GAAP Financial Measures
This press release contains information about adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) and Net Debt. These are non-GAAP financial measures used by Hawaiian Telcom management when evaluating results of operations. Management believes these measures also provide users of the financial statements with additional and useful comparisons of current results of operations with past and future periods. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures. Detailed reconciliations of Adjusted EBITDA and Net Debt to comparable GAAP financial measures have been included in the tables distributed with this release and are available in the Investor Relations section of www.hawaiiantel.com.
Forward-Looking Statements
In addition to historical information, this release includes certain statements and predictions that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, any statement, projection or estimate that includes or references the words "believes", "anticipates", "intends", "expected", or any similar expression falls within the safe harbor of forward-looking statements contained in the Reform Act. Actual results or outcomes may differ materially from those indicated or suggested by any such forward-looking statement for a variety of reasons, including, but not limited to, Hawaiian Telcom's ability to maintain, or expand its market position in communications services, including voice, video, Internet, data, wireless, and advanced communications and network services; general economic trends affecting the purchase or supply of communication services; world and national events that may affect the ability to provide services; changes in the regulatory environment; any rulings, orders or decrees that may be issued by any court or arbitrator; restrictions imposed under various credit facilities and debt instruments; work stoppages caused by labor disputes; and Hawaiian Telcom's ability to develop and launch new products and services. More information on potential risks and uncertainties is available in recent filings with the Securities and Exchange Commission, including Hawaiian Telcom's 2014 Annual Report on Form 10-K. The information contained in this release is as of March 12, 2015. It is anticipated that subsequent events and developments may cause estimates to change, and the Company undertakes no duty to update forward-looking statements.
About Hawaiian Telcom
Hawaiian Telcom Holdco, Inc., headquartered in Honolulu, is Hawaii's leading provider of integrated communications, data center and entertainment solutions for business and residential customers. With roots in Hawaii beginning in 1883, the Company offers a full range of services including voice, video, Internet, data, wireless, and advanced communication and network services supported by the reach and reliability of its network and Hawaii's only 24/7 state-of-the-art network operations center. With employees statewide sharing a commitment to innovation and a passion for delivering superior service, Hawaiian Telcom provides an Always OnSM customer experience. For more information, visit www.hawaiiantel.com.
The Hawaiian Telcom Holdco, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10087
(1) Adjusted EBITDA is EBITDA plus non-cash stock compensation, SystemMetrics earn-out and other non-recurring costs not expected to occur regularly in the ordinary course of business. EBITDA is defined as net income plus interest expense (net of interest income and other), income taxes, depreciation and amortization and gain on sale of property. The Company believes both of these non-GAAP measures, Adjusted EBITDA and EBITDA, are meaningful performance measures for investors because they are used by our Board and management to evaluate performance, enhance comparability between periods and make operating decisions. Our use of Adjusted EBITDA and EBITDA may not be comparable to similarly titled measures used by other companies in the telecommunications industry. A detailed reconciliation of adjusted Adjusted EBITDA and EBITDA to comparable GAAP financial measures has been included in the tables distributed with this release.
(2) Net Debt provides a useful measure of liquidity and financial health. The Company defines Net Debt as the sum of the face amount of short-term and long-term debt and unamortized premium and/or discount, offset by cash and cash equivalents. A detailed reconciliation of Net Debt has been included in the tables distributed with this release.
| Hawaiian Telcom Holdco, Inc. | |||
| Consolidated Statements of Income | |||
| (Dollars in thousands, except per share amounts) | |||
| For the Year Ended | |||
| December 31, | |||
| 2014 | 2013 | 2012 | |
| Operating revenues | $ 390,739 | $ 391,150 | $ 385,498 |
| Operating expenses: | |||
| Cost of revenues (exclusive of depreciation and amortization) | 166,280 | 163,749 | 160,226 |
| Selling, general and administrative | 115,974 | 114,875 | 108,508 |
| Gain on sale of property | -- | (6,546) | -- |
| Depreciation and amortization | 78,014 | 77,301 | 70,908 |
| Total operating expenses | 360,268 | 349,379 | 339,642 |
| Operating income | 30,471 | 41,771 | 45,856 |
| Other income (expense): | |||
| Interest expense, net | (16,496) | (18,875) | (22,183) |
| Loss on early extinguishment of debt | -- | (3,660) | (5,112) |
| Interest income and other | 34 | 34 | 59 |
| Total other expense | (16,462) | (22,501) | (27,236) |
| Income before income tax provision (benefit) | 14,009 | 19,270 | 18,620 |
| Income tax provision (benefit) | 5,910 | 8,782 | (91,362) |
| Net income | $ 8,099 | $ 10,488 | $ 109,982 |
| Net income per common share - | |||
| Basic | $ 0.76 | $ 1.01 | $ 10.74 |
| Diluted | $ 0.72 | $ 0.95 | $ 10.32 |
| Weighted average shares used to compute net income per common share - | |||
| Basic | 10,591,351 | 10,337,339 | 10,242,573 |
| Diluted | 11,308,051 | 11,093,931 | 10,660,647 |
| Hawaiian Telcom Holdco, Inc. | ||
| Consolidated Balance Sheets | ||
| (Dollars in thousands, except per share amounts) | ||
| December 31, | ||
| 2014 | 2013 | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $ 39,885 | $ 49,551 |
| Receivables, net | 32,662 | 34,521 |
| Material and supplies | 9,337 | 15,939 |
| Prepaid expenses | 3,598 | 3,724 |
| Deferred income taxes | 6,840 | 8,146 |
| Other current assets | 3,481 | 2,851 |
| Total current assets | 95,803 | 114,732 |
| Property, plant and equipment, net | 565,956 | 524,375 |
| Intangible assets, net | 37,328 | 40,225 |
| Goodwill | 12,104 | 12,104 |
| Deferred income taxes | 81,626 | 75,274 |
| Other assets | 9,151 | 11,305 |
| Total assets | $ 801,968 | $ 778,015 |
| Liabilities and Stockholders' Equity | ||
| Current liabilities | ||
| Current portion of long-term debt | $ 3,000 | $ 3,000 |
| Accounts payable | 50,499 | 40,228 |
| Accrued expenses | 19,399 | 18,787 |
| Advance billings and customer deposits | 14,686 | 16,122 |
| Other current liabilities | 6,790 | 6,412 |
| Total current liabilities | 94,374 | 84,549 |
| Long-term debt | 289,423 | 291,679 |
| Employee benefit obligations | 99,366 | 80,321 |
| Other liabilities | 14,271 | 8,454 |
| Total liabilities | 497,434 | 465,003 |
| Stockholders' equity | ||
| Common stock, par value of $0.01 per share, 245,000,000 shares authorized and 10,673,292 and 10,495,856 shares issued and outstanding at December 31, 2014 and 2013, respectively | 107 | 105 |
| Additional paid-in capital | 170,521 | 167,869 |
| Accumulated other comprehensive loss | (23,947) | (4,716) |
| Retained earnings | 157,853 | 149,754 |
| Total stockholders' equity | 304,534 | 313,012 |
| Total liabilities and stockholders' equity | $ 801,968 | $ 778,015 |
| Hawaiian Telcom Holdco, Inc. | |||
| Consolidated Statements of Cash Flows | |||
| (Dollars in thousands) | |||
| For the Year Ended | |||
| December 31, | |||
| 2014 | 2013 | 2012 | |
| Cash flows from operating activities: | |||
| Net income | $ 8,099 | $ 10,488 | $ 109,982 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Depreciation and amortization | 78,014 | 77,301 | 70,908 |
| Loss on early extinguishment of debt | -- | 3,660 | 5,112 |
| Gain on sale of property | -- | (6,546) | -- |
| Employee retirement benefits | (12,078) | (13,224) | (11,933) |
| Provision for uncollectibles | 3,590 | 3,455 | 716 |
| Stock based compensation | 4,174 | 2,736 | 1,872 |
| Deferred income taxes | 6,851 | 9,617 | (90,827) |
| Changes in operating assets and liabilities: | |||
| Receivables | (1,731) | (3,409) | (724) |
| Material and supplies | (386) | (4,587) | (3,161) |
| Prepaid expenses and other current assets | (504) | 456 | (1,109) |
| Accounts payable and accrued expenses | 3,882 | (6,518) | 3,255 |
| Advance billings and customer deposits | (1,436) | 138 | 424 |
| Other current liabilities | (296) | 812 | 269 |
| Other, net | 2,224 | 2,582 | 1,676 |
| Net cash provided by operating activities | 90,403 | 76,961 | 86,460 |
| Cash flows from investing activities: | |||
| Capital expenditures | (96,706) | (86,290) | (77,713) |
| Acquisitions, net of cash acquired | -- | (11,858) | (8,343) |
| Proceeds on sale of property | -- | 13,118 | -- |
| Proceeds on sale of investments | -- | -- | 746 |
| Net cash used in investing activities | (96,706) | (85,030) | (85,310) |
| Cash flows from financing activities: | |||
| Repayment of debt including premium | (3,000) | (303,083) | (306,750) |
| Proceeds from borrowing | -- | 298,500 | 295,500 |
| Loan refinancing costs | -- | (3,442) | (4,130) |
| Proceeds from installment financing | 4,336 | -- | -- |
| Repayments of capital lease and installment financing | (3,179) | (542) | (582) |
| Taxes paid related to net share settlement on equity awards | (1,520) | (806) | (258) |
| Net cash used in financing activities | (3,363) | (9,373) | (16,220) |
| Net change in cash and cash equivalents | (9,666) | (17,442) | (15,070) |
| Cash and cash equivalents, beginning of year | 49,551 | 66,993 | 82,063 |
| Cash and cash equivalents, end of year | $ 39,885 | $ 49,551 | $ 66,993 |
| Hawaiian Telcom Holdco, Inc. | ||||
| Revenue by Category and Channel | ||||
| (Unaudited, dollars in thousands) | ||||
| For Three Months | ||||
| For Three Months Ended | ||||
| December 31, | Change | |||
| 2014 | 2013 | Amount | Percentage | |
| Telecommunications | ||||
| Local voice services | $ 32,606 | $ 33,867 | $ (1,261) | (3.7)% |
| Network access services | ||||
| Business data | 6,404 | 6,507 | (103) | (1.6)% |
| Wholesale carrier data | 14,689 | 14,406 | 283 | 2.0% |
| Subscriber line access charge | 8,669 | 9,232 | (563) | (6.1)% |
| Switched carrier access | 1,350 | 2,573 | (1,223) | (47.5)% |
| 31,112 | 32,718 | (1,606) | (4.9)% | |
| Long distance services | 5,478 | 5,929 | (451) | (7.6)% |
| High-Speed Internet | 11,213 | 10,305 | 908 | 8.8% |
| Video | 7,051 | 4,228 | 2,823 | 66.8% |
| Equipment and managed services | 5,294 | 7,270 | (1,976) | (27.2)% |
| Wireless | 482 | 629 | (147) | (23.4)% |
| Other | 2,870 | 3,373 | (503) | (14.9)% |
| 96,106 | 98,319 | (2,213) | (2.3)% | |
| Data center colocation | 3,524 | 2,188 | 1,336 | 61.1% |
| $ 99,630 | $ 100,507 | $ (877) | (0.9)% | |
| Channel | ||||
| Business | $ 42,734 | $ 44,724 | $ (1,990) | (4.4)% |
| Consumer | 37,402 | 36,440 | 962 | 2.6% |
| Wholesale | 16,038 | 15,958 | 80 | 0.5% |
| Other | 3,456 | 3,385 | 71 | 2.1% |
| $ 99,630 | $ 100,507 | $ (877) | (0.9)% | |
| For Twelve Months | ||||
| For the Year Ended | ||||
| December 31, | Change | |||
| 2014 | 2013 | Amount | Percentage | |
| Telecommunications | ||||
| Local voice services | $ 131,412 | $ 138,763 | $ (7,351) | (5.3)% |
| Network access services | ||||
| Business data | 26,210 | 25,392 | 818 | 3.2% |
| Wholesale carrier data | 57,771 | 59,529 | (1,758) | (3.0)% |
| Subscriber line access charge | 35,654 | 37,739 | (2,085) | (5.5)% |
| Switched carrier access | 5,790 | 7,698 | (1,908) | (24.8)% |
| 125,425 | 130,358 | (4,933) | (3.8)% | |
| Long distance services | 22,654 | 24,733 | (2,079) | (8.4)% |
| High-Speed Internet | 43,419 | 39,800 | 3,619 | 9.1% |
| Video | 23,810 | 13,012 | 10,798 | 83.0% |
| Equipment and managed services | 19,324 | 26,994 | (7,670) | (28.4)% |
| Wireless | 2,128 | 2,713 | (585) | (21.6)% |
| Other | 11,830 | 12,589 | (759) | (6.0)% |
| 380,002 | 388,962 | (8,960) | (2.3)% | |
| Data center colocation | 10,737 | 2,188 | 8,549 | NA |
| $ 390,739 | $ 391,150 | $ (411) | (0.1)% | |
| Channel | ||||
| Business | $ 169,042 | $ 170,882 | $ (1,840) | (1.1)% |
| Consumer | 146,714 | 141,234 | 5,480 | 3.9% |
| Wholesale | 63,561 | 66,206 | (2,645) | (4.0)% |
| Other | 11,422 | 12,828 | (1,406) | (11.0)% |
| $ 390,739 | $ 391,150 | $ (411) | (0.1)% | |
| Hawaiian Telcom Holdco, Inc. | ||||
| Schedule of Adjusted EBITDA Calculation | ||||
| (Unaudited, dollars in thousands) | ||||
| For Three Months Ended | For the Year Ended | |||
| December 31, | December 31, | |||
| 2014 | 2013 | 2014 | 2013 | |
| Net income | $ 1,976 | $ 2,629 | $ 8,099 | $ 10,488 |
| Income tax provision | 1,755 | 3,261 | 5,910 | 8,782 |
| Interest expense and other income and expense, net | 4,088 | 4,157 | 16,462 | 22,501 |
| Depreciation and amortization | 20,693 | 18,769 | 78,014 | 77,301 |
| Gain on sale of property | -- | -- | -- | (6,546) |
| EBITDA | 28,512 | 28,816 | 108,485 | 112,526 |
| Non-cash stock compensation | 1,108 | 850 | 4,174 | 2,736 |
| SystemMetrics earn-out | 272 | -- | 1,087 | -- |
| Non-recurring costs | 402 | 695 | 2,448 | 2,553 |
| Severance costs | 197 | -- | 197 | 712 |
| Wavecom integration costs | 87 | 374 | 339 | 1,343 |
| Storm Iselle costs | 134 | -- | 1,077 | -- |
| Adjusted EBITDA | $ 30,712 | $ 30,735 | $ 117,807 | $ 119,870 |
| Hawaiian Telcom Holdco, Inc. | |
| Net Debt to LTM Adjusted EBITDA Ratio | |
| (Unaudited, dollars in thousands) | |
| Long-term debt as of December 31, 2014 | $ 292,423 |
| Less cash on hand | (39,885) |
| Total Net Debt as of December 31, 2014 | $ 252,538 |
| LTM Adjusted EBITDA as of December 31, 2014 | $ 117,807 |
| Total Net Debt to Adjusted EBITDA | 2.14x |
| Hawaiian Telcom Holdco, Inc. | |||||||
| Volume Information | |||||||
| (Unaudited) | |||||||
| 2014 vs. 2013 | 2013 vs. 2012 | ||||||
| December 31, | Change | Change | |||||
| 2014 | 2013 | 2012 | Number | Percentage | Number | Percentage | |
| Voice access lines | |||||||
| Residential | 169,488 | 186,415 | 203,330 | (16,927) | (9.1)% | (16,915) | (8.3)% |
| Business (1) | 188,534 | 193,027 | 185,142 | (4,493) | (2.3)% | 7,885 | 4.3% |
| Public | 3,830 | 4,155 | 4,405 | (325) | (7.8)% | (250) | (5.7)% |
| 361,852 | 383,597 | 392,877 | (21,745) | (5.7)% | (9,280) | (2.4)% | |
| High-Speed Internet lines | |||||||
| Residential | 92,875 | 91,437 | 88,016 | 1,438 | 1.6% | 3,421 | 3.9% |
| Business | 19,589 | 19,320 | 18,575 | 269 | 1.4% | 745 | 4.0% |
| Wholesale | 814 | 963 | 1,020 | (149) | (15.5)% | (57) | (5.6)% |
| 113,278 | 111,720 | 107,611 | 1,558 | 1.4% | 4,109 | 3.8% | |
| Long distance lines | |||||||
| Residential | 107,342 | 117,282 | 126,551 | (9,940) | (8.5)% | (9,269) | (7.3)% |
| Business (1) | 77,899 | 79,496 | 74,781 | (1,597) | (2.0)% | 4,715 | 6.3% |
| 185,241 | 196,778 | 201,332 | (11,537) | (5.9)% | (4,554) | (2.3)% | |
| Video | |||||||
| Subscribers | 28,124 | 18,393 | 9,829 | 9,731 | 52.9% | 8,564 | 87.1% |
| Homes Enabled | 160,000 | 120,000 | 65,000 | 40,000 | 33.3% | 55,000 | 84.6% |
| (1) Beginning in 2013, the business voice access lines and business long distance lines include the acquired Wavecom lines. There were 9,400 business voice access line and 5,500 business long distance lines for Wavecom as of December 31, 2013. | |||||||