Market Overview

Shentel Reports 2018 Fourth Quarter and Year End Operating Statistics


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,
  September 30,
  QTD Change
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
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
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
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,
  September 30,
  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,
  December 31,
  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.

Shenandoah Telecommunications, Inc.
James F. Woodward
Senior Vice President, Finance and Chief Financial Officer


John Nesbett/Jennifer Belodeau
IMS Investor Relations


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