Cable One, Inc. - CABO STOCK NEWS

Cable One (NYSE: CABO) reported a 6.2% revenue increase to $341.3 million for Q1 2021, driven by an 18.5% rise in residential data revenues. Net income fell 1.1% to $68.6 million, while adjusted EBITDA grew 14.4% to $180.4 million. The company experienced a net cash increase of 38.4%, totaling $164.0 million. Following a $575 million convertible notes offering, Cable One secured an $800 million term loan for its acquisition of Hargray Communications, valued at $2.2 billion. The company had $1.5 billion in cash and a debt of $3.1 billion by end of March 2021.

Cable One (NYSE: CABO) has completed its acquisition of all equity interests in Hargray Acquisition Holdings, expanding its reach into key Southern markets, including Alabama, Florida, Georgia, and South Carolina. Hargray, a prominent regional communications provider, serves nearly 125,000 customers, with 60% of its revenue coming from residential and business services. This strategic move aims to enhance Cable One's service offerings and customer base while leveraging Hargray's established reputation for customer support.

Cable One, Inc. (NYSE: CABO) announced preliminary financial results for Q1 2021, estimating revenues between $335 million and $341 million and net income between $65 million and $69 million. The company expects Adjusted EBITDA to range from $176 million to $180 million. In addition, residential data subscribers grew by approximately 22,000 sequentially. Cable One plans to use proceeds from proposed new loans to refinance Hargray Communications, part of an acquisition valued at $2.2 billion.

Cable One, Inc. (NYSE: CABO) will hold a conference call on May 6, 2021, at 5 p.m. ET to discuss its first-quarter financial results. A press release with the results will be issued after market close on the same day. Investors can access the call via live audio webcast on the Cable One Investor Relations website or by dialing the provided phone numbers. A replay will be available until May 20, 2021. Cable One serves over 950,000 customers in 21 states, offering high-speed internet and cable services through its Sparklight and Clearwave brands.

Cable One, Inc. (NYSE: CABO) announced the appointment of Megan M. Detz as Senior Vice President, Human Resources. Detz brings over 20 years of experience in the IT services sector and previously held senior roles at Hargray Communications, VARIDESK, and NTT DATA, Inc. She will oversee HR operations, including talent acquisition and Diversity, Equity and Inclusion initiatives. The company is expected to finalize its acquisition of Hargray in Q2 2021, enhancing its strategic growth.

Cable One, Inc. (NYSE: CABO) has priced a private offering totaling $500 million in 0.00% convertible senior notes due 2026 and $300 million in 1.125% convertible senior notes due 2028. The offering size increased from earlier announcements. The notes will be senior unsecured obligations guaranteed by its wholly-owned subsidiaries. The proceeds will support general corporate purposes, including financing a portion of the acquisition of Hargray Acquisition Holdings, LLC. The offering closes on March 5, 2021, subject to customary conditions.

Cable One (NYSE: CABO) announced a private offering of $400 million in convertible senior notes due 2026 and $200 million due 2028. The offering is subject to market conditions, with an option for initial purchasers to buy an additional $60 million and $30 million, respectively. Proceeds will finance the acquisition of remaining equity interests in Hargray Acquisition Holdings. The notes are senior unsecured obligations, convertible into cash, common stock, or a combination, and will be offered only to qualified institutional buyers under Rule 144A.

Cable One, Inc. (NYSE: CABO) reported impressive financial results for 2020, with total revenues exceeding $1.3 billion, a 13.5% increase from 2019. Fourth-quarter revenues rose 5.7% year-over-year to $336.8 million, driven by a 17.1% increase in residential data revenues. Net income soared 70.4% to $304.4 million for the year, bolstered by a non-cash gain of $82.6 million from the Anniston System exchange. Adjusted EBITDA was $674.1 million, reflecting an 18.5% growth. The company remains focused on strategic acquisitions and maintaining customer growth amidst COVID-19 impacts.

Cable One (NYSE: CABO) has entered a definitive agreement to acquire approximately 85% of Hargray Acquisition Holdings, valuing the transaction at $2.2 billion. Cable One has been a minority investor since October 2020. This acquisition aims to enhance Cable One's presence in the Southeastern U.S. and leverage Hargray’s expertise in fiber expansion. Hargray generated roughly $128 million in Adjusted EBITDA for the year ending December 2020, with anticipated annual synergies of $45 million post-acquisition. The deal is expected to close in Q2 2021, subject to regulatory approvals.