Consolidated Communications Holdings, Inc. - CNSL STOCK NEWS

Consolidated Communications has finalized the sale of its Kansas City assets for approximately $82 million, effective November 30, 2022. This divestiture aligns with the company's strategic focus on expanding its fiber offerings in core regions. The Kansas City operations generated an estimated $45 million in revenue for 2022. The proceeds from this sale will support the company's fiber expansion plans, allowing it to upgrade 1.6 million total passings to fiber. Consolidated maintains strong liquidity with no debt maturities until 2027.

Consolidated Communications (NASDAQ: CNSL) has appointed Fred Graffam as the new Executive Vice President and Chief Financial Officer effective Dec. 1, 2022. Steve Childers will transition to an advisory role until Dec. 31, 2022. Graffam brings over 30 years of experience in financial management and leadership within the telecom sector. The company recently extended its revolving credit facility, ensuring no maturities until 2027, which supports its goal to upgrade fiber to 70% of addressable locations by 2025.

Consolidated Communications announced the extension of its $250 million revolving credit facility's maturity to 2027, enhancing financial flexibility for its Fiber-to-the-Premise (FttP) expansion plan, targeting 1.6 million locations by 2025. As of September 30, 2022, the company has over $775 million in liquidity. Fiber access has increased from 10% to 34% of residential and small business locations since 2020. With significant financial backing, Consolidated aims to reach 70% fiber coverage in its addressable markets.

Fidium Fiber celebrates its first anniversary by offering multi-gig broadband to over 437,000 homes in New Hampshire, Vermont, and Maine. From Nov. 9 to Nov. 17, a celebratory tour will take place, featuring local events and prizes, while promoting the advantages of Fidium Fiber. Since its launch in November 2021, Fidium has doubled its top speed to 2 Gbps and expanded services to 179 communities. Additionally, Fidium introduces a referral program rewarding customers with $100 for each new sign-up during this anniversary month.

Consolidated Communications (CNSL) reported strong growth in fiber subscribers, adding 12,100 new users and achieving 3x year-over-year growth. The company upgraded 116,000 locations, approaching 1 million in total fiber locations. The recent sale of its wireless investments to Verizon generated $490 million, fueling its fiber expansion. For Q3 2022, revenue was $296.6 million with an Adjusted EBITDA of $97.2 million. Consumer fiber revenue soared by 40%, but net loss per share from continuing operations was ($0.15). The company maintains a solid liquidity position of approximately $686 million.

During Cybersecurity Awareness Month, Consolidated Communications emphasizes that 81% of cybersecurity breaches stem from weak or stolen passwords.

Aaron Reason, Senior Director of Network Security, highlighted the need for businesses to educate employees on online safety practices. Key recommendations include recognizing phishing attempts, using password managers, enabling multi-factor authentication, and keeping software updated. Consolidated offers resources to help businesses and individuals safeguard their networks and data.

Consolidated Communications (CNSL) has partnered with Fidium Fiber and the Southern Vermont Communications Union District (So VT CUD) to provide fiber internet to more than 19,000 homes in southern Vermont. A $9 million grant from the Vermont Community Broadband Board, combined with a $3.3 million investment from CNSL, will cover 6,412 addresses. The project aims to ensure high-speed internet access in 14 towns by the end of 2023, enhancing connectivity for underserved areas.

Consolidated Communications (CNSL) will release its third quarter 2022 financial results on November 1, 2022, prior to market opening. A live conference call is scheduled for 7:30 a.m. CT that day, where analysts and investors can participate by calling 888-440-5977 using conference ID 8956400. A replay of the call will be available until November 8. Comprehensive details, including earning releases and investor presentations, will be accessible on the company's Investor Relations website.

Fidium Fiber has expanded its multi-gigabit fiber services to an additional 41,000 homes across eastern Maine, enhancing statewide access by 50%. The service aims to bridge the digital divide, with studies linking high-speed internet access to increased employment and household incomes in rural areas. Pricing starts at $35 monthly, with no data caps or contracts. Construction is ongoing for an additional 6,000 homes in Lisbon Falls. Fidium is under Consolidated Communications (NASDAQ: CNSL), which has also secured a grant to serve 21,000 homes in other regions.