Invitel Holdings A/S AnnouncesFirst Quarter 2009 Financial Results

NEW YORK--(Business Wire)--
Invitel Holdings A/S (NYSE Amex U.S.:IHO), the successor to Hungarian Telephone
and Cable Corp., announced today its financial results for the quarter ended
March 31, 2009.

FIRST QUARTER 2009 RESULTS

The results for the quarter ended March 31, 2009 reflect the inclusion of the
results attributable to the Memorex Acquisition for the full three months
compared to the quarter ended March 31, 2008, which only included the results
from the Memorex Acquisition for two months. The results for the quarter ended
March 31, 2008 are the results of Invitel Holdings` predecessor, Hungarian
Telephone and Cable Corp.

Invitel Holdings revenue was $104.4 million for the quarter ended March 31,
2009, which represents a 4% increase in functional currency terms compared to
the quarter ended March 31, 2008. Income from operations increased by 7% in
functional currency terms compared to the quarter ended March 31, 2008 and was
$18.5 million for the quarter ended March 31, 2009. Invitel Holdings` net loss
attributable to common stockholders for the quarter ended March 31, 2009 was
$75.0 million, or $4.53per (diluted) common share, as compared to net income
attributable to common stockholders of $4.0 million, or $0.24 per (diluted)
common share for the quarter ended March 31, 2008. This reduction in net income
was principally due to an increase in foreign exchange losses and a decrease in
our gain on derivatives compared to the first quarter of 2008.

Mass Market Voice - Invitel Holdings` Mass Market Voice gross margin decreased
by 17% in functional currency terms compared to the quarter ended March 31, 2008
and was $20.9 million in the quarter ended March 31, 2009, mainly due to the
decrease in the number of subscribers inside the historical concession areas and
the decrease in the number of low margin carrier select customers.

Mass Market Internet - Invitel Holdings grew its Mass Market Internet business
both inside and outside its historical concession areas. Invitel Holdings`s Mass
Market Internet gross margin increased by 1% in functional currency terms
compared to the quarter ended March 31, 2008 and was $8.5 million in the quarter
ended March 31, 2009. The lower growth reflects the overall slow down in the
fixed line broadband market.

Business - Invitel Holdings` Business gross margin decreased by 5% in functional
currency terms compared to the quarter ended March 31, 2008 and was $20.7
million in the quarter ended March 31, 2009. The decrease was principally
attributable to the renegotiation and retention of certain major contracts.

Wholesale - Invitel Holdings` Wholesale gross margin increased by 11% in
functional currency terms compared to the quarter ended March 31, 2008 and was
$27.3 million in the quarter ended March 31, 2009, primarily due to the
inclusion of the operations attributable to the Memorex Acquisition.

Invitel Holdings` net cash provided by operations was $39.6 million for the
quarter ended March 31, 2009.

Please note that when comparing the financial results for the quarter ended
March 31, 2009 to the financial results for the quarter ended March 31, 2008,
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 depreciated against the U.S. dollar by 23% when
calculating the average Hungarian forint/U.S. dollar exchange rate during the
quarter ended March 31, 2009 as compared to the average Hungarian forint/U.S.
dollar exchange rate during the quarter ended March 31, 2008.

COMMENTS FROM MARTIN LEA

Commenting on the financial results, Invitel Holdings` President and CEO Martin
Lea said, "We are clearly facing a challenging market in Hungary due to the
macroeconomic conditions. This is impacting in particular our Mass Market Voice
and Internet businesses. Our Wholesale and Business segment activities continue
to perform well and this reflects our increased strategic focus on these
segments."

CONFERENCE CALL

On Tuesday, May 19, 2009 (at 14:00 UK time, 15:00 CET, 9:00 AM ET) the CEO and
CFO of Invitel Holdings will host a conference call to discuss the 2008
financial results and Invitel Holdings` financial results for the 1st Quarter
2009. You can participate in the conference call by dialing 800-224-62666 (UK
toll free), +1-201-689-8567 (International) or +1-877-407-0782 (U.S. toll free)
and referencing "Invitel Holdings".

A web cast of the call and the presentation materials will be available on the
Invitel Holdings web site at www.invitel.hu under "Investor Relations". The web
cast will be archived for 30 days.

In addition, a replay of the call will be available two hours after the call has
ended and through June 2, 2009. To access the replay of the call, please dial
+1-877-660-6853 (U.S. toll free) or internationally dial +1-201-612-7415 and
enter the account (286) followed by the replay access code (323188).

A copy of the presentation materials will also be filed with the U.S. Securities
and Exchange Commission prior to the call.

ABOUT INVITEL HOLDINGS A/S

Invitel Holdings A/S, formerly Hungarian Telephone and Cable Corp., operating
under the Invitel brand name, is the number one alternative and the
second-largest fixed line telecommunications and broadband Internet Services
Provider in the Republic of Hungary. In addition to delivering voice, data and
Internet services in Hungary, it is also the leading independent player in the
Central and South Eastern European wholesale data and capacity market.

Forward-Looking Statements

The information above includes forward-looking statements about Invitel Holdings
A/S and its subsidiaries. These and all forward-looking statements are only
predictions of current plans that are constantly under review by Invitel
Holdings. Such statements are qualified by important factors that may cause
actual results to differ from those contemplated, including those risk factors
detailed from time to time in Invitel Holdings`s Securities and Exchange
Commission ("SEC") filings, which may not be exhaustive. For a discussion of
such risk factors, see Invitel Holdings`s filings with the SEC including, but
not limited to, its 2008 Annual Report on Form 20-F. Invitel Holdings operates
in a continually changing business environment, and new risk factors emerge from
time to time. Invitel Holdings cannot predict such new risk factors, nor can it
assess the impact, if any, of such new risk factors on its business or events
described in any forward-looking statements. Invitel Holdings has no obligation
to publicly update or revise any forward-looking statements to reflect the
occurrence of future events or circumstances.

Invitel Holdings A/S
Financial Highlights

(in millions, except per share data)

Statements of Operations
Quarter Ended Quarter Ended
March 31, 2009 March 31, 2008
(unaudited) (unaudited)

Mass Market Voice $ 25.3 $ 41.9
Business 26.7 37.2
Mass Market Internet 10.5 13.5
Wholesale 41.9 38.9
Total Revenue 104.4 131.5

Segment Cost of Sales (27.0 ) (40.2 )

Income (loss) from Operations 18.5 22.5

Interest Expense (37.9 ) (27.6 )

Foreign exchange gains (losses), net (64.8 ) (13.2 )

Gains (losses) on derivative financial instruments 1.9 29.1

Net income (loss) attributable to common stockholders (75.0 ) 4.0

Net income (loss) per common share (diluted) $ (4.53 ) $ 0.24

INVITEL HOLDINGS A/S
Hungary: Robert Bowker, Chief Financial Officer, 011-361-801-1374
U.S.: Peter T. Noone, General Counsel, 206-654-0204

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