Key Developments For General Communication, Inc.
General Communication, Inc. (GNCMA.O) (Nasdaq)
GCI Reiterates FY 2009 EBITDA Outlook
GCI announced that for fiscal 2009, it continues to expect not to meet original goal of $200 million in EBITDA, not to miss it by much.
GCI Completes Issuance of $425 Million Of New Senior Notes Due 2019
GCI announced the completion of the previously announced offering of $425 million in aggregate principal amount of new 8 5/8% Senior Notes due 2019 at an issue price of 99.17% to be issued by its wholly owned subsidiary. The net proceeds of the offering will be used to retire all outstanding amounts under an existing senior secured credit facility and the remainder will be used for general corporate purposes.
GCI Prices $425 Million Of New Senior Notes
GCI announced the pricing of $425 million of new 8 5/8% Senior Notes due 2019 at a price of 99.17% (the Notes) to be issued by its wholly owned subsidiary, GCI, Inc. The net proceeds of the offering will be used to retire all outstanding amounts under its existing senior secured credit facility and the remainder will be used for general corporate purposes. The offering is expected to close on November 3, 2009.
GCI Issues Q3 2009 Guidance; Net Income Guidance Above Analysts' Estimates
GCI announced that for third quarter of 2009, it expects revenues to total approximately $150 million, adjusted EBITDA to be approximately $50 million, net income to total approximately $4 million. According to Reuters Estimates, analysts were expecting the Company to report revenue of $156 million, EBIDTA of $51 million, net income of $3 million for third quarter of 2009.
GCI Not To Meet Prior FY 2009 Outlook-Conference Call
GCI announced that for fiscal 2009, it is increasingly challenging to meet the low end of the revenue guidance. The Company had expected the consolidate revenues to total $615 million to $625 million, and to reach $200 million in adjusted EBITDA. The Company expects that the pressure on revenue growth is going to make it increasingly difficult to obtain the $200 million EBITDA goal for the year. According to Reuters Estimates, analysts were expecting the Company to report revenue of $619 million and EBITDA of $200 million for fiscal 2009.
