Key Developments For Ntelos Holdings Corp.
Ntelos Holdings Corp. (NTLS.O) (Nasdaq)
NTELOS Holdings Corp. Announces Workforce Reductions
NTELOS Holdings Corp. announced workforce reductions in its wireless and corporate organizations. Workforce reductions will be achieved through the offering of an early retirement incentive plan, the elimination of certain vacant and budgeted positions and the elimination of some jobs. The reduction is expected to be primarily from support functions, with minimal impact to customer-facing positions.
NTELOS Holdings Corp. Lowers FY 2009 Revenue and EBITDA Guidance; Narrows FY 2009 Net Profit Guidance
NTELOS Holdings Corp. updated its fiscal 2009 guidance and expects consolidated operating revenues to range between $549 million and $553 million, consolidated adjusted EBITDA to range between $227 million and $230 million and net income to be between $56 million and $60 million. According to Reuters Estimates, analysts were expecting the Company to report revenue of $561 million and EBITDA of $231 million for fiscal 2009.
NTELOS Holdings Corp. Declares And Increases Quarterly Dividend
NTELOS Holdings Corp. announced that it has declared a quarterly cash dividend on its common stock in the amount of $0.28 per share to be paid on January 12, 2010 to stockholders of record on December 14, 2009. This amount represents an 8% increase in the quarterly dividend from the previous rate of $0.26 per share.
Allegheny Energy, Inc. Announces Sale Of Fiber Optic Network Assets To NTELOS Holdings Corp.
Allegheny Energy, Inc. announced the sale and long-term lease of the majority of the assets of its fiber optic network subsidiary, Allegheny Communications Connect, for $27 million to NTELOS Holdings Corp. The transaction consists of the sale, lease and assignment of about 75% of the network. Allegheny Communications Connect will retain the remaining assets to serve the needs of Allegheny Energy`s electric utility subsidiaries, including Smart Grid initiatives. The parties expect to close the transaction by year-end 2009.
NTELOS Holdings Corp. Announces Share Repurchase Program
NTELOS Holdings Corp. announced that its Board of Directors has approved a share repurchase program. Under the share repurchase program, the Board of Directors authorized management to repurchase up to $40 million of the Company's common stock.
