PrimaCom AG i.I.
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PRIMACOM Reports 2nd Quarter Revenue and EBITDA
MAINZ, GERMANY, August 13, 1999 – PrimaCom AG (NASDAQ: PCAG / Neuer
Markt Frankfurt PRC, WKN: 625910), reports 2nd quarter revenue and
EBITDA of TDM 52,403 and TDM 27,464, a 52.4% EBITDA Margin.
PrimaCom’s subscriber base reaches approximately 907,000 subscribers,
a 3.4% increase from 877,152 at December 31, 1998. The acquisition of
25,800 subscribers in Magdeburg accounts for a high portion of the
growth. Not only did the acquisition add to the subscriber base but
it compliments PrimaCom’s existing presence in Magdeburg. PrimaCom
now has a cluster of over 54,000 subscribers in Magdeburg.
1999 second quarter revenue of TDM 52,403 was approximately 14% ahead
of proforma 1998 second quarter revenue of TDM 45,994. Increased
subscribers account for the vast majority of the increase. Revenue
per subscriber was flat when compared to prior period. A TDM 225
special reserve in Chemnitz in second quarter 1999 and lower average
revenue per subscriber on the recently acquired subscribers offset
all organic increases in average revenue per subscriber.
1999 second quarter EBITDA of TDM 27,464 was 10% ahead of proforma
1998 second quarter EBITDA of TDM 24,946. The EBITDA margin includes
increases in Deutsche Telekom signal delivery fees and the increased
staff needed to convert all Süweda systems into KabelMedia. The
increase in Deutsche Telekom signal delivery fees relates to
escalation clauses.
1999 second quarter operating loss of TDM 3,045 compares to a
proforma 1998 second quarter loss of approximately TDM 8,306.
Included in both the actual and proforma loss is approximately TDM
12,286 of depreciation and amortization related to the accounting for
the Süweda merger into KabelMedia as a reverse acquisition for U.S.
GAAP purposes.
1999 second quarter net interest expense declined to TDM 4,942 from
proforma 1998 second quarter net interest expense of TDM 12,318. The
decline reflects the recapitalization of the balance sheet which
occurred earlier this year.
1999 second quarter loss from continuing operations declined to TDM
8,137 from proforma 1998 second quarter of TDM 21,412.
Six month revenue of TDM 101,893 was 13.6% over proforma six month
revenue of TDM 89,704. Subscriber growth from acquisitions supported
most of the growth.
Six month EBITDA of TDM 54,021 is 7.7% over proforma EBITDA of TDM
50,148.
1999 six month loss from continuing operations was TDM 23,866 which
compares to a proforma loss from continuing operations of TDM 45,102.
Included in both the actual and proforma loss is approximately TDM
24,412 of deprecation and amortization expense related to the
accounting of the Süweda merger into KabelMedia as a reverse
acquisition for U.S. GAAP purposes.
Jacques Hackenberg, CEO of PrimaCom, had the following comments about
the second quarter and first half results: “The Company continued to
grow its subscriber base and actually gained momentum during the
integration of the two companies and the initial public offering. Now
that we are on firm footing, we will focus on several projects we
initiated to enhance the Company’s future performance.
We are currently upgrading our plant in Leipzig and will begin to
offer an improved video package and high speed internet access. We
believe that upon completion, this network will be the largest two
way compatible hybrid fiber coax network in Germany. We will quickly
leverage our existing customer base with new products and services to
grow our revenue per subscriber. We will roll-out this same network
configuration and business plan into several cities in and around
Leipzig, where we already have strong customer base.
In addition to our typical merger and acquisition activity, we are
also in the process of formulating our bid for the Deutsche Telekom
networks. We believe, as one of the largest private operators in
Germany and one of the most advanced in terms of upgrade capability
that we are in a unique position in relation to the planned sale of
the Deutsche Telekom assets, particularly in the New German states.”
PrimaCom will file its second quarter 1999 results with the Neuer
Markt and the SEC later this afternoon.
Contact: Alexander M. Hoffmann, Investor Relations
Tel.: (49) 6131-9310.150 / Fax (49) 6131-9310.149
Ende der Mitteilung
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