Last $3.24 USD
Change Today -0.04 / -1.22%
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As of 5:15 PM 12/24/14 All times are local (Market data is delayed by at least 15 minutes).

cincinnati bell inc (CBB) Key Developments

Cincinnati Bell Inc. Announces Resignation of David L. Heimbach as Chief Operating Officer

Cincinnati Bell Inc. announced that David L. Heimbach resigned from his position as Chief Operating Officer of the company effective as of December 9, 2014.

Cincinnati Bell Inc. Amends its Existing Credit Agreement

On November 5, 2014, Cincinnati Bell Inc. amended its Existing Credit Agreement, originally dated as of November 20, 2012, among the Company, as borrower, certain subsidiaries of the Company, as guarantors, Bank of America N.A., as administrative agent, and the financial institutions party thereto as lenders, as amended by that certain First Amendment to the Credit Agreement dated as of September 10, 2013, that certain Second Amendment to the Credit Agreement dated as of June 23, 2014 and that certain Third Amendment to the Credit Agreement dated as of September 30, 2014 (the Existing Credit Agreement"), pursuant to the Fourth Amendment to the Credit Agreement dated as of November 5, 2014, among the Company, certain subsidiaries of the Company, as guarantors, the Agent and the financial institutions party thereto as lenders (the Fourth Amendment"). The Fourth Amendment amends the Existing Credit Agreement to, among other things, modify certain financial covenants governing leverage ratios and capital expenditures.

Cincinnati Bell Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Revises Earnings Guidance for the Year 2014; Reports Asset Impairment Charges for the Third Quarter of 2014

Cincinnati Bell Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenue of $327.5 million compared to $310.8 million a year ago. Operating income was $16.0 million compared to $57.7 million a year ago. Loss before income taxes was $39.0 million compared to income before income taxes of $10.7 million a year ago. Net loss applicable to common shareowners was $29.9 million or $0.14 per basic and diluted share compared to net income applicable to common shareowners of $6.7 million or $0.03 per basic and diluted share a year ago. Cash provided by operating activities was $27.0 million compared to $30.4 million a year ago. Capital expenditures were $45.6 million compared to $46.1 million a year ago. Free cash outflow was $14.9 million compared to $10.2 million a year ago. Non-GAAP operating income was $36.1 million compared to $58.0 million a year ago. Non-GAAP net loss applicable to common shareowners was $36.1 million or $0.03 per diluted share compared to net income applicable to common shareowners of $6.0 million or $0.03 per diluted share a year ago. Operating income and adjusted EBITDA both down compared to third quarter of 2013, primarily due to declining Wireless results combined with increased Wireline costs associated with accelerating fiber investments and projects aimed at streamlining operations and shared service functions. Adjusted EBITDA (non-GAAP) was $85.4 million compared to $88.9 million a year ago. For the nine months period, the company reported revenue of $969.9 million compared to $948.5 million a year ago. Operating income was $108.5 million compared to $123.7 million a year ago. Income before income taxes was $162.7 million compared to loss before income taxes of $23.0 million a year ago. Net income applicable to common shareowners was $86.1 million or $0.41 per basic and diluted share compared to net loss applicable to common shareowners of $34.4 million or $0.17 per basic and diluted share a year ago. Cash provided by operating activities was $120.8 million compared to $59.8 million a year ago. Capital expenditures were $121.1 million compared to $142.0 million a year ago. Free cash inflow was $12.2 million compared to free cash outflow of $24.4 million a year ago. Non-GAAP operating income was $135.6 million compared to $189.2 million a year ago. Non-GAAP net loss applicable to common shareowners was $1.7 million or $0.01 per diluted share compared to net income applicable to common shareowners of $14.8 million or $0.07 per diluted share a year ago. Adjusted EBITDA (non-GAAP) was $258.5 million compared to $272.3 million a year ago. Net debt as at September 30, 2014 was $1,717.4 million. The company revised earnings guidance for the year 2014. For the year, the company expects revenue of $1.1 billion compared to $1.0 billion previously guided, due to strong enterprise hardware sales. Adjusted EBITDA is expected to be $333 million billion. Full year capital expenditures is expected to be at the low end of the communicated $180 million to $190 million range. The company reported asset impairment of $7.5 million compared to nil a year ago.

Cincinnati Bell Inc. Presents at UBS 42nd Annual Global Media and Communications Conference, Dec-08-2014 09:30 AM

Cincinnati Bell Inc. Presents at UBS 42nd Annual Global Media and Communications Conference, Dec-08-2014 09:30 AM. Venue: Westin New York Times Square, 270 West 43rd Street (at 8th Avenue), New York, New York, United States. Speakers: Leigh R. Fox, Chief Financial Officer.

Cincinnati Bell Inc. Elects John W. Eck as Director

Cincinnati Bell Inc. announced the election of John W. Eck as a director of the company, effective October 20, 2014. Eck is currently the Chief Operations Officer and Executive Vice President, Operations and Technology, at Univision Communications Inc. Prior to joining Univision Communications Inc. in 2011, Mr. Eck worked at NBC Universal (NBCU) for 18 years, most recently serving as President, Media Works.

 

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