HTCC announces Q4, FY2007 results

4 Mar 2008

Alternative telecoms operator Hungarian Telephone and Cable Corp (HTCC) has announced its financial results for the fourth quarter and year ended 31 December 2007. With the inclusion of its Invitel subsidiary for the full quarter, HTCC increased its revenue by 158% year-on-year, in the three months ended 31 December, from USD49.3 million to USD127.1 million. Income from operations increased by 153% year-on-year to USD16.7 million, with a USD21.4 million interest expense and a foreign exchange loss of USD4.8 million, it said. HTCC’s net loss attributable to common stockholders for the fourth quarter 2007 was USD14.5 million, as compared to net income of USD14.2 million in the fourth quarter of 2006. Pro-forma adjusted EBITDA in 4Q07, excluding the impact of any future synergies resulting from the Invitel acquisition, increased 24% to USD53.2 million, from USD43.0 million for 4Q06.

HTCC’s Mass Market Voice division reported revenue growth of 430% in 2007 from USD7.7 million in the fourth quarter 2006 to USD40.8 million a year later, mainly due to the inclusion of Invitel and Tele2 Hungary, which resulted in USD31.0 million additional revenue for the quarter. Mass Market Internet continued to grow as a result of increased demand for broadband services, generating revenues of USD12.6 million, including the USD11.1 million contribution from Invitel’s operations. HTCC increased its broadband DSL customer base from approximately 10,000 subscribers as of the end of the fourth quarter 2006 to 122,000 subscribers as of the end of the fourth quarter 2007, mainly due to the addition of Invitel. Meanwhile, HTCC’s business unit contributed revenue of USD19.4 million in the fiscal fourth-quarter, up 110% year-on-year, again mainly the result of Invitel. The group’s wholesale division increased its annualised revenues by 56% to USD21.1 million.

Hungary,Invitel (a subsidiary of DIGI),

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