Cable One, Inc. (NYSE: CABO) has reported financial and operating results for the quarter ended June 30, 2017, the company said.
During the quarter, the company completed the acquisition of RBI Holding LLC (“NewWave”) on May 1, 2017.
Net income was USD 28.6 million in the second quarter of 2017, an increase of 7.3% year-over-year. Adjusted EBITDA(1) was USD 113.3 million, an increase of 26.8% year-over-year. Net profit margin was 11.9% and Adjusted EBITDA margin(1) was 47.0%.
Net income and Adjusted EBITDA results in the second quarter of 2017 include two months of NewWave operations following completion of the acquisition and the favorable impact of a reduction in expense of USD 5.1 million due to a change in accounting estimate related to capitalized labor costs effective since the first quarter of 2017.
Without the contribution from the NewWave operations, net income would have been USD 26.5 million and Adjusted EBITDA growth would have been 14.2%. In addition, net profit margin would have been 12.7% and Adjusted EBITDA margin would have been 48.8%.
Revenues increased USD 36.5 million, or 17.8%, due primarily to USD 32.2 million in revenues attributable to the NewWave operations.
For the second quarter of 2017 and 2016, residential data revenues comprised 42.8% and 42.1% of total revenues and business services revenues comprised 13.5% and 12.0% of total revenues, respectively.
Excluding the USD 32.2 million contribution from NewWave in the second quarter of 2017, revenues would have increased USD 4.3 million, or 2.1%, from the prior year quarter, with increases in residential data and business services more than offsetting decreases in residential video and residential voice.
Cable One is the seventh-largest cable company in the United States. Serving more than 800,000 customers in 21 states with high-speed internet, cable television and telephone service, Cable ONE provides consumers with a wide range of the latest products and services, including wireless internet service, high-definition programming and phone service with free, unlimited long-distance calling in the continental US.