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Shenandoah Telecommunications Company (Shentel) reports developments in broadband communications, including Glo Fiber expansion markets, residential and commercial customer services, and network construction in smaller markets and rural communities.
The company provides broadband internet, video, voice, high-speed Ethernet, dark fiber leasing, and managed network services through fiber optic and cable networks in the eastern United States. Recurring updates cover quarterly results, Glo Fiber additions, government-supported broadband projects under Virginia Telecommunications Initiative programs, capital investment in fiber infrastructure, investor presentations, and community service activity across Shentel and Glo Fiber service areas.
The Board of Directors of Shenandoah Telecommunications Company (NASDAQ: SHEN) announced a special dividend of $18.75 per share, totaling approximately $936.6 million, payable on August 2, 2021. Shareholders of record by July 13, 2021 will be eligible, with an ex-dividend date of August 3, 2021. The Company anticipates $19.6 million will be reinvested through its Dividend Reinvestment Plan, aimed at enhancing shareholder value following the sale of its Wireless assets to T-Mobile.
Shenandoah Telecommunications Company (NASDAQ: SHEN) has successfully closed the sale of its wireless assets to T-Mobile USA for $1.94 billion. This amount includes a $60 million settlement concerning management fees from Sprint, a T-Mobile subsidiary, and accounts for transaction expenses. The company utilized $684 million of the sale proceeds to fully repay its outstanding debt and terminate its credit facility. Shentel provides broadband services across the Mid-Atlantic and operates over 6,800 route miles of fiber and 223 macro cellular towers.
Shenandoah Telecommunications Company (Nasdaq: SHEN) announced the launch of its Beam Internet service in Kents Store and Stanardsville, Virginia, expanding high-speed internet access to over 1,300 households. This move is part of a broader initiative that has already reached over 20,000 households this year. Beam Internet offers download speeds of up to 100 Mbps, with prices starting at $60 per month, and utilizes licensed 2.5GHz and 3.5GHz spectrum along with 5G-ready LTE technology. The service aims to enhance connectivity in rural areas of Virginia.
Shenandoah Telecommunications Company (SHEN) has announced the expansion of its Glo Fiber network to Lynchburg, Virginia, enhancing its fiber-optic offerings for residential and business customers. With this new addition, Glo Fiber's network now covers over 42,000 households. Launched in 2019, Glo Fiber provides high-speed fiber-to-the-home (FTTH) internet, digital TV, and home phone services across several Virginia communities. The expansion showcases a significant capital investment aimed at increasing broadband competition in the area.
Shenandoah Telecommunications Company (Nasdaq: SHEN) has announced the expansion of its fiber-optic network through its Glo Fiber brand in Roanoke, Virginia. This development, launched on June 2, 2021, aims to provide gigabit broadband Internet access, live streaming TV, and digital phone services to both residential and business customers in the area. Leveraging a 6,800-mile regional fiber network, Glo Fiber emphasizes high speeds and low latency while maintaining competitive pricing. This initiative supports Roanoke's economic growth and offers several tiers of high-speed Internet access.
Shenandoah Telecommunications Company (NASDAQ: SHEN) announced that Edward "Ed" H. McKay will be the new Executive Vice President and Chief Operating Officer, effective July 3, 2021. McKay, a 25-year telecommunications veteran and with 17 years at Shentel, has previously held roles including Senior Vice President, Engineering & Operations. His leadership will focus on Shentel's integrated broadband business and tower portfolio. McKay succeeds David "Dave" L. Heimbach, who is resigning for a position at MetroNet, Inc.
Shenandoah Telecommunications Company (Nasdaq: SHEN) has announced the expansion of its high-speed internet service, Beam, to New Canton, Mount Jackson, and Dillwyn, Virginia. This initiative will serve around 2,700 households in Buckingham and Shenandoah Counties, contributing to a total of over 15,000 households reached this year. Beam provides reliable broadband using 5G ready LTE technology, with download speeds from 25 to 100 Mbps, starting at $65 per month. This expansion aims to bridge the digital divide in rural communities, ensuring better connectivity for residents.
Glo Fiber, a brand of Shenandoah Telecommunications Company (SHEN), has launched its fiber-optic network in Salem, Virginia, expanding its service to over 34,000 households. This network provides gigabit broadband Internet, live streaming TV, and digital home phone services. Glo Fiber leverages Shentel's extensive 6,800-mile fiber network, promising high speeds and low latency. The service offers three tiers of symmetrical Internet access with inclusive pricing. The expansion aims to meet the growing connectivity needs of residents and businesses in the region.
Shenandoah Telecommunications Company (SHEN) reported strong first-quarter 2021 results with revenue increasing by 12.3% to $59.7 million. Broadband data net additions grew 61.9% to 4,245, with churn rates of 1.29% for cable and 0.86% for Glo Fiber. The company anticipates a $1.5 billion after-tax gain from the pending sale of its Wireless assets, alongside a special dividend of $18.75 per share. However, a workforce reduction impacting 30% of employees is expected due to this sale. Capital expenditures rose to $39.5 million, driven by the expansion of Glo Fiber and Beam.
Shenandoah Telecommunications Company (SHEN) will release its Q1 2021 financial results on April 29, 2021, after market close. A conference call is scheduled for April 30, 2021, at 8:00 AM ET to discuss the results. Investors can access the call via the company's investor website or by telephone.
Shentel provides a variety of communications services across the Mid-Atlantic U.S., including wireless voice and data, broadband internet, and fiber optic services.