CNSL Overview

S&P SmallCap 600 Update: International Seaways will replace Consolidated Communications Holdings in the S&P SmallCap 600 index effective December 30, with INSW shares rising 6.8% on Tuesday.

Acquisition of Consolidated Communications: Searchlight Capital Partners and British Columbia Investment Management Corporation are set to acquire Consolidated Communications in a deal expected to finalize soon.

Third Quarter Financial Performance: Consolidated Communications reported a revenue of $271.1 million for Q3 2024, with a net loss of $61.4 million, showing an improvement from a net loss of $69.2 million in the same quarter last year. The company also added 5,134 consumer broadband connections during this period.

Pending Acquisition: The company is set to be acquired by Searchlight Capital Partners and British Columbia Investment Management Corporation in an all-cash transaction valued at approximately $3.1 billion, expected to close in late Q4 2024 or early Q1 2025, which will take Consolidated private and remove its shares from public trading.

Earnings Release Announcement: Consolidated Communications will release its third quarter 2024 financial results on November 5 before the market opens, with the earnings press release available on its investor relations website.

Acquisition Impact: Due to the pending acquisition by Searchlight Capital Partners and British Columbia Investment Management Corporation, the Company will not hold an earnings conference call.

Educational Grants Awarded: Consolidated Communications has awarded $50,000 in grants through its Consolidated Connects Educational Grant Program, benefiting over 1,800 students across 12 schools in 2024, focusing on innovative and technology-driven learning programs.

Impact of Grants: Since the program's inception in 2021, more than $164,000 has been granted to 44 schools, enhancing educational opportunities for over 15,000 students by integrating advanced technologies such as drones and robotics into various school programs.

Financial Performance: Consolidated Communications reported a revenue of $268.7 million for Q2 2024, with a net loss of $66.7 million, an improvement from a loss of $119 million in the same quarter last year. Adjusted EBITDA was $84.2 million, and total capital expenditures were $102.7 million.

Pending Acquisition: The company is set to be acquired by Searchlight Capital Partners and British Columbia Investment Management Corporation in an all-cash transaction valued at approximately $3.1 billion, expected to close in late 2024 or early 2025, which will take the company private.