Affirms Pro Forma CAPD Guidance of $128 Million to $133 Million for
2005; Reports Continued DSL and Long Distance Penetration Increases
IRVING, Texas, Nov. 7 /PRNewswire-FirstCall/ -- VALOR
Communications Group, Inc. (NYSE:VCG) today reported third quarter
2005 consolidated operating results and will host a conference call
tomorrow at 11 a.m. (EST) to discuss these results and its
business. Highlights for the quarter include: * Affirmed previously
issued guidance for full year pro forma Cash Available to Pay
Dividends (CAPD) of $128 million to $133 million; * DSL subscribers
increased 186% over the prior year to 47,309; * Long distance
subscribers increased 7.2% over the prior year to 229,530; *
Average monthly revenue per access line increased 5.5% over the
prior year to $80.86; * Generated CAPD of $31.0 million; pro forma
CAPD year to date of $98.0 million; * Increased total connections,
defined as total access lines plus DSL subscribers, by 1.3% over
the prior year to 572,011 total connections. "We continued to add
high-value DSL subscribers and increased DSL penetration of total
access lines to 9%. Based on access lines with DSL service
available, or addressable lines, the penetration rate was 13% at
the end of the quarter. Due to the success of our DSL program, we
accelerated our DSL rollout in the third quarter and now have 71%
DSL availability, exceeding our year-end target of 70%," said Jack
Mueller, VALOR Communications Group president and chief executive
officer. "We see continued opportunities for growth in DSL
subscribers, as well as long distance, which reached 44%
penetration in the quarter." "Average revenue per access line
increased by nearly 3% sequentially in the third quarter -- to
$80.86 -- and by 5.5% compared to a year ago," said Mueller. "And
we maintained our year-to-date adjusted EBITDA margins despite
declines in revenues related to access line losses and $0.3 million
of additional expense due to cleanup efforts associated with
Hurricane Rita." "Last month we welcomed Jerry Vaughn to VALOR as
our new chief financial officer and we congratulated Grant Raney,
who was named chief operating officer," continued Mueller. "We are
pleased to have expanded our executive team's capacity to
strategically manage our business in this competitive
telecommunications environment, and we look forward to continuing
to execute on our focused strategy." Net income more than doubled
to $13.3 million in the third quarter of 2005 over the prior year,
resulting in EPS of $0.19 per share. Cash and cash equivalents at
September 30, 2005 were $46.7 million. Increases in revenue from
data services and long distance of 33.3% and 5.5%, respectively, as
well as revenue generated from equipment sales, led to a 1.0%
increase in operating revenues in the third quarter of 2005 over
the prior year. Local service and universal service revenues
decreased by 3.1% and 7.2%, respectively, over the prior year due
to a decrease in access lines. Total connections increased by 0.3%
sequentially and 1.3% over the prior year while total access lines
decreased 1% sequentially, and 4.2% over the prior year. The
majority of VALOR's markets, or 88% of its total access lines, do
not have active cable-telephony competition. In these non-active
cable telephony markets, VALOR's year-to-date access line losses
are less than 1%. Active cable telephony markets represent more
than 70% of the year-to- date line losses. VALOR continues to
compete aggressively in all markets with targeted marketing
programs and win-back strategies. Other In the quarter, VALOR
recognized a $2.3 million impairment charge related to investments
in its unconsolidated cellular partnerships and a $0.6 million
impairment charge on its long-lived assets that were damaged as a
result of Hurricane Rita. The company also recorded $2.1 million of
non-cash stock based compensation expense. As previously disclosed,
an optional prepayment of $10 million was made on VALOR's credit
facility. This brings year-to-date debt repayments to $30 million,
excluding repayments the company made in conjunction with its IPO
and reorganization. VALOR also entered into two additional interest
rate protection agreements. These agreements bring the percentage
of the company's outstanding debt that is not exposed to interest
rate volatility to 78% for the next three years. In August, VALOR
renegotiated its credit facility, lowering the spread to LIBOR
+1.75% from LIBOR +2.00%. This will result in a $1.8 million annual
decrease in interest expense. VALOR made cash contributions to its
defined benefit pension plan totaling $14.1 million in the third
quarter, including a $6.0 million optional contribution, which
fully funded the plan on a current liability basis as of January 1,
2005 for the 2005 plan year. As a result, further cash
contributions to the plan will not be required until 2007. In
August 2005, VALOR completed an exchange offer for the outstanding
$400 million 7.75% Senior Notes issued in conjunction with its
earlier reorganization. 2005 Outlook For the full year 2005, VALOR
maintains its expectations of cash available to pay dividends, as
defined herein, of $128 million to $133 million on a pro forma
basis. The company continues to expect full year 2005 capital
expenditures of approximately $59 million. Conference Call
Information As previously announced, the company will host a
conference call and simultaneous Webcast to discuss third quarter
results at 11 a.m. (EST) on Nov. 8, 2005. During the conference
call, VALOR may discuss and answer one or more questions concerning
its business and financial matters as well as trends that affect
the company. VALOR's responses to these questions, as well as other
matters discussed during the conference call, may contain
information that has not been previously disclosed. Simultaneously
with the conference call, an audio webcast of the call will be
available via a link on our web site, http://www.valortelecom.com/
, "Investor Relations," or at http://www.earnings.com/ . To access
the call, dial 1-800-218-8862, or outside the United States, dial
1-303-262-2194. A pass code is not required. A replay of the call
will be available beginning at approximately 1 p.m. (EST), Nov. 8,
2005, through Nov. 15, 2005, at the above web sites or by calling
1-800-405-2236 or, outside the United States, 1-303-590-3000. The
pass code for the replay is 11041207#. Non-GAAP Measures VALOR uses
certain non-GAAP financial measures in evaluating its performance
and liquidity. These include adjusted earnings before interest,
taxes, depreciation and amortization (Adjusted EBITDA) and "Cash
Available to Pay Dividends." These non-GAAP financial measures are
by definition not measures of financial performance under generally
accepted accounting principles and are not alternatives to
operating income or net income reflected in the statement of
operations or to cash flow as reflected in the statement of cash
flows and are not necessarily indicative of cash available to fund
all cash flow needs. VALOR presents Adjusted EBITDA because
covenants in its credit facility contain ratios based on this
measure. A reconciliation of the differences between these non-GAAP
financial measures to the most comparable financial measures
calculated and presented in accordance with GAAP are included in
the schedules that follow. Adjusted EBITDA is defined in the credit
facility as: (1) consolidated adjusted net income, as defined
therein; plus (2) the following items, to the extent deducted from
consolidated adjusted net income: (a) interest expense; (b)
provision for income taxes; (c) depreciation and amortization; (d)
certain expenses related to VALOR's initial public offering of
common stock, its recent debt recapitalization and the other
transactions described in "Use of Proceeds" in its registration
statement for its initial public offering of common stock completed
February 9, 2005; (e) other nonrecurring or unusual costs or losses
incurred after the closing date of its new credit facility, to the
extent not exceeding $10.0 million; (f) unrealized losses on
financial derivatives recognized in accordance with SFAS No. 133;
(g) losses on sales of assets other than in the ordinary course of
business; and (h) all other non- cash charges that represent an
accrual for which no cash is expected to be paid in a future
period; minus (3) the following items, to the extent any of them
increases consolidated adjusted net income; (v) income tax credits;
(w) interest and dividend income (other than in respect of Rural
Telephone Finance Cooperative patronage distribution); (x) gains on
asset disposals not in the ordinary course; (y) unrealized gains on
financial derivatives recognized in accordance with SFAS No. 133;
and (z) all other non-cash income. Cash Available to Pay Dividends
is defined herein as Adjusted EBITDA less the sum of (i) any item
excluded from the calculation of Adjusted EBITDA that has been or
will be settled in cash, (ii) cash interest expense, (iii) capital
expenditures, (iv) required cash pension contributions in excess of
expense, and (v) cash income taxes. VALOR considers Adjusted EBITDA
and Cash Available to Pay Dividends (CAPD) as important indicators
to investors in the company's common stock because CAPD provides
information related to the company's ability to provide cash flows
to service debt, fund capital expenditures and pay dividends. If
VALOR's Adjusted EBITDA were to decline below certain levels,
covenants in its credit facility that are based on Adjusted EBITDA,
including its interest coverage ratio and total leverage ratio
covenants, may be violated and could cause, among other things, a
default or mandatory prepayment under its credit facility, or
result in its inability to pay dividends. Adjusted EBITDA and CAPD
are not measures in accordance with GAAP, and should not be
considered a substitute for operating income, net income or any
other measure of financial performance reported in accordance with
GAAP. In addition, Adjusted EBITDA and CAPD should not be used as a
substitute for VALOR's various cash flow measures (e.g., operating,
investing and financing cash flows). The non-GAAP financial
measures used by VALOR may not be comparable to similarly titled
measures of other companies. While VALOR utilizes these non-GAAP
financial measures in managing and analyzing its business and
financial condition and believes these measures are useful to
management and to investors for the reasons described above, these
non-GAAP financial measures have certain shortcomings. In
particular, Adjusted EBITDA does not represent the residual cash
flow available for discretionary expenditures, since items such as
debt repayments and interest payments are not deducted from such
measure. Management compensates for the shortcomings of these
measures by utilizing them in conjunction with their comparable
GAAP financial measures. The information in this press release
should be read in conjunction with the financial statements and
footnotes contained in documents filed periodically with the U.S.
Securities and Exchange Commission. This press release includes
management's estimate of pro forma CAPD for the year ending
December 31, 2005. VALOR believes the most directly comparable GAAP
measure would be "Net cash provided by operating activities." Due
to the difficulty in forecasting and quantifying the amounts that
would be required to be included in this comparable GAAP measure,
VALOR is not providing an estimate of net cash provided by
operating activities for the year ending December 31, 2005 at this
time. About VALOR Communications Group VALOR Communications Group
is one of the largest providers of telecommunications services in
rural communities in the southwestern United States. The company,
through its subsidiary VALOR Telecom, offers to residential,
business and government customers a wide range of
telecommunications services, including: local exchange telephone
services, which covers basic dial-tone service as well as enhanced
services, such as caller identification, voicemail and call
waiting; long distance services; and data services, such as
providing digital subscriber lines. VALOR Communications Group is
headquartered in Irving, Texas. For more information, visit
http://www.valortelecom.com/ . Information contained on our website
does not comprise a part of this press release. VALOR
Communications Group ("VALOR") is a holding company and has no
direct operations. VALOR was formed for the sole purpose of
reorganizing the company's corporate structure and consummation of
our initial public offering in February 2005. VALOR's principal
assets are the direct and indirect equity interests in its
subsidiaries. As a result, the historical consolidated financial
results prior to the offering in February 2005 only reflect the
operations of VALOR Telecommunications, LLC. Safe Harbor Statement
Certain matters discussed in this press release may constitute
"forward- looking statements" within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934 and the Private Securities Litigation Reform Act of
1995. Words such as "believes," "anticipates," "expects,"
"intends," "estimates," "projects," "outlook" and other similar
expressions, which are predictions of or indicate future events and
trends, typically identify forward-looking statements. Statements
in this press release regarding VALOR Communications Group's
business that are not historical facts, including our intention to
pay quarterly dividends and our 2005 outlook, are forward-looking
statements. Forward-looking statements involve risks and
uncertainties that could cause actual results or the timing of
events to differ materially from those described in the
forward-looking statements. We cannot assure you that the
expectations discussed in these forward-looking statements will be
attained. Some of the factors that could cause actual results or
the timing of certain events to differ from those described in
these forward-looking statements include, without limitation: our
leverage and debt service obligations; the terms of our credit
facility and our rights and obligations thereunder; any adverse
changes in government regulation; the risk that we may not be able
to retain existing customers or obtain new customers; the risk of
increased competition in the markets we serve; our financial
position, results of operations and availability of capital; and
other risks detailed from time to time in our filings with the
Securities and Exchange Commission, including, without limitation,
the risks described in our Prospectus dated July 1, 2005, relating
to our senior notes exchange offer and in our Annual Report on Form
10-K filed on March 31, 2005 with the Securities and Exchange
Commission. We disclaim any obligation to publicly update or revise
any forward-looking statement, whether as a result of new
information, the occurrence of future events or otherwise, except
as required by law. Supplemental Schedules Consolidated Statements
of Income A Condensed Consolidated Balance Sheets B Condensed
Consolidated Statements of Cash Flows C Non-GAAP Measures -
Adjusted EBITDA Calculation D Non-GAAP Measures - Cash Available to
pay Dividends Reconciliation E Historical Operating Statistics F
Schedule A VALOR Communications Group, Inc. Consolidated Statements
of Income (Dollars, except per share amounts, in thousands)
(Unaudited) Three months ended September 30, 2005 2004 % Change
Operating revenues Local service $37,594 $38,783 -3.1% Data
services 8,656 6,492 33.3% Long distance services 10,572 10,018
5.5% Access services 30,842 30,625 0.7% Universal Service Fund
28,241 30,444 -7.2% Other services 12,055 10,269 17.4% Total
operating revenues 127,960 126,631 1.0% Operating expenses Cost of
service (exclusive of depreciation and amortization shown
separately below) 29,092 26,674 9.1% Selling, general and
administrative 32,395 31,915 1.5% Non-cash stock based compensation
2,069 --- n/a Asset impairment 614 --- n/a Depreciation and
amortization 22,460 22,022 2.0% Total operating expenses 86,630
80,611 7.5% Operating income 41,330 46,020 -10.2% Operating margin
32.3% 36.3% Other income (expense) Interest expense (19,814)
(28,289) -30.0% Gain (loss) on interest rate hedging arrangements
178 (85) -309.4% Earnings from unconsolidated cellular partnerships
146 339 -56.9% Impairment on investment in cellular partnerships
(2,339) (6,678) -65.0% Loss on debt extinguishment --- --- n/a
Other income and (expense), net 300 (6,703) -104.5% Total other
income (expense) (21,529) (41,416) -48.0% Income from continuing
operations before income taxes and minority interest 19,801 4,604
330.1% Income tax expense (benefit) 6,480 (2,029) -419.4% Income
from continuing operations before minority interest 13,321 6,633
100.8% Minority interest --- 367 -100.0% Net income $13,321 $6,266
112.6% Earnings per share: Basic $0.19 n/m Diluted $0.19 n/m
Weighted average common shares outstanding: Basic 69,370,344 n/m
Diluted 69,552,976 n/m Nine months ended September 30, 2005 2004 %
Change Operating revenues Local service $114,378 $116,305 -1.7%
Data services 24,054 18,592 29.4% Long distance services 31,088
28,173 10.3% Access services 91,232 96,301 -5.3% Universal Service
Fund 86,862 90,759 -4.3% Other services 32,340 29,149 10.9% Total
operating revenues 379,954 379,279 0.2% Operating expenses Cost of
service (exclusive of depreciation and amortization shown
separately below) 81,163 78,704 3.1% Selling, general and
administrative 96,737 100,098 -3.4% Non-cash stock based
compensation 10,412 --- n/a Asset impairment 614 --- n/a
Depreciation and amortization 67,184 63,993 5.0% Total operating
expenses 256,110 242,795 5.5% Operating income 123,844 136,484
-9.3% Operating margin 32.6% 36.0% Other income (expense) Interest
expense (64,726) (83,384) -22.4% Gain (loss) on interest rate
hedging arrangements (378) (122) 209.8% Earnings from
unconsolidated cellular partnerships 207 1,007 -79.4% Impairment on
investment in cellular partnerships (2,339) (6,678) -65.0% Loss on
debt extinguishment (29,262) --- n/a Other income and (expense),
net 901 (25,060) -103.6% Total other income (expense) (95,597)
(114,237) -16.3% Income from continuing operations before income
taxes and minority interest 28,247 22,247 27.0% Income tax expense
(benefit) 8,852 (6,095) -245.2% Income from continuing operations
before minority interest 19,395 28,342 -31.6% Minority interest 468
3,171 -85.2% Net income $18,927 $25,171 -24.8% Earnings per share:
Basic $0.18 * n/m Diluted $0.18 * n/m Weighted average common
shares outstanding: Basic 69,366,739 * n/m Diluted 69,686,542 * n/m
* Represents earnings per share and weighted average shares
outstanding for the period from the initial public offering date of
February 9, 2005 through September 30, 2005. n/m = not meaningful
Schedule B VALOR Communications Group, Inc. Condensed Consolidated
Balance Sheets (Dollars in thousands) (Unaudited) September 30,
December 31, 2005 2004 ASSETS Cash & cash equivalents $46,721
$17,034 Accounts receivable, net 59,503 62,757 Prepayments and
other current assets 9,057 10,221 TOTAL CURRENT ASSETS 115,281
90,012 NET PROPERTY, PLANT AND EQUIPMENT 727,315 749,984
INVESTMENTS AND OTHER ASSETS 1,109,504 1,131,171 TOTAL ASSETS
$1,952,100 $1,971,167 LIABILITIES AND EQUITY Total current
liabilities $96,369 $74,916 Long-term debt, net of current
maturities 1,180,555 1,599,177 Other long-term liabilities 99,245
290,603 TOTAL LIABILITIES 1,376,169 1,964,696 TOTAL STOCKHOLDERS'
EQUITY 575,931 6,471 TOTAL LIABILITIES AND EQUITY $1,952,100
$1,971,167 Schedule C VALOR Communications Group, Inc. Condensed
Consolidated Statements of Cash Flows (Dollars in thousands)
(Unaudited) Three months ended Nine months ended September 30,
September 30, 2005 2004 2005 2004 Cash flow from operating
activities: Net income $13,321 $6,266 $18,927 $25,171 Adjustments
to reconcile net income to net cash provided by operating
activities: Depreciation and amortization 22,460 22,022 67,184
63,993 Loss on debt extinguishment --- --- 29,262 --- Expense
incurred related to cash payment to minority shareholders in
connection with reorganization --- --- --- 17,988 Non-cash stock
compensation expense 2,069 --- 10,412 --- Asset impairment 614 ---
614 --- Impairment on investment in cellular partnerships 2,339
6,678 2,339 6,678 Changes in working capital (301) 12,002 233
11,104 Other, net (3,160) (2,338) 7,048 360 Net cash provided by
operating activities 37,342 44,630 136,019 125,294 Cash flow from
investing activities: Payments for property, plant and equipment
(15,155) (15,757) (45,044) (51,520) Redemption of RTFC capital
certificate --- --- 24,445 --- Other, net 136 (12) 225 (476) Net
cash used in investing activities (15,019) (15,769) (20,374)
(51,996) Cash flow from financing activities: Payments of long-term
debt, net of proceeds from issuance of debt (10,086) (31,538)
(420,300) (59,347) Proceeds from issuance of common stock, net of
offering costs (85) --- 411,322 --- Prepayment fees paid in
connection with IPO --- --- (19,393) --- Payments of debt issuance
costs (587) --- (17,381) (124) Cash dividends paid (24,973) ---
(37,459) --- Cash payment to minority interest holders in
connection with reorganization --- --- --- (18,646) Other, net ---
2,550 (2,747) 4,063 Net cash used in financing activities (35,731)
(28,988) (85,958) (74,054) Net increase (decrease) in cash and cash
equivalents from continuing operations (13,408) (127) 29,687 (756)
Net operating cash used in discontinued operations --- (1) --- (17)
Net increase (decrease) in cash and cash equivalents (13,408) (128)
29,687 (773) Cash and cash equivalents at beginning of period
60,129 769 17,034 1,414 Cash and cash equivalents at end of period
$46,721 $641 $46,721 $641 Schedule D VALOR Communications Group,
Inc. Non-GAAP Measures - Adjusted EBITDA Calculation (Dollars in
thousands) (Unaudited) Three months ended Nine months ended
September 30, September 30, 2005 2004 2005 2004 Net income $13,321
$6,266 $18,927 $25,171 Adjustments: Income tax expense (benefit)
6,480 (2,029) 8,852 (6,095) Interest expense 19,814 28,289 64,726
83,384 Depreciation and amortization 22,460 22,022 67,184 63,993
Minority interest --- 367 468 3,171 Gain (loss) on interest rate
hedging arrangements (178) 85 378 122 Earnings from unconsolidated
cellular partnerships (146) (339) (207) (1,007) Asset impairment
614 --- 614 --- Impairment on investment in cellular partnerships
2,339 6,678 2,339 6,678 Other income and (expense), net (300) 6,703
(901) 25,060 Loss on debt extinguishment --- --- 29,262 ---
Management fees paid to equity sponsors --- 250 --- 750 Non-cash
stock based compensation 2,069 --- 10,412 --- Excluded items (a)
282 --- 2,758 5,279 Total adjustments 53,434 62,026 185,885 181,335
Adjusted EBITDA $66,755 $68,292 $204,812 $206,506 (a) Excluded
items, as defined in the credit agreement: Termination benefits
associated with workforce reduction $--- $--- $--- $279 CEO
transition payment --- --- --- 5,000 IPO cash bonuses 282 --- 2,258
--- Expenses related to credit facility amendment --- --- 500 ---
Total excluded items, as defined in the credit agreement $282 $---
$2,758 $5,279 Schedule E VALOR Communications Group, Inc. Non-GAAP
Measures - Cash Available to Pay Dividends Reconciliation (Dollars
in thousands) (Unaudited) Three Three Three Nine months months
months months ended ended ended ended March 31, June 30, Sept. 30,
Sept. 30, 2005 2005 2005 2005 Net cash provided by operating
activities $40,489 $58,188 $37,342 $136,019 Adjustments: Interest
expense 26,048 18,864 19,814 64,726 Amortization of debt issuance
costs (910) (942) (921) (2,773) Provision for doubtful accounts
receivable (1,093) (1,358) (1,795) (4,246) Changes in working
capital 3,824 (4,358) 301 (233) Other, net (2,020) (588) 12,070
9,462 Income tax expense (benefit) (5,437) 7,809 6,480 8,852
Deferred income taxes 5,437 (7,771) (6,518) (8,852) Other income
and (expense), net (83) (518) (300) (901) Excluded items (a) 2,193
283 282 2,758 Total adjustments 27,959 11,421 29,413 68,793
Adjusted EBITDA (b) 68,448 69,609 66,755 204,812 Items excluded
from Adjusted EBITDA settled in cash: Cash income (expenses)
excluded from Adjusted EBITDA (c) (2,110) 235 18 (1,857) Cash
interest expense (26,451) (18,201) (19,041) (63,693) Cash pension
contributions in excess of estimated expense (d) --- (1,600)
(1,566) (3,166) Capital expenditures (17,379) (12,510) (15,155)
(45,044) Cash available to pay dividends (b) $22,508 $37,533
$31,011 $91,052 Pro forma adjustments: Transaction fees expensed
(e) 500 --- --- 500 Cash interest (f) 6,500 --- --- 6,500 Cash
taxes (g) (100) --- --- (100) Pro forma - cash available to pay
dividends $29,408 $37,533 $31,011 $97,952 (a) Excluded items, as
defined in the credit agreement: IPO cash bonuses $1,693 $283 $282
$2,258 Expenses related to credit facility amendment 500 --- ---
500 Total excluded items, as defined in the credit agreement $2,193
$283 $282 $2,758 (b) Adjusted EBITDA and Cash Available to Pay
Dividends are non-GAAP financial measures and by definition are not
measures of financial performance under generally accepted
accounting principles (GAAP). They should not be considered an
alternative to operating income or net income reflected in the
statement of income or to cash flow as reflected in the statement
of cash flows and are not necessarily indicative of cash available
to fund all cash flow needs. (c) Represents cash income (expenses)
reflected above under Other income and expense, net, and Excluded
items that were excluded from the calculation of Adjusted EBITDA.
These items were received or (paid) by us in cash and would have
impacted the amount of cash that would have been available to pay
dividends. (d) Reflects our previously disclosed accelerated
funding requirements to our pension plan in 2005. This accelerated
funding requirement consists of our $1.6 million contributions in
each of April and July of 2005. CAPD excludes the optional pension
payments of $6.0 million funded in September of 2005. This optional
payment is treated similarly as the optional debt repayments in the
CAPD calculation. (e) Legal expenses charged to expense in
connection with the modification of our credit facility that we
completed in conjunction with our IPO and reorganization. (f) Cash
interest expense in the quarter ended March 31, 2005 is
approximately $6.5 million higher than it would have been had the
IPO and the related debt reduction occurred at the beginning of the
quarter. (g) Reflects estimated cash taxes we expect to pay on our
taxable income. Schedule F Historical Operating Statistics 9/30/05
6/30/05 3/31/05 12/31/04 9/30/04 Access lines: Primary 474,723
480,717 488,165 493,314 498,321 Secondary 49,979 49,537 48,837
47,023 49,604 Total access lines (A) 524,702 530,254 537,002
540,337 547,925 Long distance subscribers 229,530 227,347 222,874
216,437 214,048 Penetration rate of total access lines 44% 43% 42%
40% 39% DSL subscribers (B) 47,309 40,144 31,208 22,884 16,521
Penetration rate of total access lines 9% 8% 6% 4% 3% Penetration
rate of total addressable lines (1) 13% 11% 9% 8% 6% Total
connections (A+B) 572,011 570,398 568,210 563,221 564,446 Average
monthly revenue per access line (ARPU) (2) (3) $80.86 $78.75 $77.92
$78.43 $76.66 (1) Addressable lines are lines that have DSL service
available. (2) ARPU is computed by dividing the total revenue for
the quarter by the average of the access lines at the beginning and
end of the quarter. (3) ARPU for quarter ending 12/31/04 includes
out-of-period revenue recorded in the fourth quarter 2004 from the
favorable resolution of a regulatory proceeding Valor had pending
before the Texas Public Utility Commission related to expanded
local calling. Excluding ELC recovery revenue, ARPU is $76.31
DATASOURCE: VALOR Communications Group, Inc. CONTACT: investor
relations, Keith Terreri or Sheryl Seyer, both +1-972-373-1296, or
fax, +1-972-373-1150, or , or media, Cynthia T. Cruz,
+1-972-373-1134, or fax, +1-469-420-2540, or , all of VALOR
Communications Group, Inc. Web site: http://www.earnings.com/ Web
site: http://www.valortelecom.com/
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