Richmond Represents Addressable Enterprise Market of over $125 Million
WAYNESBORO, Va. -- (Business Wire)
Lumos Networks Corp. (“Lumos Networks” or the “Company”) (Nasdaq: LMOS),
a leading fiber-based service provider in the Mid-Atlantic region,
continues to benefit from positive end market Enterprise demand trends
in its Richmond, Virginia metro market.
Richmond is the 49th largest Metro market (MSA) in the United
States and the Company estimates there is an addressable market of over
$125 million in annual enterprise fiber data spend within one mile of
the Company’s Richmond footprint. The Company expects continued growth
of this addressable market due to increased spending by enterprises on
mission-critical applications requiring fiber bandwidth connectivity and
continued network expansion driven by success-based enterprise contract
wins.
Robby Demeria, Executive Director of RVA Tech, the Richmond Technology
Council said, "Establishing the region as a technology center is
essential to our success. Lumos Networks' investment will further assist
in making that vision a reality while addressing the ever-changing needs
of our growing technology community."
The Company’s advanced fiber network in the Richmond Metro market has
over 450 route miles with an average fiber density of approximately 175
strands. The most recent portion of our Richmond network, totaling
approximately 340 miles, was completed in the spring of 2016 along with
our Norfolk/Hampton Roads market. These fiber networks were underpinned
by a 269 Fiber to the Cell (“FTTC”) site 13-year contract with a
national US wireless operator.
“I am pleased with the progress and business pipeline of our Richmond
fiber market,” said Timothy G. Biltz, President and CEO of Lumos
Networks. “Given the large and growing addressable market in the
Richmond metro area and our current enterprise market share of only
approximately 2% within one mile of our footprint, we expect that
Richmond will play a key role in achieving the Company’s target of
doubling its Enterprise revenue to approximately $100 million over the
next five years.”
Mr. Biltz continued, “We have seen immediate benefits from the addition
of Conrad Hunter as the Vice President and General Manager of our
Expansion Markets, including both Richmond and Norfolk. Conrad has
extensive business experience in the Richmond market and since his hire
on November 1st, we have energized the sales team and
expanded our sales pipeline. We expect strong new sales growth in our
Expansion markets as we finish out 2016 and head into 2017.”
About Lumos Networks
Lumos Networks is a leading fiber-based service provider in the
Mid-Atlantic region serving Carrier, Enterprise and Data Center
customers, offering end-to-end connectivity in 24 markets in Virginia,
Pennsylvania, West Virginia, Maryland, Ohio and Kentucky. With a fiber
network of 9,204 fiber route miles and 475,507 total fiber strand miles,
Lumos Networks connects 1,297 unique Fiber to the Cell sites, 1,642
total FTTC connections, 36 data centers, including 7 company owned
co-location facilities, 1,984 on-net buildings and approximately 3,300
total on-net locations. In 2015, Lumos Networks generated over $114
million in Data revenue over our fiber network. Detailed information
about Lumos Networks is available at www.lumosnetworks.com.
SPECIAL NOTE FROM THE COMPANY REGARDING FORWARD-LOOKING STATEMENTS
Any statements contained in this presentation that are not statements of
historical fact, including statements about our beliefs and
expectations, are forward-looking statements and should be evaluated as
such. The words “anticipates,” “believes,” “expects,” “intends,”
“plans,” “estimates,” “targets,” “projects,” “should,” “may,” “will” and
similar words and expressions are intended to identify forward-looking
statements. Such forward-looking statements reflect, among other things,
our current expectations, plans and strategies, and anticipated
financial results, all of which are subject to known and unknown risks,
uncertainties and factors that may cause our actual results to differ
materially from those expressed or implied by these forward-looking
statements. Many of these risks are beyond our ability to control or
predict. Because of these risks, uncertainties and assumptions, you
should not place undue reliance on these forward-looking statements.
Furthermore, forward-looking statements speak only as of the date they
are made. We do not undertake any obligation to update or review any
forward-looking information, whether as a result of new information,
future events or otherwise. Important factors with respect to any such
forward-looking statements, including certain risks and uncertainties
that could cause actual results to differ from those contained in the
forward-looking statements, include, but are not limited to: our ability
to complete the Clarity acquisition on a timely basis and the impact of
the acquisition on our operations; rapid development and intense
competition with resulting pricing pressure in the telecommunications
and high speed data transport industry; our ability to grow our data
business on an organic or inorganic basis in order to offset expected
revenue declines in legacy voice and access products; our ability to
obtain new carrier contracts or expand services under existing carrier
contracts at competitive pricing levels to offset churn and achieve
revenue growth from our carrier businesses; our ability to separate our
legacy business on a timely basis; our ability to effectively allocate
capital and timely implement network expansion plans necessary to
accommodate organic growth initiatives; our ability to complete customer
installations in a timely manner; adverse economic conditions; operating
and financial restrictions imposed by our senior credit facility and our
unsecured debt obligations; our cash and capital requirements; our
ability to maintain and enhance our network; the potential to experience
a high rate of customer turnover; federal and state regulatory fees,
requirements and developments; our reliance on certain suppliers and
vendors; and other unforeseen difficulties that may occur. These risks
and uncertainties are not intended to represent a complete list of all
risks and uncertainties inherent in our business, and should be read in
conjunction with the more detailed cautionary statements and risk
factors included in our SEC filings, including our Annual Report filed
on Form 10-K.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161209005048/en/
Contacts:
Lumos Networks Corp.
Will Davis
Senior Vice President of
Marketing and Investor Relations
Chief of Staff
(c)
917-519-6994
davisw@lumosnet.com
Source: Lumos Networks Corp.
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