Exceeds 2005 Pro Forma Cash Available to Pay Dividends Guidance
IRVING, Texas, Feb. 28 /PRNewswire-FirstCall/ -- VALOR
Communications Group, Inc. (NYSE:VCG) today reported fourth quarter
and fiscal year 2005 consolidated financial and operating results
and will host a conference call today at 8:30 a.m. (EST) to discuss
these results and its business. * Pro forma CAPD of $36.3 million
for the fourth quarter and $134.2 million for 2005. * Adjusted
EBITDA of $274 million and an Adjusted EBITDA margin of 54% for
2005. * Average monthly revenue per access line (ARPU) of $79.63 in
2005, an increase of $2.56 over the prior year. * Total access
lines of 518,456 at December 31, 2005, a decrease of 4% over the
prior year. * 52,759 DSL subscribers and 232,031 long distance
customers at December 31, 2005, increases of 131% and 7%,
respectively, over the prior year. "I am pleased to report pro
forma cash available to pay dividends of $134 million, which
exceeded our 2005 pro forma guidance of $128-133 million,"
commented Jack Mueller, VALOR Communications Group, Inc. president
and chief executive officer. "Capital expenditures of $57 million
came in favorable to guidance of approximately $59 million, and our
pro forma payout ratio was 74.5% for 2005. We more than doubled our
DSL subscribers during 2005, exceeding our objectives for both DSL
growth and availability. Our DSL and long distance penetration
rates were approximately 10% and 45%, respectively, at year-end."
Net income was $16.4 million in the fourth quarter of 2005,
resulting in quarterly EPS (earnings per share) of $0.24 per share.
Excluding $3.3 million of merger-related expenses and the related
tax effect incurred in the fourth quarter of 2005, net income was
$18.8 million. For full year 2005, net income was $35.3 million,
resulting in annual EPS of $0.42 per share. Excluding
merger-related expenses of $3.3 million and the related tax effect,
net income was $37.7 million for the full year. For full year 2005,
VALOR reported revenue of $506 million, essentially flat compared
to 2004, despite access line losses of 4%. Adjusted EBITDA of $274
million was also flat in 2005 compared to the prior year due to
improved operating efficiencies, lower headcount and higher ARPU.
For 2005, revenue from data services, long distance and other
increased 31.6%, 7.2% and 14.0%, respectively, due to increases in
average subscribers and sales of equipment and services provided to
wholesale carriers. Revenue from local service, access and
Universal Service Fund decreased 4.3%, 4.9% and 3.8%, respectively,
for 2005 due primarily to lower access line count. For the fourth
quarter of 2005, revenues of $126 million were down 1.6% compared
to $128 million in the prior year. Total connections increased 1.4%
in 2005 over the prior year. The majority of VALOR's markets, or
approximately 88% of its total access lines, do not have active
cable-telephony competition. In these markets, VALOR's access line
loss was approximately 1.5% for the full year. Merger with Alltel
Wireline "We continue to work with the wireline management team of
Alltel to develop and implement integration plans to ensure an
efficient transition. We anticipate a smooth transition of back
office systems due to our selection of Alltel's billing platform
several years ago," commented Jack Mueller. "In addition, we have
received early termination of the waiting period related to the
Hart-Scott-Rodino Antitrust Improvements Act and have received
transfer of control approval from the Federal Communications
Commission. We have filed in all states where filing is required
and continue to anticipate a mid-year closing of the transaction."
Other VALOR recorded additional fourth quarter expenses of
approximately $300,000 related to Hurricane Rita cleanup. In
addition, VALOR recorded approximately $1.1 million in impairment
charges for goodwill related to a small wireless broadband service
provider purchased to expand our data product line. The company
also recorded $2.3 million of non-cash stock based compensation
expense. Cash and cash equivalents at December 31, 2005 were $64.2
million. VALOR's net operating loss (NOL) position increased $13
million during 2005 to approximately $320 million. VALOR's
reportable distributions during calendar year 2005 have been
classified as 100% Non-dividend Distribution (return of capital).
The Company recommends shareholders consult their tax advisors to
determine what impact, if any, the above information may have on
their tax situations. Conference Call Information As previously
announced, the company will host a conference call and simultaneous
Webcast to discuss fourth quarter and fiscal year 2005 results at
8:30 a.m. (EST) on Feb. 28, 2006. 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 website, http://www.valortelecom.com/ ,
"Investor Relations," or at http://www.earnings.com/ . To access
the call, dial 1-800-257-3401, or outside the United States, dial
1-303-262-2051. A pass code is not required. A replay of the call
will be available beginning at approximately 10:30 a.m. (EST), Feb.
28, 2006, through Mar. 7, 2006, at the above websites or by calling
1-800-405-2236 or, outside the United States, 1-303-590-3000. The
pass code for the replay is 11052022#. 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), Adjusted
EBITDA margin 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 of business;
(y) unrealized gains on financial derivatives recognized in
accordance with SFAS No. 133; and (z) all other non-cash income.
Adjusted EBITDA margin is equal to adjusted EBITDA divided by total
revenue. Adjusted EBITDA margin measures the proportion of Adjusted
EBITDA remaining after deducting operating expenses. 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, Adjusted EBITDA margin 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, Adjusted
EBITDA margin 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, Adjusted EBITDA
margin 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. 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, 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; risks associated
with the impending merger with Alltel Wireline, including but not
limited to, the risk that the anticipated benefits from the merger
may not be realized, integration-related risks and challenges that
could negatively impact operations and financial results, the risk
that regulatory agencies could delay or impose conditions on
approval of the merger, which may diminish the anticipated benefits
of the merger 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 proxy
statement/prospectus-information statement dated February 28, 2006,
relating to our merger with Alltel Wireline and in our Annual
Report on Form 10-K filed on February 28, 2006 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 Operations 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 Operations (Dollars, except per share amounts, in thousands)
(Unaudited) Three months ended Twelve months ended December 31,
December 31, 2005 2004 2005 2004 Operating revenues Local service
$37,171 $42,099 $151,549 $158,404 Data services 9,155 6,647 33,209
25,239 Long distance services 10,021 10,177 41,109 38,350 Access
services 29,450 30,537 120,682 126,838 Universal Service Fund
28,678 29,286 115,540 120,045 Other services 11,465 9,285 43,805
38,434 Total operating revenues 125,940 128,031 505,894 507,310
Operating expenses Cost of service (exclusive of depreciation and
amortization shown separately below) 26,418 26,230 107,581 104,934
Selling, general and administrative (exclusive of non-cash stock
compensation shown separately below) 30,209 37,361 126,946 137,459
Non-cash stock based compensation 2,287 1,345 12,699 1,345 Asset
impairment 1,082 --- 1,696 --- Depreciation and amortization 22,744
22,458 89,928 86,451 Total operating expenses 82,740 87,394 338,850
330,189 Operating income 43,200 40,637 167,044 177,121 Operating
margin 34.3% 31.7% 33.0% 34.9% Other income (expense) Interest
expense (18,428) (26,903) (83,154) (110,287) Loss on interest rate
hedging arrangements (21) (4) (399) (126) Earnings from
unconsolidated cellular partnerships 214 106 421 1,113 Impairment
on investment in cellular partnerships --- --- (2,339) (6,678) Loss
on debt extinguishment --- (62,975) (29,262) (62,975) Other income
and (expense), net (2,799) (56) (1,898) (25,116) Total other income
(expense) (21,034) (89,832) (116,631) (204,069) Income (loss)
before income taxes, minority interest and cumulative effect of
change in accounting principle 22,166 (49,195) 50,413 (26,948)
Income tax expense 5,477 6,760 14,329 665 Income (loss) before
minority interest and cumulative effect of change in accounting
principle 16,689 (55,955) 36,084 (27,613) Minority interest ---
(3,029) 468 142 Income (loss) before cumulative effect of change in
accounting principle 16,689 (52,926) 35,616 (27,755) Cumulative
effect of change in accounting principle, net of tax of $156 269
--- 269 --- Net income (loss) $16,420 $(52,926) $35,347 $(27,755)
Earnings per share-basic: Earnings per share before cumulative
effect of accounting change $0.24 n/m $0.42 * n/m Loss per share
from cumulative effect of accounting change --- n/m $--- * n/m
Earnings per share $0.24 n/m $0.42 * n/m Earnings per
share-diluted: Earnings per share before cumulative effect of
accounting change $0.24 n/m $0.42 * n/m Loss per share from
cumulative effect of accounting change --- n/m $(0.01)* n/m
Earnings per share $0.24 n/m $0.41 * n/m Weighted average common
shares outstanding: Basic 69,372,369 n/m 69,368,333 * n/m Diluted
69,620,880 n/m 69,666,018 * 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 December 31, 2005.
n/m = not meaningful Schedule B VALOR Communications Group, Inc.
Condensed Consolidated Balance Sheets (Dollars in thousands)
(Unaudited) December 31, 2005 December 31, 2004 ASSETS Cash &
cash equivalents $64,178 $17,034 Accounts receivable, net 59,973
62,757 Prepayments and other current assets 11,724 10,221 TOTAL
CURRENT ASSETS 135,875 90,012 NET PROPERTY, PLANT AND EQUIPMENT
717,529 749,984 INVESTMENTS AND OTHER ASSETS 1,109,377 1,131,171
TOTAL ASSETS $1,962,781 $1,971,167 LIABILITIES AND EQUITY Total
current liabilities $100,259 $74,916 Long-term debt, net of current
maturities 1,180,555 1,599,177 Other long-term liabilities 110,199
290,603 TOTAL LIABILITIES 1,391,013 1,964,696 TOTAL STOCKHOLDERS'
EQUITY 571,768 6,471 TOTAL LIABILITIES AND EQUITY $1,962,781
$1,971,167 Schedule C VALOR Communications Group, Inc. Condensed
Consolidated Statements of Cash Flows (Dollars in thousands)
(Unaudited) Three months ended Twelve months ended December 31,
December 31, 2005 2004 2005 2004 Cash flow from operating
activities: Net income (loss) $16,420 $(52,926) $35,347 $(27,755)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: Depreciation and amortization 22,744 22,458
89,928 86,451 Loss on debt extinguishment --- 62,975 29,262 62,975
Expense incurred related to cash payment to minority shareholders
in connection with reorganization --- --- --- 17,988 Non-cash stock
compensation expense 2,287 1,345 12,699 1,345 Asset impairment
1,082 --- 1,696 --- Impairment on investment in cellular
partnerships --- --- 2,339 6,678 Cumulative effect of change in
accounting principle, net of tax 269 --- 269 --- Changes in working
capital 2,686 (17,173) 2,919 (6,069) Other, net 9,584 1,743 16,632
2,103 Net cash provided by operating activities 55,072 18,422
191,091 143,716 Cash flow from investing activities: Payments for
property, plant and equipment (12,341) (14,005) (57,385) (65,525)
Redemption of RTFC capital certificate --- 31,111 24,445 31,111
Other, net (22) 32 203 (444) Net cash provided by (used in)
investing activities (12,363) 17,138 (32,737) (34,858) Cash flow
from financing activities: Proceeds from issuance of long-term debt
--- 1,300,000 400,000 1,359,000 Payments of long-term debt, net of
proceeds from issuance of debt (64) (1,104,902) (820,364)
(1,223,249) Proceeds from issuance of common stock, net of offering
costs (65) --- 411,257 --- Prepayment fees paid in connection with
IPO --- --- (19,393) --- Payments of debt issuance costs (149)
(31,206) (17,530) (31,330) Cash dividends paid (24,974) ---
(62,433) --- Cash payment to minority interest holders in
connection with reorganization --- --- --- (18,646) Prepayment fees
paid in connection with the repayment of debt --- (11,376) ---
(11,376) Redemption of redeemable preferred interests --- (134,102)
--- (134,102) Redemption of Class C interests --- (16,458) ---
(16,458) Redemption of redeemable preferred interests in subsidiary
--- (8,791) --- (8,791) Other, net --- (12,336) (2,747) (8,273) Net
cash used in financing activities (25,252) (19,171) (111,210)
(93,225) Net increase in cash and cash equivalents from continuing
operations 17,457 16,389 47,144 15,633 Net operating cash provided
by (used in) discontinued operations --- 4 --- (13) Net increase in
cash and cash equivalents 17,457 16,393 47,144 15,620 Cash and cash
equivalents at beginning of period 46,721 641 17,034 1,414 Cash and
cash equivalents at end of period $64,178 $17,034 $64,178 $17,034
Schedule D VALOR Communications Group, Inc. Non-GAAP Measures -
Adjusted EBITDA Calculation (Dollars in thousands) (Unaudited)
Three months ended Twelve months ended December 31, December 31,
2005 2004 2005 2004 Net income (loss) $16,420 $(52,926) $35,347
$(27,755) Adjustments: Income tax expense 5,477 6,760 14,329 665
Interest expense 18,428 26,903 83,154 110,287 Depreciation and
amortization 22,744 22,458 89,928 86,451 Minority interest ---
(3,029) 468 142 Cumulative effect of change in accounting
principle, net of tax 269 --- 269 --- Loss on interest rate hedging
arrangements 21 4 399 126 Earnings from unconsolidated cellular
partnerships (214) (106) (421) (1,113) Asset impairment 1,082 ---
1,696 --- Impairment on investment in cellular partnerships --- ---
2,339 6,678 Other income and (expense), net 2,799 56 1,898 25,116
Loss on debt extinguishment --- 62,975 29,262 62,975 Management
fees paid to equity sponsors --- 250 --- 1,000 Non-cash stock based
compensation 2,287 1,345 12,699 1,345 Excluded items (a) 282 3,862
3,040 9,141 Total adjustments 53,175 121,478 239,060 302,813
Adjusted EBITDA $69,595 $68,552 $274,407 $275,058 (a) Excluded
items, as defined in the credit agreement: Termination benefits
associated with workforce reduction $--- $346 $--- $625 2003
expanded local calling surcharge recorded in 2004 --- (1,602) ---
(1,602) Bonuses related to debt recapitalization --- 5,118 ---
5,118 CEO transition payment --- --- --- 5,000 IPO cash bonuses 282
--- 2,540 --- Expenses related to credit facility amendment --- ---
500 --- Total excluded items, as defined in the credit agreement
$282 $3,862 $3,040 $9,141 Schedule E VALOR Communications Group,
Inc. Non-GAAP Measures - Cash Available to Pay Dividends
Reconciliation (Dollars in thousands) (Unaudited) Three Three Three
Three Twelve months months months months months ended ended ended
ended ended March 31, June 30, Sept. 30, Dec. 31, Dec. 31, 2005
2005 2005 2005 2005 Net cash provided by operating activities
$40,489 $58,188 $37,342 $55,072 $191,091 Adjustments: Interest
expense 26,048 18,864 19,814 18,428 83,154 Amortization of debt
issuance costs (910) (942) (921) (917) (3,690) Provision for
doubtful accounts receivable (1,093) (1,358) (1,795) (1,827)
(6,073) Changes in working capital 3,824 (4,358) 301 (2,686)
(2,919) Other, net (2,020) (588) 12,070 (1,711) 7,751 Income tax
expense (benefit) (5,437) 7,809 6,480 5,477 14,329 Deferred income
taxes 5,437 (7,771) (6,518) (5,322) (14,174) Other income and
(expense), net (83) (518) (300) 2,799 1,898 Excluded items (a)
2,193 283 282 282 3,040 Total adjustments 27,959 11,421 29,413
14,523 83,316 Adjusted EBITDA (b) 68,448 69,609 66,755 69,595
274,407 Items excluded from Adjusted EBITDA settled in cash: Cash
income (expenses) excluded from Adjusted EBITDA (c) (2,110) 235 18
(3,081) (4,938) Cash interest expense (26,451) (18,201) (19,041)
(19,588) (83,281) Cash pension contributions in excess of estimated
expense (d) --- (1,600) (1,566) (1,600) (4,766) Capital
expenditures (17,379) (12,510) (15,155) (12,341) (57,385) Cash
available to pay dividends (b) $22,508 $37,533 $31,011 $32,985
$124,037 Pro forma adjustments: Transaction fees expensed (e) 500
--- --- --- 500 Merger costs (f) --- --- --- 3,306 3,306 Cash
interest (g) 6,500 --- --- --- 6,500 Cash taxes (h) (100) --- ---
--- (100) Pro forma - cash available to pay dividends $29,408
$37,533 $31,011 $36,291 $134,243 (a) Excluded items, as defined in
the credit agreement: IPO cash bonuses $1,693 $283 $282 $282 $2,540
Expenses related to credit facility amendment 500 --- --- --- 500
Total excluded items, as defined in the credit agreement $2,193
$283 $282 $282 $3,040 (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 (loss) or net income (loss)
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. (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) Costs charged to
expenses in connection with the pending Alltel merger. (g) 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. (h) Reflects estimated cash taxes we expect to pay on our
taxable income. Schedule F Historical Operating Statistics 12/31/05
9/30/05 6/30/05 3/31/05 12/31/04 Access lines: Primary 468,225
474,723 480,717 488,165 493,314 Secondary 50,231 49,979 49,537
48,837 47,023 Total access lines (A) 518,456 524,702 530,254
537,002 540,337 Long distance subscribers 232,031 229,530 227,347
222,874 216,437 Penetration rate of total access lines 45% 44% 43%
42% 40% DSL subscribers (B) 52,759 47,309 40,144 31,208 22,884
Penetration rate of total access lines 10% 9% 8% 6% 4% Penetration
rate of total addressable lines (1) 14% 13% 11% 9% 8% Total
connections (A+B) 571,215 572,011 570,398 568,210 563,221 Average
monthly revenue per access line (ARPU) (2) (3) $80.49 $80.86 $78.75
$77.92 $78.43 (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, +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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