Hawaiian Telcom Holdco, Inc.

CIK:0001487986|SEC Filings

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Consolidated Statements of Income (Loss)
Operating revenues	$ 89,222	$ 94,510
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization)	42,088	41,191
Selling, general and administrative	27,625	29,632
Depreciation and amortization	23,333	21,269
Total operating expenses	93,046	92,092
Operating income (loss)	(3,824)	2,418
Other income (expense):
Interest expense	(4,136)	(3,993)
Retirement plan	710	(1,763)
Total other expense	(3,426)	(5,756)
Loss before income tax benefit	(7,250)	(3,338)
Income tax benefit	(1,514)	(1,386)
Net loss	$ (5,736)	$ (1,952)
Net loss per common share -
Basic (in dollars per share)	$ (0.49)	$ (0.17)
Diluted (in dollars per share)	$ (0.49)	$ (0.17)
Weighted average shares used to compute net loss per common share -
Basic (in shares)	11,597,918	11,529,046
Diluted (in shares)	11,597,918	11,529,046

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net loss	$ (5,736)	$ (1,952)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	23,333	21,269
Deferred financing amortization	301	529
Employee retirement benefits	(2,037)	1,410
Provision for uncollectible receivables	1,004	950
Stock based compensation	572	567
Deferred income taxes	(1,395)	(1,251)
Changes in operating assets and liabilities:
Receivables	55	1,050
Material and supplies	5	619
Prepaid expenses and other current assets	698	(217)
Accounts payable and accrued expenses	(947)	(3,162)
Advance billings and customer deposits	1,466	954
Other current liabilities	(51)	340
Other	(166)	(839)
Net cash provided by operating activities	17,102	20,267
Cash flows from investing activities:
Capital expenditures	(24,336)	(27,242)
Net cash used in investing activities	(24,336)	(27,242)
Cash flows from financing activities:
Proceeds from borrowing		6,000
Repayment of capital lease and installment financing	(9,056)	(1,051)
Repayment of borrowings	(4,563)	(750)
Refinancing costs		(2,071)
Taxes paid related to net share settlement of equity awards	(715)	(495)
Net cash provided by (used in) financing activities	(14,334)	1,633
Net change in cash, cash equivalents and restricted cash	(21,568)	(5,342)
Cash, cash equivalents and restricted cash, beginning of period	41,009	21,146
Cash, cash equivalents and restricted cash, end of period	$ 19,441	$ 15,804

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 19,191	$ 40,759
Receivables, net	24,119	32,229
Material and supplies	6,805	6,810
Prepaid expenses	4,187	4,899
Other current assets	3,639	1,328
Total current assets	57,941	86,025
Property, plant and equipment, net	607,087	608,298
Intangible assets, net	30,699	31,026
Goodwill	12,104	12,104
Other assets	6,512	2,053
Total assets	714,343	739,506
Current liabilities
Current portion of long-term debt	10,250	10,250
Accounts payable	53,290	56,874
Accrued expenses	11,832	11,736
Advance billings and customer deposits	9,349	14,807
Other current liabilities	3,934	6,774
Total current liabilities	88,655	100,441
Long-term debt	294,804	299,066
Employee benefit obligations	78,036	79,953
Deferred income taxes, net	910	910
Other liabilities	33,638	38,927
Total liabilities	496,043	519,297
Commitments and contingencies (Note 11)
Stockholders’ equity
Common stock, par value of $0.01 per share, 245,000,000 shares authorized and 11,635,116 and 11,587,963 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	116	116
Additional paid-in capital	182,546	182,689
Accumulated other comprehensive loss	(16,053)	(15,964)
Retained earnings	51,691	53,368
Total stockholders’ equity	218,300	220,209
Total liabilities and stockholders’ equity	$ 714,343	$ 739,506