For FY15, I think;
- Revenues down 4.3% to 70.7M
- Ebitdax down 6.2% to 27.0M
- FCF of 10.1M
- all of it used to pay down 10.1M of debt
- will end the year with LR = 3.8
- reported Net of 6.4M ($2.06/share)
- total paying customers 106.5K, flat with 12/14
I also think the credit facility will be renewed. The amount of equity they have to give away in return will depend on ...
... Potential upsides;
- reliable networks could add more to the bottom line thanFY14
- connect america funding is due to increase significantly, could result in more school wireups than last year
Holding these units exclusively in an IRA reduces your paperwork at tax time.
For units in a taxable account you pay taxes on your share of the bought back shares as if it was a cash dividend, and that is frustrating. However, the basis in your "partner's capital account" increases so your capital gains taxes (short or long) are reduced so you come out even in the long run.
On a trailing 12 month basis, at Q1 for the lasy three years, FCF/share was;
Q113 - $48.9M/60.3M Units = $ .81/Unit
Q114 - $51.8M/57.8M Units = $ .90/Unit
Q115 - $65.2M/57.6M Units =$1.13/Unit
Management is doing an excellent job. FCF is growing. The FCF yield is over 17%. If this was not an MLP it would be trading a lot higher.
The partnership pays out ~20M/year as a cash distribution, the rest of their CF is typically used to repurchase stock.
Last year they acquired Griffith for $98.7M on March 4th, and repaid the entire amount by the end of September.
My definition of FCF is "adjusted ebitda", less cash interest, less cash taxes, less capex.
"Alcatel, VC step in to secure VDSL2 vectoring player Ikanos"
on google to see the full article posted at rethinkresearch.