Cablemas FY09 Net Revenue and Adjusted EBITDA Up 15.6% and 17.0% YoY, Respectively

MEXICO CITY, April 13 /PRNewswire/ -- Cablemas, S.A. de C.V., (Cablemas), the second-largest cable television operator in Mexico based on number of subscribers and homes passed, today announced results for the three- and twelve-month periods ending December 31, 2009.

Commenting on the results, Carlos Alvarez, Chief Executive Officer said, "Our progress this year was very good, despite Mexico's challenging macroeconomic environment. We continued to expand our subscriber base, reduced churn and implemented an effective cost reduction program to adjust to the current economic environment."

"Revenue increased by 15.6% during 2009 as we expanded our subscriber base across all business segments. Cable television subscribers increased by 7.2%, high-speed Internet subscribers rose by 19.1% and the number of telephony lines rose by 92.4%. Growth of our subscriber base accelerated in 4Q09, reflecting the success of our yoo® advertising campaign launched earlier in the year. At the same time, continued improvement in customer service was largely responsible for the reduction in churn in our three business segments," continued Mr. Alvarez.

"EBITDA increased 17.0% during the year. The Adjusted EBITDA margin rose 44 basis points to 36.1% reflecting increased revenues and the success of our cost cutting efforts. In fact, SG&A as a percentage of sales, declined to 26.3% from 30.9% in 2008," concluded Mr. Alvarez.  

    
    
    
    
    Financial and Operational Highlights(1)                                  
    ---------------------------------------                                  
    (in million                                                              
     Mexican Pesos)   4Q09       4Q08    % Chg.     2009       2008    % Chg.
    ---------------   ----       ----    ------     ----       ----    ------
    Financial 
     Highlights                                                          
    ----------- 
    Net revenue       954.2      825.8    15.5%   3,653.0    3,159.1    15.6%
    Operating profit  168.2      168.4    -0.1%     525.2      541.5    -3.0%
    Adjusted                                                                 
     EBITDA(2)        388.3      262.5    47.9%   1,318.2    1,126.2    17.0%
    Net income        (54.7)     (19.8)     n/a    (274.9)      (9.4)     n/a
    ----------        -----      -----      ---    ------       ----      ---
    Operating margin  17.6%      20.4% -277 bps     14.4%      17.1% -276 bps
    Adjusted EBITDA                                                          
     margin(2)        40.7%      31.8% +890 bps     36.1%      35.6%  +44 bps
    Net income                                                               
     margin           -5.7%      -2.4% -334 bps     -7.5%      -0.3% -723 bps
    ----------        -----      -----  -------     -----       ----  -------
    Total Debt      3,020.6    3,106.3    -2.8%   3,020.6    3,106.3    -2.8%
    Net Debt        2,765.0    2,986.2    -7.4%   2,765.0    2,986.2    -7.4%
    Total Debt/                                                              
     LTM Adj.                                                                
     EBITDA(2)         2.3x       2.8x               2.3x       2.8x         
    Net Debt/ LTM                                                            
     Adj. EBITDA(2)    2.1x       2.7x               2.1x       2.7x         
    EBITDA/ Net                                                              
     Interest expense  4.9x       2.6x               4.1x       2.8x         
    -----------------  ----       ----               ----       ----         
    Operational
     Highlights                                                       
    -----------
    Homes passed  2,737,818  2,512,760     9.0% 2,737,818  2,512,760     9.0%
    Cable                                                                    
     Television                                                              
     subscribers    912,825    851,172     7.2%   912,825    851,172     7.2%
    High-speed                                                               
     internet                                                                
     subscribers    289,006    242,708    19.1%   289,006    242,708    19.1%
    Telephony                                                                
     lines          146,406     76,112    92.4%   146,406     76,112    92.4%
    ---------       -------     ------    ----    -------     ------    ---- 
    

To obtain the full text of this earnings release, please visit our Investor Relations website at www.cablemas.com/investor-relations under the Press Releases section.

This document may contain certain forward-looking statements concerning Cablemas’ operations, performance, business, financial condition and growth prospects. These statements are based upon beliefs of management as well as a number of assumptions and estimates, which are inherently subject to significant uncertainties, many of which are beyond Cablemas’ control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the Mexican economy, including changes in inflation rates or exchange rates, changes in political conditions and government policies in Mexico, increased competition, regulatory developments and customer demand. These statements are made as of the date of this press release and Cablemas undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise in light of these risks and uncertainties, there can be no assurances that the events described or implied in the forward-looking statements contained in this document will in fact transpire.

SOURCE Cablemas, S.A. de C.V.