MIAMI, Feb. 15, 2018 (GLOBE NEWSWIRE) -- Cable & Wireless Communications Limited ("C&W") is a leading telecommunications operator in its consumer markets, which are predominantly located in the Caribbean and Latin America, providing entertainment, information and communication services to 3.4 million mobile, 0.6 million internet, 0.6 million fixed-line telephony and 0.4 million video subscribers. In addition, C&W delivers B2B services and provides wholesale services over its sub-sea and terrestrial networks that connect over 40 markets across the region.Acquisition of C&W
On May 16, 2016, a subsidiary of Liberty Global plc acquired C&W (the "Liberty Latin America Transaction"). C&W was subsequently contributed to Liberty Latin America as part of the split-off from Liberty Global plc on December 29, 2017. Revenue, Adjusted Segment EBITDA and subscriber statistics have been presented herein using Liberty Latin Americas definitions for all periods presented unless otherwise noted. Significant policy adjustments have been considered in our calculation of rebased growth rates for revenue and Adjusted Segment EBITDA. A reconciliation of net loss to Adjusted Segment EBITDA is included in the Financial Results, Adjusted Segment EBITDA Reconciliation and Property, Equipment & Intangible Asset Additions section below. In addition, effective for the 2016 fiscal year, C&W changed its fiscal year end from March 31 to December 31 to conform with Liberty Latin America.Operating highlights2:
1. The financial figures contained in this release are prepared in accordance with IASB-IFRS. C&W's financial condition and results of operations are included in Liberty Latin Americas consolidated financial statements under U.S. GAAP. There are significant differences between the U.S. GAAP and IASB-IFRS presentations of our consolidated financial statements.
2. With the exception of the presentation of SOHO RGUs, subscriber statistics are generally presented in accordance with Liberty Latin Americas policies. SOHO subscribers have not been included in C&Ws RGU counts pending further verification. During the year ended December 31, 2017, Liberty Latin America's review of C&W's subscriber counting policies has resulted in a total reduction of 223,000 Customer Relationships, 246,600 RGUs, largely consisting of inactive and low-ARPU customers. The review of C&Ws subscribers is ongoing and further adjustments are possible.
During September 2017, Hurricanes Irma and Maria caused significant damage to our operations in certain geographies within C&W, including the British Virgin Islands and Dominica, and to a lesser extent Turks & Caicos, the Bahamas, Anguilla, Antigua and other smaller markets, resulting in disruptions to our telecommunications services within these islands. With the exception of the Bahamas, all of these C&W markets are included in the Other C&W category in the accompanying table. Homes passed counts for the British Virgin Islands, Dominica, and Anguilla reflect the pre-hurricane homes passed as of August 31, 2017. As of December 31, 2017, services to most of our fixed-line customers have not yet been restored in the British Virgin Islands, Dominica and Anguilla. While mobile services have been largely restored in these markets, we are still in the process of completing the restoration of our mobile network infrastructure.About C&W Communications
C&W is a full service communications and entertainment provider that delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
C&W also operates a state-of-the-art submarine fiber network the most extensive in the region.
About Liberty Latin America
Liberty Latin America Ltd. (Liberty Latin America) is a leading telecommunications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil and BTC. The communications and entertainment services that we offer to our residential and business customers in the region increasingly include combinations of services comprised of digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a sub-sea and terrestrial fiber optic cable network that connects over 40 markets in the region.
Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols "LILA" (Class A) and "LILAK" (Class C), and on the OTC link under the symbol "LILAB" (Class B).
For more information, please visit www.lla.com.
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