Axtel, S.A.B. de C.V. Posts 4th Quarter 2012 Results [Professional Services Close - Up]
(Professional Services Close - Up Via Acquire Media NewsEdge) Axtel, S.A.B. de C.V., a Mexican fixed-line integrated telecommunications company, on February 18, announced its unaudited fourth quarter results ended December 31, 2012.
-On January 31, AXTEL successfully completed the execution of its recapitalization plan, divesting 883 tower sites for $249 million, and exchanging existing debt for new secured and convertible debt and a cash payment. On a pro forma basis, as of December 31, 2012, AXTEL reduced its net debt leverage ratio from 4.0x to 2.4x.
-During the fourth quarter, AXTEL reinforced its productivity initiatives by downsizing its organization in approximately 1,350 collaborators, which will be reflected in savings of approximately 15 percent on its personnel expenses. AXTEL will now have a leaner and more focused organization concentrated in the implementation of its key strategic initiatives.
-On January 30, the Company launched its "AXTEL TV" pay television service in Mexico City, Guadalajara and Monterrey. This represents a key step in AXTELs competitive position in the mass market segment. AXTEL TV's image quality and innovative features are the result of the capacity and reliability of the Company's end-to- end fiber network.
-AXTEL's operating performance in the fourth quarter was negatively impacted by certain extraordinary expenses, as well as lost revenues due to the uncertainty surrounding the successful execution of its recapitalization plan. This revenue loss is expected to be gradually recovered as the recapitalization plan was successfully completed.
Axtel is a Mexican telecommunications company with a significant growth in the broadband segment, and one a company focusing on information and communication technologies solutions in the corporate, financial and government sectors.
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