Cable Bahamas Group, the only Bahamian-owned “triple play” communications provider and controlling shareholder of Be Aliv Limited, announced third quarter revenues of $50.1 million.
Commenting on the performance, Cable Bahamas Group Chief Executive Officer Franklyn Butler said, “Despite a number of challenges following the impact in Q2 of Hurricane Dorian, we continued to grow revenue and improve EBITDA (earnings before interest, taxes, depreciation and amortization) across Rev and Aliv operations and continue to focus exclusively on our Bahamas operations now that the sale of Summit Broadband is complete.”
Rev delivered $88.8 million in fixed revenues year to date, which factors in the impact of significant subscribers losses of both corporate and residential customers on Abaco and Grand Bahama due to Dorian. Aliv alternatively continued its impressive revenue growth and has recorded revenue of $59.5 million year to date and positive EBITDA for the quarter just shy of $1 million on a standalone basis. On January 22, 2020, Cable Bahamas Limited (CBL) concluded the sale of Summit Broadband to Grain Management LLC and has significantly improved its balance sheet and cash positions, as the company now faces the reality of unprecedented disruption in the face of COVID-19.
Butler added that, “We are now continuing to navigate the realities of COVID-19 and the impact it continues to have. We also continue to fully comply with the emergency orders and best practices to avoid the spread of COVID-19 throughout our organization. We have prioritized the health and safety of all of our associates by ensuring that over 300 of them remain engaged remotely and that all of our customer-facing employees have adequate safety training and protective gear to avoid the spread, while continuing to prioritize the needs of our customers.”
Butler concluded, “With the new realities facing us, the board has agreed to delay any balance sheet adjustments until there is a greater level of certainty around the future of the global and Bahamian economies, given COVID-19 and the tremendous impact it is having on tourism and employment.”