AXIA NETMEDIA J T.AXX

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Axia Reports Results for the Year Ended December 31, 2013

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Companies:

• Axia Netmedia

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CALGARY, March 11, 2014 /CNW/ -

2013 Highlights

• Business unit revenue of $110.0 million grew 17% year over year.
  
• Business unit EBITDA of $29.5 million was up 34% from $22.0 million in 2012. EBITDA margin expanded to 27% in 2013 from 23% in 2012.
  
• IFRS net income of $1.9 million or $0.03 per share compared to $6.2 million or $0.11 per share for the prior year. Net income, excluding the adjustments related to the sale of investments, the non-cash expenses in Corporate and the change in tax estimate was $7.8 million or $0.12 per share.
  
• Axia completed the sale of its interest in OpenNet and in Xarxa Oberta for total proceeds of $39.4 million.
  
• In Alberta, Axia extended a key contractual relationship with the Government of Alberta through to June 30, 2018 and simplified its historically complex relationship with Bell into a standard commercial relationship.
  
• Cash and investments were $38.8 million at December 31, 2013 compared to $2.3 million a year ago.

Q4 2013 HIGHLIGHTS

• Business unit revenue of $31.5 million grew 28% from $24.6 million in Q4 2012.
  
• Business unit EBITDA of $8.1 million was up 12% year-over-year.
  
• IFRS net loss of $2.0 million or $(0.03) per share compared to a loss of $2.9 million or $(0.03) per share for the prior year. Excluding the adjustment related to the change in tax estimate, net loss was $0.2 million or $0.00 per share.
  
• Customer connections of 9,328 grew 10% from 8,512 in Q4 2012.
  
• Covage continues to generate positive results. As a result, during the quarter Covage made its first annual cash interest payment of $2.8 million to Axia.

CORPORATE HIGHLIGHTS

• On January 6, 2014, Axia declared an initial quarterly dividend of $0.0125 per share.
  
• On March 7, 2014, Axia entered into a senior secured Credit Facility with a Canadian chartered bank for $20.0 million. The facility will be used to finance the construction of fibre connecting to the Alberta SuperNet with principle repayments amortized until June 30, 2018. Advances under the Credit Facility are subject to fees and interest at an indicative fixed term rate of less than 4.0%.

* Axia's business unit summary includes 100% of the financial and operational results of Axia North America and Covage. Please see the audited consolidated financial statements and related Management's Discussion & Analysis (MD&A) for more details.