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OFFON

FRONTIER COMMUNICATIONS PARENT, INC.

(FYBR)
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Frontier Communications Parent : Responds to Federal Trade Commission Lawsuit

05/19/2021 | 02:51pm EDT

Frontier Communications Parent, Inc. (NASDAQ: FYBR) (“Frontier”), today responded to a lawsuit filed by the Federal Trade Commission and State officials in Arizona, California, Indiana, Michigan, North Carolina, and Wisconsin claiming that Frontier made material misrepresentations to consumers in descriptions of its digital subscriber line (“DSL”) Internet services.

Frontier believes the lawsuit is without merit. The plaintiffs’ complaint includes baseless allegations, overstates any possible monetary harm to Frontier’s customers and disregards important facts including the following:

  • Frontier offers Internet service in some of the country’s most rural areas that often have challenging terrain, are more sparsely populated and are the most difficult to serve.
  • Frontier’s rural DSL Internet service was enthusiastically welcomed when it was launched and has retained many satisfied customers over the years.
  • Frontier’s DSL Internet speeds have been clearly and accurately articulated, defined and described in the Company’s marketing materials and disclosures.

Frontier will present a vigorous defense.

About Frontier Communications

Frontier Communications Parent, Inc. (NASDAQ: FYBR) offers a variety of services to residential and business customers over its fiber-optic and copper networks in 25 states, including video, high-speed internet, advanced voice, and Frontier Secure® digital protection solutions. Frontier Business™ offers communications solutions to small, medium, and enterprise businesses.

Forward-Looking Statements

This presentation contains "forward-looking statements," related to future events. Forward-looking statements address Frontier’s expected future business, financial performance, and financial condition, and contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "may," "will," "would," or "target." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include, but are not limited to: our ability to realize the anticipated benefits of the financial restructuring of our existing debt, existing equity interests and certain other obligations pursuant to the Fifth Amended Joint Plan of Reorganization of Frontier Communications Corporation and Its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code; our ability to comply with the restrictions imposed by covenants in our financing; declines in revenue from our voice services, switched and nonswitched access and video and data services that we cannot stabilize or offset with increases in revenue from other products and services; our ability to successfully implement strategic initiatives, including opportunities to enhance revenue and realize productivity improvements; our ability to effectively manage our operations, operating expenses, capital expenditures, debt service requirement and cash paid for income taxes and liquidity; competition from cable, wireless and wireline carriers, satellite, and over the top companies, and the risk that we will not respond on a timely or profitable basis; our ability to successfully adjust to changes in the communications industry, including the effects of technological changes and competition on our capital expenditures, products and service offerings; risks related to disruption in our networks, infrastructure and information technology that result in customer loss and/or incurrence of additional expenses; the impact of potential information technology or data security breaches or other cyber-attacks or other disruptions; our ability to retain or attract new customers and to maintain relationships with customers, employees or suppliers; our ability to secure, continue to use or renew intellectual property and other licenses used in our business; changes to our board of directors and management team upon emergence from bankruptcy or in anticipation of emergence, and our ability to hire or retain key personnel; our ability to dispose of certain assets or asset groups on terms that are attractive to us, or at all; the effects of changes in the availability of federal and state universal service funding or other subsidies to us and our competitors and our ability to obtain future subsidies, including participation in the proposed RDOF program; our ability to meet our CAF II obligations and the risk of penalties or obligations to return certain CAF II funds; our ability to defend against litigation and potentially unfavorable results from current pending and future litigation; our ability to comply with applicable federal and state consumer protection requirements; the effects of state regulatory requirements that could limit our ability to transfer cash among our subsidiaries or dividend funds up to the parent company; the effects of governmental legislation and regulation on our business, including costs, disruptions, possible limitations on operating flexibility and changes to the competitive landscape resulting from such legislation or regulation; the impact of regulatory, investigative and legal proceedings and legal compliance risks; government infrastructure projects (such as highway construction) that impact our capital expenditures; continued reductions in switched access revenues as a result of regulation, competition or technology substitutions; our ability to effectively manage service quality in the states in which we operate and meet mandated service quality metrics; the effects of changes in income tax rates, tax laws, regulations or rulings, or federal or state tax assessments, including the risk that such changes may benefit our competitors more than us, as well as potential future decreases in the value of our deferred tax assets; the effects of changes in accounting policies or practices, including potential future impairment charges with respect to our intangible assets or additional losses on assets held for sale; the effects of increased medical expenses and pension and postemployment expenses; our ability to successfully renegotiate union contracts; changes in pension plan assumptions, interest rates, discount rates, regulatory rules and/or the value of our pension plan assets, which could require us to make increased contributions to the pension plan in 2020 and beyond; adverse changes in economic, political and market conditions in the areas that we serve, the U.S. and globally, including but not limited to, changes resulting from epidemics, pandemics and outbreaks of contagious diseases, including the COVID-19 pandemic, or other adverse public health developments; potential adverse impacts of the COVID-19 pandemic on our business and operations, including potential disruptions to the work of our employees arising from health and safety measures such as social distancing and working remotely, our ability to effectively manage increased demand on our network, our ability to maintain relationships with our current or prospective customers and vendors as well as their abilities to perform under current or proposed arrangements with us, and stress on our supply chain; the trading price and volatility of our common stock; and the risks and other factors contained in Frontier’s filings with the U.S. Securities and Exchange Commission, including our most recent report on Form 10-K. These risks and uncertainties may cause actual future results to be materially different than those expressed in such forward-looking statements. Frontier has no obligation to update or revise these forward-looking statements and does not undertake to do so.


© Business Wire 2021
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Financials (USD)
Sales 2021 6 522 M - -
Net income 2021 292 M - -
Net Debt 2021 5 829 M - -
P/E ratio 2021 26,6x
Yield 2021 -
Capitalization 7 151 M 7 151 M -
EV / Sales 2021 1,99x
EV / Sales 2022 2,19x
Nbr of Employees 16 201
Free-Float -
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Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 29,26 $
Average target price 62,67 $
Spread / Average Target 114%
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Managers and Directors
Nicholas Simon Jeffery President, Chief Executive Officer & Director
Scott C. Beasley Chief Financial Officer & Executive Vice President
John G. Stratton Executive Chairman
Kevin L. Beebe Director
Lisa V. Chang Director
Sector and Competitors