EXHIBIT 99.01
PRESS RELEASE
FOR RELEASE: IMMEDIATE
CONTACTS:
Dean Marshall, Director of Finance
Karen Chrosniak, Director of Investor Relations or
Jim Brown, Vice President, Finance
(814) 274-9830
ADELPHIA COMMUNICATIONS CORPORATION
ANNOUNCES AGREEMENTS TO ACQUIRE CABLE SYSTEMS
COUDERSPORT, PA., June 13 / PR Newswire/ -- John J. Rigas, Chairman and CEO of
Adelphia Communications Corporation ("Adelphia") (NASDAQ: ADLAC), today
announced that Adelphia has entered into agreements regarding the acquisition of
cable television systems, including GS Communications, Inc., which will add
approximately 155,000 subscribers to its Virginia cluster for an aggregate cash
purchase price of $836 million. These systems are expected to have revenue of
$110 million and operating cash flow of $55 million for the first full year of
operations post-closing. During the last year, these systems experienced 5%
basic subscriber growth, which is consistent with historical trends. At closing,
these systems will serve digital and data subscribers of 36,000 and 5,000,
respectively. With the addition of these subscribers, Adelphia's Virginia
cluster will exceed 700,000 subscribers. It is currently anticipated that these
transactions, which are subject to customary closing conditions and the receipt
of regulatory approvals, will close in the first quarter of 2001.
Adelphia is the sixth largest cable television operator in the United States
serving approximately 5.6 million cable subscribers. Its business operations
include cable entertainment, high-speed Internet access, long distance telephone
service, paging and security. Through its telephony subsidiary, Adelphia
Business Solutions (NASDAQ: ABIZ) the company has evolved into a national
integrated communications provider. By the end of 2001, Adelphia Business
Solutions will serve approximately 200 markets throughout the United States over
its fully redundant, 33,000-mile local and long-haul 2fiber optic network. This
network serves as the backbone for Adelphia Business Solutions' full line of
communication service offerings, including local and long distance voice
services, messaging, high-speed data and Internet services. For more
information, visit Adelphia's web site at www. adelphia.net or Adelphia Business
Solutions' web site at www.adelphia-abs.com.
This Press Release contains forward looking statements. Readers are cautioned
that such forward looking statements involve risks and uncertainties that could
significantly affect actual results from those expressed in any such forward
looking statements. Readers are directed to Adelphia's Form 10-K and other
filings with the Securities and Exchange Commission for a description of such
risks and uncertainties.
