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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of
earliest event reported): April 30, 1998
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INTERMEDIA COMMUNICATIONS INC.
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(Exact name of registrant as specified in its charter)
Delaware 59-2913586
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(State or other jurisdic- (I.R.S. Employer
tion of incorporation or Identification No.)
organization)
0-20135
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(Commission File Number)
3625 Queen Palm Drive, Tampa, Florida 33619-1309
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (813) 829-0011
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ITEM 5. OTHER MATERIALLY IMPORTANT EVENTS.
On April 30, 1998, the Registrant issued the press release attached
hereto as Exhibit 99.1.
ITEM 7. EXHIBITS
Press Release, dated April 30, 1998.
2
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: April 30, 1998
INTERMEDIA COMMUNICATIONS INC.
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(Registrant)
By: /s/ Robert M. Manning
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Name: Robert M. Manning
Title: Senior Vice President and Chief
Financial Officer
3
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EXHIBIT INDEX
Exhibit
No. Description
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99.1 Press Release, dated April 30,
1998.
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Exhibit 99.1
Contacts: Robert Manning
Senior Vice President and
Chief Financial Officer
or
Chris Brown
Senior Vice President
Investor Relations
813/829-0011
INTERMEDIA CONSUMMATES ACQUISITION OF NATIONAL TEL
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Adds 11,000 Florida Business Customers
Tampa, Florida (April 30, 1998) -- Intermedia Communications (Nasdaq: ICIX)
today announced that it has consummated the acquisition of privately held
National Telecommunications of Florida ("National Tel"), an emerging
switch-based competitive local exchange carrier (CLEC) an established
interexchange carrier, for approximately $151 million in stock and cash.
National Tel had annualized first quarter 1998 revenue of $71.6 million.
Intermedia adds National Tel's 11,000 business customers in Florida to its
existing position in the state and plans to cross sell its full range of voice
and data services to these new customers. National Tel adds 34 quota carrying
sales professionals, bringing Intermedia's total to over 550. With the
inclusion of National Tel, Intermedia becomes the fourth largest provider of
local exchange services in Florida based on access lines, exceeded only by
BellSouth, GTE, and Sprint.
The $151 million purchase consideration consists of a combination of
approximately $59 million in cash, $3 million of debt repayment, and $89
million of Intermedia common stock, or approximately 1.5 million shares. "We
are pleased to have completed this transaction, and we welcome all of National
Tel's customers to Intermedia," commented David C. Ruberg, Intermedia's
chairman, president, and chief executive officer. "The Mansour brothers, who
founded National Tel, have built an excellent business, establishing a
customer base that fits extremely well with Intermedia's strategy and network
deployment. National Tel has demonstrated marketing and sales skills that will
enhance our efforts in the interexchange business."
"National Tel's results will be incorporated into Intermedia's second
quarter," commented Rob Manning, Intermedia's chief financial officer. "Their
results will be accretive to our second quarter and full year 1998
performance, comprising an important component of the year's business."
The Company reported that the acquisition includes its 20th local/long
distance switch, a DMS500 located in an Intermedia-connected facility in
Orlando. This switch will be utilized to accommodate the ongoing rapid growth
of local exchange customers in the Orlando area and optimize traffic flow in
the region.
-MORE-
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ICIX Reports First Quarter Results
Page 2
April 29, 1998
Intermedia Communications is one of the nation's fastest growing
telecommunications companies, providing integrated telecommunications
solutions to business and government customers. These solutions include voice
and data, local and long distance, and advanced network access services in
major U.S. markets. Intermedia's exhanced data portfolio, including frame relay
networking, ATM, and a full range of business Internet connectivity and web
hosting services, offers seamless end-to-end service virtually anywhere in the
world.
Intermedia is headquartered in Tampa with sales offices in 81 cities.
Intermedia can be found on the World Wide Web at http://www.intermedia.com.
Founded in 1991, National Tel provides local and long distance voice services
to more than 11,000 business customers in all of Florida's major metropolitan
markets. With the introduction of its local services portfolio in 1996 it has
begun to transition from an interexchange carrier to a competitive local
exchange carrier. National Tel is on the World Wide Web at
http://www.nationaltel.net.
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