ENGLEWOOD, Colo. - WOW! Internet, TV & Phone (NYSE: WOW), a key player in broadband services, has announced acceptance of a $2.39 million grant from the Alabama Department of Economic and Community Affairs (ADECA). This grant, combined with WOW!'s own $1.02 million investment, totals $3.41 million allocated for expanding the company's fiber network in Houston and Henry Counties, southeastern Alabama.
The initiative targets underserved areas, aiming to connect nearly a thousand homes with high-speed internet. This move is part of WOW!'s broader strategy to enhance broadband access in regions with limited reliable connectivity options. Teresa Elder, CEO of WOW!, expressed gratitude for ADECA's support and emphasized the company's commitment to delivering dependable broadband services to more communities.
WOW!'s expansion in southeastern Alabama is set to provide residents with all-fiber network internet plans featuring all-inclusive pricing, no annual contracts, and no data caps. The service package includes the necessary WiFi equipment, along with options for mobile services through WOW! mobile powered by Reach, business solutions, and bundled offerings with YouTube TV.
This development marks a significant step for WOW!, which operates an extensive network serving nearly 2 million consumers across 16 markets, mainly in the Midwest and Southeast. The company has been recognized for its service quality and human resources practices, having been named a Best & Brightest Company to Work For in the Nation multiple times.
InvestingPro Insights
As WOW! Internet, TV & Phone (NYSE: WOW) embarks on expanding its broadband services in Alabama, the company's financial health and market performance come into focus. InvestingPro data highlights that WOW! has a market capitalization of $397.97 million, reflecting its current market valuation. Despite the company's aggressive expansion efforts, it has been operating with a significant debt burden, an InvestingPro Tip that investors may want to consider. Furthermore, WOW! is not profitable over the last twelve months, as indicated by a negative P/E ratio of -1.46 and an adjusted P/E ratio for the last twelve months as of Q1 2024 at -13.95.
However, the company's recent performance could signal a turning point for interested investors. The shares of WOW! have seen a strong return over the last month, with a 33.43% increase, and a positive trend over the last three months, registering a 19.75% return. This could be a reflection of the market's response to the company's strategic initiatives and potential growth prospects. Additionally, analysts predict the company will be profitable this year, an InvestingPro Tip that could be a harbinger of improved financial health and stability.
For those looking to delve deeper into the company's financials and market performance, InvestingPro offers additional insights. With a total of 11 InvestingPro Tips available, investors can gain a more comprehensive understanding of WOW!'s position and potential. To access these valuable insights, visit https://www.investing.com/pro/WOW and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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