Exhibit 99.1


Contact:		Will Davis
		SVP of Marketing and Investor Relations
		Chief of Staff
		Phone: 917-519-6994
		Email: davisw@lumosnet.com

Lumos Networks Corp. Reports Second Quarter 2017 Results

On a YoY Basis, Total Revenue up over 7%, Data Revenue up nearly 15%

Second Quarter 2017 Highlights:

•

Year-over-year growth in consolidated revenues and Adjusted EBITDA

•

$56.4 million in total revenue, up over 7% year-over-year

•

Operating income of over $9.0 million compared to $9.7 million in the prior year period

•

Net income of $0.5 million or $0.02 per diluted share

•

$25.5 million in Adjusted EBITDA, up over 7% from the prior year period

•

Total 2Q17 Data revenue of $35.5 million, up nearly 15% year-over-year

•

Total combined FTTC and Enterprise revenue of over $27.3 million, up over 23% year-over-year

•

Combined FTTC/Enterprise constituted approximately 77% of total Data revenue compared to 71% in the prior year period

•

Added 46 enterprise lit buildings in the second quarter to reach 2,171 total lit buildings, up 13% year-over-year

WAYNESBORO, VA – August 7, 2017 – Lumos Networks Corp. (“Lumos Networks”, “Lumos” or the “Company”) (Nasdaq: LMOS), a leading fiber-based service provider in the Mid-Atlantic region, today announced its results for the second quarter of 2017.

Total revenue for the second quarter of 2017 was $56.4 million, up over 7% from the prior year period. The Company generated operating income of $9.0 million for the three months ended June 30, 2017, down from $9.7 million in the prior year period. Net income attributable to Lumos Networks Corp. was $0.5 million, or $0.02 per diluted share, for the second quarter of 2017, compared to net income of approximately $1.2 million, or $0.05 per diluted share in the prior year period. Total Adjusted EBITDA for the second quarter was $25.5 million, up over 7% from the prior year period.

On February 18, 2017, the Company announced that it had entered into a definitive agreement to be acquired by EQT Infrastructure for $18.00 per share in an all-cash transaction, resulting in an enterprise value of approximately $950 million. Shareholder approval of the transaction was received on May 24, 2017.

The Company is awaiting approvals from one additional state and from the FCC and now expects the transaction to close in the next 90 days.

About Lumos Networks

Lumos Networks is a leading fiber-based service provider in the Mid-Atlantic region serving Carrier, Enterprise and Data Center customers, offering end-to-end connectivity in 26 markets in Virginia, West Virginia, North Carolina, Pennsylvania, Maryland, Ohio and Kentucky. With a fiber network of 10,983 fiber route miles and 515,362 total fiber strand miles, Lumos Networks connects 1,307 unique Fiber to the Cell sites, 1,672 total FTTC connections, 2,171 on-net buildings and approximately 3,500 total on-net locations. The Company also connects 43 total data centers, including five data centers acquired from DC74, two acquired from Clarity Communications and seven company owned co-location facilities. In 2016, Lumos Networks generated over $123 million in Data revenue over our fiber network. Detailed information about Lumos Networks is available at www.lumosnetworks.com.

Non-GAAP Measures

Contribution Margin is net income or loss attributable to Lumos Networks Corp. before interest, income taxes, depreciation and amortization, accretion of asset retirement obligations, net income attributable to noncontrolling interests, other (income) expenses, net, restructuring charges, changes in the fair value of contingent consideration obligations, corporate general and administrative expenses, including equity-based compensation, acquisition and merger related charges, and amortization of actuarial gains or losses, and indirect operating expenses. Contribution Margin ratio is calculated as the ratio of Contribution Margin, as defined, to operating revenues.

Adjusted EBITDA is net income or loss attributable to Lumos Networks Corp. before interest, income taxes, depreciation and amortization and accretion of asset retirement obligations, net income attributable to noncontrolling interests, other (income) expenses, net, equity-based compensation, amortization of actuarial losses, restructuring charges, acquisition and merger related charges and changes in fair value of contingent consideration obligations. Adjusted EBITDA margin is calculated as the ratio of Adjusted EBITDA, as defined, to operating revenues.

Contribution Margin, Contribution Margin Ratio, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial performance measures. They should not be considered in isolation or as an alternative to measures determined in accordance with GAAP. Please refer to the schedules herein and our SEC filings for a reconciliation of these non-GAAP financial performance measures to the most comparable measures reported in accordance with GAAP and for a discussion of the presentation, comparability and use of such financial performance measures.

SPECIAL NOTE FROM THE COMPANY REGARDING FORWARD-LOOKING STATEMENTS

Any statements contained in this presentation that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. The words “anticipates,” “believes,” “expects,” “intends,” “plans,” “estimates,” “targets,” “projects,” “should,” “may,” “will” and similar words and expressions are intended to identify forward-looking statements. Such forward-looking statements reflect, among other things, our current expectations, plans and strategies, and anticipated financial results, all of which are subject to known and unknown risks, uncertainties and factors that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements.

Many of these risks are beyond our ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise. Important factors with respect to any such forward-looking statements, including certain risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, include, but are not limited to: the successful closing of the announced EQT Merger, including obtaining the requisite regulatory and governmental approvals and satisfying other closing conditions; the risk that required governmental and regulatory approvals may delay the Merger or result in the imposition of conditions that could cause the parties to abandon the Merger or materially impact the financial benefits of the Merger; the timing to consummate the proposed Merger; any disruption from the proposed Merger making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time on Merger-related issues; the Merger may involve unexpected costs, liabilities or delays; the outcome of any legal proceedings related to the Merger, the failure by EQT Infrastructure to obtain the necessary financing arrangement set forth in commitment letters received in connection with the Merger; the impact of our previous acquisitions of Clarity and DC74 on our operations; rapid development and intense competition with resulting pricing pressure in the telecommunications and high speed data transport industry; our ability to grow our data business on an organic or inorganic basis in order to offset expected revenue declines in legacy voice and access products; our ability to obtain new carrier contracts or expand services under existing carrier contracts at competitive pricing levels to offset churn and achieve revenue growth from our carrier businesses; our ability to separate our legacy business on a timely basis; our ability to effectively allocate capital and timely implement network expansion plans necessary to accommodate organic growth initiatives; our ability to complete customer installations in a timely manner; adverse economic conditions; operating and financial restrictions imposed by our senior credit facility and our unsecured debt obligations; our cash and capital requirements; our ability to maintain and enhance our network; the potential to experience a high rate of customer turnover; federal and state regulatory fees, requirements and developments; our reliance on certain suppliers and vendors; and other unforeseen difficulties that may occur. These risks and uncertainties are not intended to represent a complete list of all risks and uncertainties inherent in our business, and should be read in conjunction with the more detailed cautionary statements and risk factors included in our SEC filings, including our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 and our Annual Report on Form 10-K for the year ended December 31, 2016.

Exhibits:

•

Condensed Consolidated Balance Sheets

•

Condensed Consolidated Statements of Operations

•

Condensed Consolidated Statements of Cash Flows

•

Summary of Operating Results, Customer and Network Statistics

•

Reconciliation of Non-GAAP Financial Measures to GAAP Results

Lumos Networks Corp.

Condensed Consolidated Balance Sheets


(In thousands)	June 30, 2017		December 31, 2016
ASSETS
Current Assets
Cash and cash equivalents	$	34,769	$	33,575
Marketable securities		4,500		38,081
Accounts receivable, net		23,337		22,609
Other receivables		366		753
Income tax receivable		313		459
Prepaid expenses and other		7,471		5,028

Total Current Assets		70,756		100,505

Securities and investments		1,585		1,479

Property, plant and equipment, net		535,789		536,288

Other Assets
Goodwill		125,667		100,297
Other intangibles, net		19,317		8,503
Deferred charges and other assets		5,843		6,300

Total Other Assets		150,827		115,100

Total Assets	$	758,957	$	753,372

LIABILITIES AND EQUITY
Current Liabilities
Current portion of long-term debt	$	13,521	$	13,530
Accounts payable		7,448		8,607
Advance billings and customer deposits		14,524		14,140
Accrued compensation		1,482		1,491
Accrued operating taxes		5,980		4,518
Other accrued liabilities		9,245		5,000

Total Current Liabilities		52,200		47,286

Long-Term Liabilities
Long-term debt, net of unamortized discount and debt issuance costs, excluding current portion		450,496		454,885
Retirement benefits		15,489		16,029
Deferred income taxes, net		93,163		96,988
Other long-term liabilities		7,529		2,124

Total Long-term Liabilities		566,677		570,026

Stockholders’ Equity		139,126		135,174

Noncontrolling Interests		954		886

Total Equity		140,080		136,060

Total Liabilities and Equity	$	758,957	$	753,372

Lumos Networks Corp.

Condensed Consolidated Statements of Operations


	Three months ended June 30,						Six months ended June 30,
(In thousands, except per share amounts)	2017			2016			2017			2016
Operating Revenues	$	56,366		$	52,448		$	111,282		$	103,242

Operating Expenses
Cost of revenue, exclusive of depreciation and amortization		10,517			10,079			20,936			20,291
Selling, general and administrative, exclusive of depreciation and amortization¹		22,357			20,216			53,025			43,551
Depreciation and amortization		14,192			12,398			29,184			24,289
Accretion of asset retirement obligations		24			34			49			68
Restructuring charges		34			—			34			2,207
Change in fair value of contingent consideration obligations		200			—			600			—

Total Operating Expenses		47,324			42,727			103,828			90,406

Operating Income		9,042			9,721			7,454			12,836

Other Income (Expenses)
Interest expense		(7,592	)		(7,012	)		(14,985	)		(14,001	)
Other income, net		16			98			639			272

Income (Loss) Before Income Tax		1,466			2,807			(6,892	)		(893	)

Income Tax Expense (Benefit)		901			1,527			(2,173	)		666

Net Income (Loss)		565			1,280			(4,719	)		(1,559	)
Net Income Attributable to Noncontrolling Interests		(35	)		(36	)		(68	)		(91	)

Net Income (Loss) Attributable to Lumos Networks Corp.	$	530		$	1,244		$	(4,787	)	$	(1,650	)

Basic and Diluted Earnings (Loss) per Common Share Attributable to Lumos Networks Corp. Stockholders:

Basic and diluted earnings (loss) per share	$	0.02		$	0.05		$	(0.21	)	$	(0.07	)

Includes equity-based compensation expense related to all of the Company’s share-based awards, annual employee bonuses paid in the form of immediately vested shares and the Company’s 401(k) matching contributions. Equity-based compensation totaled $1.2 million and $1.3 million for the three months ended June 30, 2017 and 2016, respectively, and $8.0 million and $6.8 million for the six months ended June 30, 2017 and 2016, respectively. Also includes $0.5 million and $3.4 million of acquisition and merger related costs for the three and six months ended June 30, 2017, respectively.

Lumos Networks Corp.

Condensed Consolidated Statements of Cash Flows


	Six Months Ended June 30,
(In thousands)	2017			2016
Cash Flows from Operating Activities:
Net Loss	$	(4,719	)	$	(1,559	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		26,868			23,001
Amortization		2,316			1,288
Accretion of asset retirement obligations		49			68
Change in fair value of contingent consideration obligations		600			—
Deferred income taxes		(2,172	)		447
Equity-based compensation expense		7,996			6,816
Amortization of debt issuance costs		2,371			2,212
Retirement benefits, net of cash contributions and distributions		111			218
Other		208			877
Changes in operating assets and liabilities, net		103			(687	)

Net Cash Provided by Operating Activities		33,731			32,681

Cash Flows from Investing Activities:

Purchases of property, plant and equipment		(24,197	)		(45,191	)
Purchase of Clarity		(9,961	)		—
Purchase of DC74		(23,528	)		—
Purchases of available-for-sale marketable securities		(4,000	)		(18,344	)
Proceeds from sale or maturity of available-for-sale marketable securities		37,596			74,764

Net Cash (Used in) Provided by Investing Activities		(24,090	)		11,229

Cash Flows from Financing Activities:
Principal payments on senior secured term loans		(6,517	)		(4,015	)
Principal payments under capital lease obligations		(254	)		(2,397	)
Proceeds from stock option exercises and employee stock purchase plan		1,031			530
Repurchases of common stock to settle tax withholding obligations on employee stock awards		(2,707	)		(2,311	)

Net Cash Used in Financing Activities		(8,447	)		(8,193	)

Increase in cash and cash equivalents		1,194			35,717
Cash and cash equivalents:
Beginning of Year		33,575			13,267

End of Year	$	34,769		$	48,984

Lumos Networks Corp.

Operating Results, Customer and Network Statistics


(Dollars in thousands)	Three months ended:															Six Months Ended:
	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			June 30, 2017			June 30, 2016
Revenue, Gross Margin, Contribution Margin and Adjusted EBITDA
Revenue
Enterprise Data	$	17,604		$	16,473		$	13,911		$	13,549		$	12,878		$	34,077		$	24,879
Transport		8,221			8,454			8,106			8,499			8,902			16,675			18,001
FTTC		9,709			9,660			9,629			9,325			9,176			19,369			17,705

Total Data		35,534			34,587			31,646			31,373			30,956			70,121			60,585
Residential and Small Business		15,490			15,205			15,488			15,863			16,149			30,695			31,977
RLEC Access		5,342			5,124			4,752			4,535			5,343			10,466			10,680

Total Revenue	$	56,366		$	54,916		$	51,886		$	51,771		$	52,448		$	111,282		$	103,242
Gross Margin
Data		84.2	%		84.2	%		86.6	%		85.5	%		85.3	%		84.2	%		84.9	%
Residential and Small Business		68.5	%		67.3	%		69.1	%		67.7	%		65.8	%		67.9	%		65.1	%
Contribution Margin¹
Data	$	27,586		$	26,968		$	25,517		$	24,822		$	24,477		$	54,554		$	47,867
Residential and Small Business		9,466			9,128			9,554			9,516			9,394			18,594			18,536
RLEC Access		5,179			4,970			4,591			4,360			5,171			10,149			10,363

Total Contribution Margin	$	42,231		$	41,066		$	39,662		$	38,698		$	39,042		$	83,297		$	76,766
Contribution Margin Ratio¹
Data		77.6	%		78.0	%		80.6	%		79.1	%		79.1	%		77.8	%		79.0	%
Residential and Small Business		61.1	%		60.0	%		61.7	%		60.0	%		58.2	%		60.6	%		58.0	%
RLEC Access		96.9	%		97.0	%		96.6	%		96.1	%		96.8	%		97.0	%		97.0	%
Total Contribution Margin Ratio		74.9	%		74.8	%		76.4	%		74.7	%		74.4	%		74.9	%		74.4	%
Adjusted EBITDA¹
Data	$	15,105		$	14,307		$	14,311		$	14,567		$	13,826		$	29,412		$	27,140
Residential and Small Business		5,660			5,121			5,506			5,723			5,339			10,781			10,488
RLEC Access		4,707			4,463			4,122			3,970			4,611			9,170			9,263

Total Adjusted EBITDA	$	25,472		$	23,891		$	23,939		$	24,260		$	23,776		$	49,363		$	46,891
Adjusted EBITDA Margin¹
Data		42.5	%		41.4	%		45.2	%		46.4	%		44.7	%		41.9	%		44.8	%
Residential and Small Business		36.5	%		33.7	%		35.6	%		36.1	%		33.1	%		35.1	%		32.8	%
RLEC Access		88.1	%		87.1	%		86.7	%		87.5	%		86.3	%		87.6	%		86.7	%
Total Adjusted EBITDA Margin		45.2	%		43.5	%		46.1	%		46.9	%		45.3	%		44.4	%		45.4	%
Capital Expenditures	$	11,100		$	13,097		$	18,747		$	20,089		$	23,185		$	24,197		$	45,191
Adjusted EBITDA less Capital Expenditures	$	14,372		$	10,794		$	5,192		$	4,171		$	591		$	25,166		$	1,700

Lumos Networks Corp.

Operating Results, Customer and Network Statistics (continued)


	Three months ended:
	June 30, 2017		March 31, 2017		December 31, 2016		September 30, 2016		June 30, 2016
Fiber Network Statistics
Fiber Route-Miles		10,983		10,907		10,112		9,204		8,985
Fiber Miles²		515,362		503,616		491,276		475,507		436,451
Fiber Markets		26		26		25		24		24
FTTC Unique Towers		1,307		1,306		1,304		1,297		1,295
FTTC Total Connections		1,672		1,663		1,659		1,642		1,636
On-Network Buildings		2,171		2,125		2,031		1,984		1,922
Data Centers³		43		43		36		36		36
Mobile Switching Centers		16		15		15		14		14

R&SB Statistics
Competitive Voice Connections⁵		61,186		62,972		65,285		68,084		69,903
Video Subscribers		5,601		5,723		5,851		5,841		5,817
Fiber-to-the-Premise Broadband Connections		9,415		9,330		8,972		8,307		7,982
Premises Passed by Fiber⁴		20,119		19,983		19,783		19,591		19,453

RLEC Access Lines⁵		22,071		22,483		22,991		23,381		23,695

¹	Contribution Margin, Contribution Margin Ratio, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures. See definitions on page 2 of this earnings release.

²	Fiber miles are calculated as the fiber route miles multiplied by the number of fiber strands within each cable (represents an average of 47 fibers per route as of June 30, 2017).

³	Data centers reported include both commercial and private data centers and Company-owned facilities offering commercial data center services.

⁴	Includes residential and small business locations passed by fiber and available for service. Approximately 92% of the premises passed by fiber and available for service as of June 30, 2017 were residential.

⁵	During the fourth quarter of 2016, the Company revised its competitive and RLEC voice connections as a result of enhanced system reporting capabilities. Historical voice connections for prior quarters have been revised to reflect the updated information.

Note:

Certain prior period Adjusted EBITDA amounts have been reclassified to conform with the current year presentation.

Lumos Networks Corp.

Reconciliation of Net Income (Loss) Attributable to Lumos Networks Corp. to Contribution Margin


(Dollars in thousands)	2017			2016
For The Three Months Ended June 30,
Net Income Attributable to Lumos Networks Corp.	$	530		$	1,244
Net Income Attributable to Noncontrolling Interests		35			36

Net Income		565			1,280
Income tax expense		901			1,527
Interest expense		7,592			7,012
Other income, net		(16	)		(98	)

Operating income		9,042			9,721
Depreciation and amortization and accretion of asset retirement obligations		14,216			12,432
Restructuring charges		34			—
Change in fair value of contingent consideration obligations		200			—
Indirect operating costs		10,475			8,939
Corporate general and administrative costs, including equity-based compensation and acquisition and merger related charges		8,264			7,950

Contribution Margin	$	42,231		$	39,042

Contribution Margin Ratio		74.9	%		74.4	%

For The Six Months Ended June 30,
Net Loss Attributable to Lumos Networks Corp.	$	(4,787	)	$	(1,650	)
Net Income Attributable to Noncontrolling Interests		68			91

Net Loss		(4,719	)		(1,559	)
Income tax (benefit) expense		(2,173	)		666
Interest expense		14,985			14,001
Other income, net		(639	)		(272	)

Operating Income		7,454			12,836
Depreciation and amortization and accretion of asset retirement obligations		29,233			24,357
Restructuring charges		34			2,207
Change in fair value of contingent consideration obligations		600			—
Indirect operating costs		20,945			17,536
Corporate general and administrative costs, including equity-based compensation and acquisition and merger related charges		25,031			19,830

Contribution Margin	$	83,297		$	76,766

Contribution Margin Ratio		74.9	%		74.4	%

Reconciliation of Net Income (Loss) Attributable to Lumos Networks Corp. to Adjusted EBITDA
(Dollars in thousands)	2017			2016
For The Three Months Ended June 30,
Net Income Attributable to Lumos Networks Corp.	$	530		$	1,244
Net Income Attributable to Noncontrolling Interests		35			36

Net Income		565			1,280
Income tax expense		901			1,527
Interest expense		7,592			7,012
Other income, net		(16	)		(98	)

Operating income		9,042			9,721
Depreciation and amortization and accretion of asset retirement obligations		14,216			12,432
Amortization of actuarial losses		325			337
Equity-based compensation		1,202			1,286
Restructuring charges		34			—
Acquisition and merger related charges		453			—
Change in fair value of contingent consideration obligations		200			—

Adjusted EBITDA	$	25,472		$	23,776

Adjusted EBITDA Margin		45.2	%		45.3	%

For The Six Months Ended June 30,
Net Loss Attributable to Lumos Networks Corp.	$	(4,787	)	$	(1,650	)
Net Income Attributable to Noncontrolling Interests		68			91

Net Loss		(4,719	)		(1,559	)
Income tax (benefit) expense		(2,173	)		666
Interest expense		14,985			14,001
Other income, net		(639	)		(272	)

Operating Income		7,454			12,836
Depreciation and amortization and accretion of asset retirement obligations		29,233			24,357
Amortization of actuarial losses		651			675
Equity-based compensation		7,996			6,816
Restructuring charges		34			2,207
Acquisition and merger related charges		3,395			—
Change in fair value of contingent consideration obligations		600			—

Adjusted EBITDA	$	49,363		$	46,891

Adjusted EBITDA Margin		44.4	%		45.4	%

Lumos Networks Corp. 8-K