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 Third Quarter 2017 Results

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

FCC Approval Received for EQT Transaction

Third Quarter 2017 Highlights:

•

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

•

$55.6 million in total revenue, up over 7% year-over-year

•

Operating income of over $7.6 million compared to $9.2 million in the prior year period

•

Net loss of nearly $0.5 million or $0.02 loss per diluted share

•

$24.4 million in Adjusted EBITDA, up slightly from the prior year period

•

Total 3Q17 Data revenue of nearly $36 million, up nearly 15% year-over-year

•

Total combined FTTC and Enterprise revenue of nearly $27.9 million, up nearly 22% year-over-year

•

Combined FTTC/Enterprise constituted approximately 77% of total Data revenue compared to 73% in the prior year period

•

Added 59 enterprise lit buildings in the third quarter to reach 2,230 total lit buildings, up over 12% year-over-year

WAYNESBORO, VA – November 8, 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 third quarter of 2017.

Total revenue for the third quarter of 2017 was $55.6 million, up over 7% from the prior year period. The Company generated operating income of $7.6 million for the three months ended September 30, 2017, down from $9.2 million in the prior year period.

Net loss attributable to Lumos Networks Corp. was slightly less than $0.5 million, or $0.02 loss per diluted share, for the third quarter of 2017, compared to net income of approximately $1.0 million, or $0.04 earnings per diluted share, in the prior year period. Total Adjusted EBITDA for the third quarter was $24.4 million, up slightly from the prior year period.

On February 18, 2017, the Company 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. The Company today also announced that FCC approval has been received for the transaction and expects the transaction to close before the end of November 2017.

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 11,028 fiber route miles and 517,244 total fiber strand miles, Lumos Networks connects 1,310 unique Fiber to the Cell sites, 1,684 total FTTC connections, 2,230 on-net buildings and over 3,500 total on-net locations. The Company also connects 44 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 or loss 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, transaction 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 or loss attributable to noncontrolling interests, other (income) expenses, net, equity-based compensation, amortization of actuarial losses, restructuring charges, transaction 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 satisfying closing conditions; 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 the Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 and our Annual Report filed 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)	September 30, 2017		December 31, 2016
ASSETS
Current Assets
Cash and cash equivalents	$	43,582	$	33,575
Marketable securities		—		38,081
Accounts receivable, net		22,424		22,609
Other receivables		559		753
Income tax receivable		30		459
Prepaid expenses and other		6,804		5,028

Total Current Assets		73,399		100,505

Securities and investments		1,643		1,479
Property, plant and equipment, net		534,940		536,288
Other Assets
Goodwill		125,667		100,297
Other intangibles, net		18,092		8,503
Deferred charges and other assets		5,273		6,300

Total Other Assets		149,032		115,100

Total Assets	$	759,014	$	753,372

LIABILITIES AND EQUITY
Current Liabilities
Current portion of long-term debt	$	73,825	$	13,530
Accounts payable		7,076		8,607
Advance billings and customer deposits		14,275		14,140
Accrued compensation		1,665		1,491
Accrued operating taxes		5,999		4,518
Other accrued liabilities		10,034		5,000

Total Current Liabilities		112,874		47,286

Long-Term Liabilities
Long-term debt, net of unamortized discount and debt issuance costs, excluding current portion		388,027		454,885
Retirement benefits		15,227		16,029
Deferred income taxes, net		93,624		96,988
Other long-term liabilities		8,468		2,124

Total Long-term Liabilities		505,346		570,026

Stockholders’ Equity		139,869		135,174

Noncontrolling Interests		925		886

Total Equity		140,794		136,060

Total Liabilities and Equity	$	759,014	$	753,372

Lumos Networks Corp.

Condensed Consolidated Statements of Operations


	Three months ended September 30,						Nine months ended September 30,
(In thousands, except per share amounts)	2017			2016			2017			2016
Operating Revenues	$	55,610		$	51,771		$	166,892		$	155,013
Operating Expenses
Cost of revenue, exclusive of depreciation and amortization		10,042			9,657			30,978			29,948
Selling, general and administrative, exclusive of depreciation and amortization¹		23,369			20,505			76,394			64,056
Depreciation and amortization		14,456			12,739			43,640			37,028
Accretion of asset retirement obligations		27			23			76			91
Restructuring charges		—			(384	)		34			1,823
Change in fair value of contingent consideration obligations		100			—			700			—

Total Operating Expenses		47,994			42,540			151,822			132,946

Operating Income		7,616			9,231			15,070			22,067
Other Income (Expenses)
Interest expense		(7,771	)		(7,164	)		(22,756	)		(21,165	)
Other income, net		8			48			647			320

(Loss) Income Before Income Taxes		(147	)		2,115			(7,039	)		1,222
Income Tax Expense (Benefit)		335			1,046			(1,838	)		1,712

Net (Loss) Income		(482	)		1,069			(5,201	)		(490	)
Net Loss (Income) Attributable to Noncontrolling Interests		29			(46	)		(39	)		(137	)

Net (Loss) Income Attributable to Lumos Networks Corp.	$	(453	)	$	1,023		$	(5,240	)	$	(627	)

Basic and Diluted (Loss) Earnings per Common Share Attributable to Lumos Networks Corp. Stockholders:
Basic and diluted (loss) earnings per share	$	(0.02	)	$	0.04		$	(0.23	)	$	(0.03	)

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 $1.7 million for the three months ended September 30, 2017 and 2016, respectively, and $9.2 million and $8.5 million for the nine months ended September 30, 2017 and 2016, respectively. Also includes $0.7 million and $4.1 million of transaction related charges for the three and nine months ended September 30, 2017, respectively.

Lumos Networks Corp.

Condensed Consolidated Statements of Cash Flows


	Nine Months Ended September 30,
(In thousands)	2017			2016
Cash Flows from Operating Activities:
Net Loss	$	(5,201	)	$	(490	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		40,099			35,097
Amortization		3,541			1,931
Accretion of asset retirement obligations		76			91
Change in fair value of contingent consideration obligations		700			—
Deferred income taxes		(1,838	)		1,374
Equity-based compensation expense		9,152			8,477
Amortization of debt issuance costs		3,586			3,345
Retirement benefits, net of cash contributions and distributions		175			340
Other		347			649
Changes in operating assets and liabilities, net		3,696			(5,027	)

Net Cash Provided by Operating Activities		54,333			45,787

Cash Flows from Investing Activities:
Purchases of property, plant and equipment		(36,947	)		(65,280	)
Acquisition of Clarity Communications, LLC, net of cash acquired		(9,961	)		—
Acquisition of DC74, LLC, net of cash acquired		(23,528	)		—
Purchases of available-for-sale marketable securities		(4,000	)		(57,142	)
Proceeds from sale or maturity of available-for-sale marketable securities		42,096			107,075

Net Cash Used in Investing Activities		(32,340	)		(15,347	)

Cash Flows from Financing Activities:
Principal payments on senior secured term loans		(9,774	)		(6,024	)
Principal payments under capital lease obligations		(377	)		(2,551	)
Capital distribution to noncontrolling interests		—			(232	)
Proceeds from stock option exercises and employee stock purchase plan		1,057			630
Repurchases of common stock to settle tax withholding obligations on employee stock awards		(2,892	)		(2,354	)

Net Cash Used in Financing Activities		(11,986	)		(10,531	)

Increase in cash and cash equivalents		10,007			19,909
Cash and cash equivalents:
Beginning of Period		33,575			13,267

End of Period	$	43,582		$	33,176

Lumos Networks Corp.

Operating Results, Customer and Network Statistics


(Dollars in thousands)	Three months ended:															Nine Months Ended:
	September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			September 30, 2017			September 30, 2016
Revenue, Gross Margin, Contribution Margin and Adjusted EBITDA
Revenue
Enterprise Data	$	18,111		$	17,604		$	16,473		$	13,911		$	13,549		$	52,188		$	38,428
Transport		8,135			8,221			8,454			8,106			8,499			24,810			26,500
FTTC		9,752			9,709			9,660			9,629			9,325			29,121			27,030

Total Data		35,998			35,534			34,587			31,646			31,373			106,119			91,958
Residential and Small Business		14,632			15,490			15,205			15,488			15,863			45,327			47,840
RLEC Access		4,980			5,342			5,124			4,752			4,535			15,446			15,215

Total Revenue	$	55,610		$	56,366		$	54,916		$	51,886		$	51,771		$	166,892		$	155,013
Gross Margin
Data		84.5	%		84.2	%		84.2	%		86.6	%		85.5	%		84.3	%		85.1	%
Residential and Small Business		69.4	%		68.5	%		67.3	%		69.1	%		67.7	%		68.4	%		66.0	%
Contribution Margin¹
Data	$	27,982		$	27,586		$	26,968		$	25,517		$	24,822		$	82,536		$	72,689
Residential and Small Business		9,061			9,466			9,128			9,554			9,516			27,655			28,052
RLEC Access		4,825			5,179			4,970			4,591			4,360			14,974			14,723

Total Contribution Margin	$	41,868		$	42,231		$	41,066		$	39,662		$	38,698		$	125,165		$	115,464
Contribution Margin Ratio¹
Data		77.7	%		77.6	%		78.0	%		80.6	%		79.1	%		77.8	%		79.0	%
Residential and Small Business		61.9	%		61.1	%		60.0	%		61.7	%		60.0	%		61.0	%		58.6	%
RLEC Access		96.9	%		96.9	%		97.0	%		96.6	%		96.1	%		96.9	%		96.8	%
Total Contribution Margin Ratio		75.3	%		74.9	%		74.8	%		76.4	%		74.7	%		75.0	%		74.5	%
Adjusted EBITDA¹
Data	$	14,913		$	15,105		$	14,307		$	14,311		$	14,567		$	44,325		$	41,707
Residential and Small Business		5,150			5,660			5,121			5,506			5,723			15,931			16,211
RLEC Access		4,309			4,707			4,463			4,122			3,970			13,479			13,233

Total Adjusted EBITDA	$	24,372		$	25,472		$	23,891		$	23,939		$	24,260		$	73,735		$	71,151
Adjusted EBITDA Margin¹
Data		41.4	%		42.5	%		41.4	%		45.2	%		46.4	%		41.8	%		45.4	%
Residential and Small Business		35.2	%		36.5	%		33.7	%		35.6	%		36.1	%		35.1	%		33.9	%
RLEC Access		86.5	%		88.1	%		87.1	%		86.7	%		87.5	%		87.3	%		87.0	%
Total Adjusted EBITDA Margin		43.8	%		45.2	%		43.5	%		46.1	%		46.9	%		44.2	%		45.9	%
Capital Expenditures	$	12,750		$	11,100		$	13,097		$	18,747		$	20,089		$	36,947		$	65,280
Adjusted EBITDA less Capital Expenditures	$	11,622		$	14,372		$	10,794		$	5,192		$	4,171		$	36,788		$	5,871

Lumos Networks Corp.

Operating Results, Customer and Network Statistics (continued)


	Three months ended:
	September 30, 2017		June 30, 2017		March 31, 2017		December 31, 2016		September 30, 2016
Fiber Network Statistics
Fiber Route-Miles		11,028		10,983		10,907		10,112		9,204
Fiber Miles²		517,244		515,362		503,616		491,276		475,507
Fiber Markets		26		26		26		25		24
FTTC Unique Towers		1,310		1,307		1,306		1,304		1,297
FTTC Total Connections		1,684		1,672		1,663		1,659		1,642
On-Network Buildings		2,230		2,171		2,125		2,031		1,984
Data Centers³		44		43		43		36		36
Mobile Switching Centers		16		16		15		15		14
R&SB Statistics
Competitive Voice Connections⁵		58,089		61,186		62,972		65,285		68,084
Video Subscribers		5,454		5,601		5,723		5,851		5,841
Fiber-to-the-Premise Broadband Connections		9,485		9,415		9,330		8,972		8,307
Premises Passed by Fiber⁴		20,171		20,119		19,983		19,783		19,591
RLEC Access Lines⁵		21,501		22,071		22,483		22,991		23,381

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 September 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 September 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 (Loss) Income Attributable to Lumos Networks Corp. to Contribution Margin


(Dollars in thousands)	2017			2016
For The Three Months Ended September 30,
Net (Loss) Income Attributable to Lumos Networks Corp.	$	(453	)	$	1,023
Net (Loss) Income Attributable to Noncontrolling Interests		(29	)		46

Net (Loss) Income		(482	)		1,069
Income tax expense		335			1,046
Interest expense		7,771			7,164
Other income, net		(8	)		(48	)

Operating income		7,616			9,231
Depreciation and amortization and accretion of asset retirement obligations		14,483			12,762
Restructuring charges		—			(384	)
Change in fair value of contingent consideration obligations		100			—
Indirect operating costs		10,239			9,121
Corporate general and administrative costs, including equity-based compensation and transaction related charges		9,430			7,968

Contribution Margin	$	41,868		$	38,698

Contribution Margin Ratio		75.3	%		74.7	%
For The Nine Months Ended September 30,
Net Loss Attributable to Lumos Networks Corp.	$	(5,240	)	$	(627	)
Net Income Attributable to Noncontrolling Interests		39			137

Net Loss		(5,201	)		(490	)
Income tax (benefit) expense		(1,838	)		1,712
Interest expense		22,756			21,165
Other income, net		(647	)		(320	)

Operating Income		15,070			22,067
Depreciation and amortization and accretion of asset retirement obligations		43,716			37,119
Restructuring charges		34			1,823
Change in fair value of contingent consideration obligations		700			—
Indirect operating costs		31,184			26,657
Corporate general and administrative costs, including equity-based compensation and transaction related charges		34,461			27,798

Contribution Margin	$	125,165		$	115,464

Contribution Margin Ratio		75.0	%		74.5	%

Reconciliation of Net (Loss) Income Attributable to Lumos Networks Corp. to Adjusted EBITDA

(Dollars in thousands)	2017			2016
For The Three Months Ended September 30,
Net (Loss) Income Attributable to Lumos Networks Corp.	$	(453	)	$	1,023
Net (Loss) Income Attributable to Noncontrolling Interests		(29	)		46

Net (Loss) Income		(482	)		1,069
Income tax expense		335			1,046
Interest expense		7,771			7,164
Other income, net		(8	)		(48	)

Operating income		7,616			9,231
Depreciation and amortization and accretion of asset retirement obligations		14,483			12,762
Amortization of actuarial losses		326			338
Equity-based compensation		1,156			1,661
Restructuring charges		—			(384	)
Transaction related charges		691			652
Change in fair value of contingent consideration obligations		100			—

Adjusted EBITDA	$	24,372		$	24,260

Lumos Networks Corp.

Reconciliation of Net (Loss) Income Attributable to Lumos Networks Corp. to Adjusted EBITDA


(Dollars in thousands)	2017			2016
Adjusted EBITDA Margin		43.8	%		46.9	%
For The Nine Months Ended September 30,
Net Loss Attributable to Lumos Networks Corp.	$	(5,240	)	$	(627	)
Net Income Attributable to Noncontrolling Interests		39			137

Net Loss		(5,201	)		(490	)
Income tax (benefit) expense		(1,838	)		1,712
Interest expense		22,756			21,165
Other income, net		(647	)		(320	)

Operating Income		15,070			22,067
Depreciation and amortization and accretion of asset retirement obligations		43,716			37,119
Amortization of actuarial losses		977			1,013
Equity-based compensation		9,152			8,477
Restructuring charges		34			1,823
Transaction related charges		4,086			652
Change in fair value of contingent consideration obligations		700			—

Adjusted EBITDA	$	73,735		$	71,151

Adjusted EBITDA Margin		44.2	%		45.9	%

Lumos Networks Corp. 8-K