Consolidated Communications Posts 4Q Profit
MATTOON, Ill. (AP) ¿ Telecommunications-service provider Consolidated Communications Holdings Inc. posted a fourth-quarter profit Thursday, boosted by a gain of $7.2 million and higher revenue.
The company's net income applicable to common shareholders totaled $3.6 million, or 11 cents per share, compared with a loss of $1 million, or 4 cents per share, a year earlier. Adjusted earnings were 17 cents per share in the latest quarter.
Revenue jumped 21 percent to $102.7 million from $85 million.
Analysts, on average, were expecting a profit of 16 cents per share on sales of $104.5 million, according to a poll by Thomson Reuters. Analysts typically exclude one-time items from their estimates.President and Chief Executive Bob Currey called the quarter's results solid despite the recession and said the company has "proven once again the resiliency of our business." The quarter's net cash provided from operating activities was $25.8 million, down from $29.3 million a year earlier. For the full year, the company earned $12.5 million, or 42 cents per share, compared with a profit of $11.4 million, or 44 cents per share, a year earlier. The company had more outstanding shares in 2008, which decreases per-share profits. Revenue rose 27 percent to $418.4 million from $329.2 million.
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