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Frontier Communications Reports 2013 Second Quarter Results

Stocks in this article: FTR

Frontier Communications Corporation (NASDAQ: FTR) today reported second quarter 2013 revenue of $1,190.5 million, operating income of $266.2 million and net loss attributable to common shareholders of $38.5 million, or $0.04 per share. Excluding losses on the early extinguishment of debt of $159.8 million, the gain on sale of Mohave Cellular Limited Partnership (Mohave) interest of $14.6 million, severance costs of $4.3 million, and discrete tax items of $6.8 million (combined impact of $99.8 million or $0.10 per share after tax), non-GAAP adjusted net income attributable to common shareholders for the second quarter of 2013 would be $61.3 million, $0.06 per share.

“Frontier maintained strong momentum in the second quarter of 2013, with sequentially higher broadband net additions of 29,500 and continued improvement in business and residential customer retention and metrics,” said Maggie Wilderotter, Chairman and CEO of Frontier Communications. “Our bundled packages as well as our standalone broadband offering, Simply Broadband, continued to be strongly received and, together with our local engagement marketing strategy, helped to drive excellent gross customer additions. We substantially improved our business and residential net customer losses during the quarter. We are pleased that our combined business and residential revenue in the second quarter were only 0.3% less than the first quarter of 2013 (excluding Mohave) – getting Frontier closer to our objective of growing revenue. Finally, our continuing expense management efforts allowed us to show a slight improvement in operating cash flow margins to 46.8%.

“We are extremely pleased with the progress made in many aspects of our business during the second quarter. Credit goes to all of our employees who are driving revenue, market share and operational efficiencies. We believe the investments we’ve made in people, products, process improvements, and our network yielded positive results, and we look forward to that continuing in the second half of the year.”

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