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Frontier Communications Reports 2013 Second Quarter Results

Stocks in this article: FTR

Revenue for the second quarter of 2013 was $1,190.5 million as compared to $1,205.4 million in the first quarter of 2013 and $1,258.8 million in the second quarter of 2012. Revenue includes Mohave revenue of $7.8 million and $9.8 million in the first quarter of 2013 and the second quarter of 2012, respectively. Adjusting for the Mohave sale, total revenue declined by only 0.6% in the second quarter of 2013 from the first quarter of 2013, as compared to a decline of 2.0% in the first quarter of 2013 from the fourth quarter of 2012. This decrease in revenue is primarily due to the decline in voice revenues, and lower switched and nonswitched access revenue, partially offset by increases in data services revenue. Total business revenue was $546.4 million (a 0.4% decline in the quarter) as compared to $548.3 million in the first quarter of 2013 (a 2.9% decline versus the fourth quarter of 2012). Adjusting for the Mohave sale, total residential revenue was $505.5 million for the second quarter of 2013 (a 0.3% decline in the quarter) as compared to $507.0 million in the first quarter of 2013 (a 0.8% decline versus the fourth quarter of 2012).

At June 30, 2013, the Company had approximately 278,100  business customers and 2,842,900  residential customers. During the three months ended June 30, 2013, the Company improved the rate of decline in business customers by 42%, losing approximately 2,900 customers as compared to 5,100 customers in the three months ended March 31, 2013 and 5,700 customers in the three months ending June 30, 2012. Additionally, during the three months ended June 30, 2013, the Company improved the rate of decline in residential customers by 41%, losing approximately 16,300 customers as compared to 27,800 customers in the three months ended March 31, 2013 and 60,000 customers in the three months ended June 30, 2012.

During the most recent quarter, the average monthly business revenue per customer was $651.39, or 1.1% higher than the first quarter of 2013, and the average monthly residential revenue per customer was $59.10, or 0.5% higher than the first quarter of 2013.

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