In addition, during this call, we will discuss certain non-GAAP financial measures. Our earnings release for this quarter's results, which has been posted to the Investor Relations section of our website, contains reconciliations of these measures to their nearest GAAP equivalent.I will now turn the call over to Bob, who will provide an overview of our financial and operating results. Steve Childers will then provide a more detailed review of the financials, Bob. Bob Currey Thanks, Matt and good morning everyone. We appreciate you joining us today as we review our results for the quarter. As is our normal practice, I will start with a high level financial and operating high lights and then Steve will provide a detailed review of the financials. Second quarter of 2010 was another solid quarter for us revenue was 95.7 million and adjusted EBITDA 46 million. As we mentioned last quarter, the sale of our telemarketing business and the ongoing process to close our operator services unit will lower revenue, but be neutral to EBIDTA, when excluding the 1.8 million of the revenue reduction attributable to these businesses our overall revenue declined by less than 1% on a sequential basis. With respect to our dividend, we continue to deliver a solid and secure return to our share holders as demonstrated by our pay out ratio, 70.6 for this quarter and 67.2% year-to-date. Operationally, we continue to perform well despite the competitive and economic pressures, we increased our total connections for the third consecutive quarter and delivered growth of 4,150 connections year-over-year. This growth is lead by our broadband products, which fortify our competitive position in all three states. We increased our broadband connections by 2,500 in the quarter, in what has historically been our softest quarter. This brings our total broadband customers to a 130,000 which represents a year-over-year increase of 12%. Our industry leading DSL penetration which is currently at 43% provide peer pricing points at various speeds as high as 20 megabits.
We have been successful in adding our IPTV service to our DSL customer base and the combination of our larger DSL penetration with our bundle pricing advantage provides us with substantial growth opportunities.Currently, we penetrate 13% of the 198,000 homes that we pass with our IPTV service. We're driving higher ARPU through modest price increases and more importantly, through up selling HD and DVR as well as more video on demand programming. We see upside in this ARPU drivers as well. With respect to access lines, we had another strong quarter. Our ILEC lines decreased by 2,400 or 1%. This brought our line loss rate for the last 12 months down to 4.8% compared to the 8% rate at this time last year. And this is the lowest rate we've had since the end of 2007 before our North Pittsburgh acquisition and positions us as one of the best in the industry. We feel this is the direct result of our success in providing attractive product bundles coupled with exceptional service. Specific to the Pennsylvania CLEC business, this is the third quarter in a row that we have increased access line equivalents. And the key driver of this success is tied to our commercial, Metro-Ethernet data product, which can be either fiber or copper base. The copper-based product was another positive that came out of our North Pittsburgh acquisition and we have been able to replicate it in our Illinois and Texas markets. We have increased the number of Metro E-circuits by 25% over the last year. From a competitive standpoint, pricing continues to be rational with a variety of aggressive promotional offering, leading the acquisition battle. We're delivering the best products and services at a competitive price and continue to remain flexible with our marketing and promotional plans. Read the rest of this transcript for free on seekingalpha.com