FairPoint Communications Reports 2016 Third Quarter Results

  • Ethernet revenue was 12.0% of total revenue in the quarter as circuits increased 9.5% year-over-year
  • Revenue of $207.1 million for the quarter and $620.5 million year-to-date
  • Net income of $40.2 million for the quarter and $88.1 million year-to-date
  • Adjusted EBITDA 1 of $63.9 million for the quarter and $188.9 million year-to-date
  • Net cash provided by operating activities of $26.1 million for the quarter and $96.5 million year-to-date
  • Unlevered Free Cash Flow 1 of $24.4 million for the quarter and $90.6 million year-to-date

CHARLOTTE, N.C., Nov. 02, 2016 (GLOBE NEWSWIRE) -- FairPoint Communications, Inc. (Nasdaq:FRP) ("FairPoint" or the "Company"), a leading communications provider, today announced its financial results for the third quarter ended September 30, 2016.  As previously announced, the Company will hold a conference call and simultaneous webcast to discuss its results today at 8:30 a.m. (EDT).

"We remain focused on improving our customers' experience and our third quarter results show continued progress in our efforts to transform revenue while mitigating losses in legacy products," said Paul H. Sunu, Chief Executive Officer.  "Total revenue was up slightly from the second quarter and growth revenue contributed 31.7% of that total.  In addition, expenses remained well managed to continue to deliver solid profitability."

"Efforts continue to harden our network and evolve our product and service offering to provide effective communications solutions." Sunu continued.  "Our investments to extend our fiber footprint and upgrade network equipment to provide faster broadband speeds are increasing service reliability, reducing churn and better positioning us to compete for residential broadband customers.  In addition, we continue to develop new products and capabilities to more effectively serve small and medium sized businesses which are an important element of many of our markets."

Operating Highlights

The Company executed well through the peak summer storm season as improved operational performance reduced overtime expense by approximately 9% versus last year's third quarter.

If you liked this article you might like

After a Big Year, Paper Stocks Offer Mixed Prospects for Investors

Dow Marches to Another Record Close as S&P 500, Nasdaq Also Rise

Financials and Tech Shares Lift Wall Street; Dow Hits Record High

Midday Report: Dow Sets Record High as Oil Maintains Momentum, Strong Economic Data

Dow Sets Record High as Oil Maintains Momentum