Cbeyond, a provider of f IT and communications services to small businesses, has reported total net revenue of $112m for the second quarter of 2010, an increase of 10% compared to $102m for the same period last year. Customer revenue grew 10% year-over-year to $110m, while terminating access revenue increased marginally to $1.8m.
For the second quarter ended June 30, the company posted an operating income of $0.15m, compared to an operating loss of $1.95m for the same period last year. Operating expenses for the quarter increased to $112m from $104m of the same quarter last year.
Cbeyond posted net loss of $0.01m, compared to a net loss of $2.2m for the same quarter a year ago. Cash and cash equivalents balance increased to $51.8m for second quarter of 2010, up $9.2m over the balance of $42.6m at March 31, 2010.
Jim Geiger, CEO of Cbeyond, said: "Our adjusted EBITDA of $18.4m represents an increase of approximately 33% over the second quarter of 2009.
"Despite the still-sluggish small business sector, Cbeyond posted an increase in the level of customer additions in the second quarter, the San Francisco Bay Area market became an Established Market this quarter, and we are excited to note that we recently launched services in Boston, our 14th market."
For the year 2010, the company expects revenue growth of 9% to 10% and adjusted EBITDA growth of 15% to 20%.
