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November 8, 2010

AboveNet Q3 revenue up 13% to $104m

Reports operating income of $29.1m

By CBR Staff Writer

AboveNet has reported total revenue of $104m for the third quarter of 2010, an increase of 13% compared to $92.4m for the same period last year.

For the quarter ended 30 September 2010, the company posted an operating income of $29.1m, an increase of 16.4% compared to $25m of the same period a year ago.

The company reported a decrease of 24% in net income of $17.2m, or $0.66 per diluted share, as compared to net income of $22.7m, or $0.88 per diluted share for the third quarter of 2010.

EBITDA for the third quarter of 2010 was $47.2m, compared to $40.7m for the third quarter of 2009.

Adjusted EBITDA margin for the third quarter of 2010 was 45.5%, compared to 44% of the same period a year ago.

AboveNet CEO Bill LaPerch said the company continued to make progress with their growth initiatives during the third quarter, and still expect to have four new markets operational by year end.

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"By opening new markets and further leveraging our capabilities in existing markets, we are placing the company in a strong position to sustain its current revenue growth rates," LaPerch said.

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