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D&E Communications Q1 net income down to $4.03m

Total operating revenue decreases to $35.9m

By CBR Staff Writer

D&E Communications, a provider of integrated communications services, has reported a net income attributable to common shareholders of $4.03 million, or $0.28 per share, for the first quarter ended March 31, 2009, compared to $5.13 million, or $0.35 per share, for the same period in 2008.

Operating income for the first quarter of 2009 was $8.71 million, compared to $8.12 million in the first quarter of 2008. Total operating revenue for the first quarter of 2009 was $35.9 million, compared to $37.8 million in the first quarter of 2008.

Consolidated adjusted EBITDA for the first quarter of 2009 was $15.76 million, compared to $15.97 million in the first quarter of 2008.

James Morozzi, president and CEO of D&E Communications, said: Even in light of the current economic conditions, we continue to see growth in both our DSL/High-Speed Internet subscribers and our CLEC access lines, albeit at a slower rate than this time last year. We’re especially pleased to see our total revenue from private line circuits, dedicated circuits, ethernet and IP VPN services grow by $0.4 million, or 10.7%, over the first quarter of 2008. Net income decreased $1.1m in comparison to the 2008 period primarily due to a one-time aftertax gain of $1.7m in the first quarter of 2008.

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