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March 16, 2009

D&E Communications reports loss in Q4

Reported a net loss of $7.8m compared to a net income of $2m for the fourth quarter of 2007

By CBR Staff Writer

D&E Communications, a provider of integrated communications services, has reported a net loss of $7.8m, or $0.54 per share, for the fourth quarter of 2008, compared to a net income of $2m, or $0.14 per share, for the same quarter of 2007.

The operating loss for the fourth quarter of 2008 was $9.5m, compared to operating income of $4.1m in the fourth quarter of 2007. Total operating revenue for the fourth quarter of 2008 was $37.5m, compared to $38.8m in the fourth quarter of 2007.

Total operating revenue for the full year of 2008 was $149.5m, compared to $152.6m for 2007. The operating loss for 2008 was $10.9m, compared to operating income of $24.6m in 2007.

The net loss for the year was $11m, or $0.76 per share, compared to a net income of $10.6m, or $0.74 per share, for 2007.

James Morozzi, president and CEO of D&E Communications, said: Our fourth quarter results were negatively affected by a non-cash franchise intangible asset impairment charge as well as an impairment on a note receivable from the sale of assets in 2006.

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