Consolidated Communications (Nasdaq: CNSL) today said it increased fourth quarter earnings 16.2 percent to $7.9 million, or 26 cents per share, up from $6.8 million, or 23 cents per share a year ago. Adjusted net income was flat at $8.2 million, or 28 cents per share.
The Illinois-based ILEC said revenues were up slightly for the quarter to $93.7 million from $93.3 million a year ago. Both earnings and revenues topped analyst estimates of 22 cents a share and $91.9 million.
The stock opened down 1 cent and has traded between $16.77 and $20.02 over the past 52 weeks.
Consolidated, which recently acquired SureWest Communications (Nasdaq: SURW), said its focus on wholesale and enterprise opportunities, as well as an emphasis on triple-play bundles in the second half of the year were paying off.
"The company is positioned to meet the growing demand for broadband and network services across all customer segments, said chief executive Bob Currey. "The acquisition of SureWest, which we announced on February 6, expands on these opportunities and we are excited about the prospects for the combined company."
For the year, Consolidated had revenue of $374.3 million, down 2.4 percent form $383.4 million in 2010. Excluding the $4.3 million of revenue associated with two business units that were sold during 2010, revenues declined by $4.8 million, or 1.3 percent.
Net income for 2011 attributable to common stockholders was $26.4 million, compared to $32.6 million in the prior year period. That decline was primarily due to a $5.5 million benefit in the third quarter of 2010 related to the non-cash reversal of uncertain tax liabilities, including associated interest, the company said. Diluted net income per common share was 88 cents down from $1.09 for the same period in 2010.
Consolidated closed the year with 34,356 IPTV subscribers, up from 32,981 it reported in the previous quarter, maintaining a flat penetration rate of 16 percent of the 211,670 IPTV homes it passed.
- see this release
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