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Abovenet Inc (ABVT) SEC Filing 10-Q Quarterly report for the period ending Thursday, September 30, 2010

Abovenet Inc

CIK: 1043533 Ticker: ABVT
 
  

Company Contact:
Investor Contact:
AboveNet, Inc.
Lippert/Heilshorn & Associates, Inc
Lloyd Jarkow
Jody Burfening
Vice President, Corporate Development
212-838-3777
914-421-6700
jburfening@lhai.com
ljarkow@above.net
 
 
 
AboveNet Reports Third Quarter 2010 Adjusted EBITDA of $47.2 Million
on Revenue of $103.7 Million


White Plains, N.Y., November 4, 2010 — AboveNet, Inc. (NYSE: ABVT),
a leading provider of high-bandwidth connectivity solutions, announced results for the third quarter and nine months ended September 30, 2010.

Our third quarter performance reflects the steady recovery in customer spending that began earlier this year.  As the market for high-bandwidth transport continues to expand, interest in our scalable, high-speed, low-latency network connectivity services is increasing.  This is opening up more opportunities for us in verticals like legal and healthcare,” said Bill LaPerch, chief executive officer of AboveNet.  “We continued to make progress with our growth initiatives during the third quarter, and still expect to have four new markets operational by year end.  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.”

Third Quarter 2010 Highlights
·
Revenue for the third quarter of 2010 was $103.7 million, a 12.2% increase from $92.4 million for the third quarter of 2009.
·
Revenue from domestic metro services for the third quarter of 2010 totaled $29.2 million, an increase of 17.7% from $24.8 million for the third quarter of 2009.  Revenue from domestic WAN services for the third quarter of 2010 was $20.6 million, an increase of 20.5% from $17.1 million for the third quarter of 2009.
·
Adjusted EBITDA for the third quarter of 2010 was $47.2 million, compared to $40.7 million for the third quarter of 2009.
Cash used for capital expenditures for the third quarter of 2010 was $30.5 million, compared to $26.5 million for the third quarter of 2009.
·
Cash and cash equivalents at September 30, 2010 was $194.8 million, compared to $165.3 million at December 31, 2009.
 

The following information was filed by Abovenet Inc (ABVT) on Thursday, November 4, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Abovenet Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2010 10-K Annual Report includes:

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SEC Filing Tools
Ticker: ABVT
CIK: 1043533
Form Type: 10-Q Quarterly Report
Accession Number: 0001144204-10-058328
Submitted to the SEC: Mon Nov 08 2010 5:27:14 PM EST
Accepted by the SEC: Mon Nov 08 2010
Period: Thursday, September 30, 2010
Industry: Communications Services

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