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Company Contact:
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Investor Contact:
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AboveNet, Inc.
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Lippert/Heilshorn & Associates, Inc
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Jeffrey Garte
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Jody Burfening
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Director, Corporate Development
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212-838-3777
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914-421-6700
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jburfening@lhai.com
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jgarte@above.net
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AboveNet Reports Fourth Quarter 2010 Adjusted EBITDA of $47.3 Million
on Revenue of $108.1 Million
White Plains, N.Y., February 25, 2011 — AboveNet, Inc. (NYSE: ABVT), a leading provider of high bandwidth connectivity solutions, announced results for the fourth quarter and full year ended December 31, 2010.
“Our strong results for the fourth quarter and full year 2010 demonstrate AboveNet’s continued success as a premier provider of high bandwidth networks. The increasing use of data-intensive applications by customers in our target markets is fueling demand for our portfolio of scalable, low-latency network connectivity services,” said Bill LaPerch, Chief Executive Officer of AboveNet. “We believe bandwidth needs will continue to increase in 2011, bolstered by steady improvements in business spending. Our priorities in 2011 include leveraging the investments we have made in opening new markets in Europe and the U.S., investing intelligently in expanding our network density and adding
profitable, cost-effective services. Through these initiatives, we will remain well positioned to meet our customers’ growing demand for high bandwidth transport services.”
Fourth Quarter 2010 Highlights
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Revenue for the fourth quarter of 2010 was $108.1 million, a 14.6% increase from $94.3 million for the fourth quarter of 2009.
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Revenue from domestic metro services for the fourth quarter of 2010 totaled $30.3 million, an increase of 19.3% from $25.4 million for the fourth quarter of 2009. Revenue from domestic WAN services for the fourth quarter of 2010 was $22.1 million, an increase of 25.6% over the $17.6 million for the fourth quarter of the prior year. Revenue from domestic fiber infrastructure services for the three months ended December 31, 2010 totaled $44.2 million, an increase of 10.0% from $40.2 million for the fourth quarter of 2009.
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Adjusted EBITDA for the fourth quarter of 2010 was $47.3 million, compared to $39.2 million for the comparable 2009 quarter.
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Cash used for capital expenditures for the fourth quarter of 2010 was $47.7 million, compared to $38.7 million for the fourth quarter of 2009.
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The following information was filed by Abovenet Inc (ABVT) on Friday, February 25, 2011 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: ABVT
CIK: 1043533
Form Type: 10-K Annual Report
Accession Number: 0001144204-11-011709
Submitted to the SEC: Tue Mar 01 2011 6:04:40 AM EST
Accepted by the SEC: Tue Mar 01 2011
Period: Friday, December 31, 2010
Industry: Communications Services
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