Company Contact:
Investor Contact:
AboveNet, Inc.
Lippert/Heilshorn & Associates, Inc
Jeffrey Garte
Jody Burfening
Vice President, Finance
212-838-3777
914-421-6700
jburfening@lhai.com
jgarte@above.net
 

AboveNet Reports Second Quarter 2011 Adjusted EBITDA of $54.0 Million
on Revenue of $118.3 Million

White Plains, N.Y., August 5, 2011 — AboveNet, Inc. (NYSE: ABVT),
a leading provider of high bandwidth connectivity solutions, announced results for the second quarter and six months ended June 30, 2011.

“Through solid execution of our organic growth strategy during the second quarter, we maintained our industry-leading revenue growth rate and Adjusted EBITDA margin,” said Bill LaPerch, Chief Executive Officer of AboveNet.  “Revenue grew by 17.5% over last year’s second quarter and by 3.4% sequentially.  Adjusting for one-time equipment sales and contract termination revenue in each period, revenue increased by a healthy 15.2% over last year’s second quarter and by 2.9% sequentially, driven by strong growth from our WAN services.  As the market for high bandwidth transport continues to broaden, our end-to-end solution approach is becoming a more attractive proposition for our customers.  Our facilities-based network reach and Tier-1 datacenter connectivity place us in an excellent position to continue to expand our addressable market and leverage our fiber-rich assets.”

Second Quarter 2011 Highlights
·
Revenue for the second quarter of 2011 was $118.3 million, a 17.5 % increase from $100.7 million for the second quarter of 2010.
·
Revenue from domestic metro services for the second quarter of 2011 totaled $32.1 million, an increase of 15.1% from $27.9 million for the second quarter of 2010.  Revenue from domestic WAN services for the second quarter of 2011 was $24.7 million, an increase of 26.0% over $19.6 million for the second quarter of the prior year.
·
Adjusted EBITDA for the second quarter of 2011 was $54.0 million, compared to $45.7 million for the second quarter of 2010.
·
Cash used for capital expenditures for the second quarter of 2011 was $37.3 million, compared to $30.1 million for the second quarter of last year.
·
Cash and cash equivalents at June 30, 2011 were $96.4 million, compared to $61.6 million at December 31, 2010.
 
 
 

The following information was filed by Abovenet Inc (ABVT) on Friday, August 5, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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