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Abovenet Inc (ABVT) SEC Filing 10-Q Quarterly report for the period ending Friday, September 30, 2011

Abovenet Inc

CIK: 1043533 Ticker: ABVT
 
 
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 Third Quarter 2011 Adjusted EBITDA of $56.4 Million
on Revenue of $118.2 Million


White Plains, N.Y., November 3, 2011 — AboveNet, Inc. (NYSE: ABVT),
a leading provider of high bandwidth connectivity solutions, announced results for the third quarter and nine months ended September 30, 2011.

“Our third quarter performance demonstrates the strengths of our recurring revenue model and balance sheet combined with the continued broadening of demand for our high bandwidth infrastructure services,” said Bill LaPerch, Chief Executive Officer of AboveNet.  “Revenue for the third quarter, excluding one-time equipment sales and contract termination revenue, grew by 14.0% year-over-year and by 3.2% sequentially.  Growth was led once again by our WAN services, which leverage the network reach of our metro assets to meet customer requirements for end-to-end connectivity.  We remain focused on executing our organic growth strategy to capture opportunities for high capacity transport, expand our addressable market and further leverage our facilities-based network.”

Third Quarter 2011 Highlights
·
Revenue for the third quarter of 2011 was $118.2 million, a 14.0% increase from $103.7 million for the third quarter of 2010.
·
Revenue from domestic metro services for the third quarter of 2011 totaled $32.7 million, an increase of 12.0% from $29.2 million for the third quarter of 2010.  Revenue from domestic WAN services for the third quarter of 2011 was $26.9 million, an increase of 30.6% over $20.6 million for the third quarter of the prior year.
·
Adjusted EBITDA for the third quarter of 2011 was $56.4 million, compared to $47.2 million for the third quarter of 2010.
·
Cash used for capital expenditures for the third quarter of 2011 was $40.2 million, compared to $30.5 million for the third quarter of last year.
·
Cash and cash equivalents at September 30, 2011 were $101.9 million, compared to $61.6 million at December 31, 2010.
 
 
 

The following information was filed by Abovenet Inc (ABVT) on Thursday, November 3, 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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SEC Filing Tools
Ticker: ABVT
CIK: 1043533
Form Type: 10-Q Quarterly Report
Accession Number: 0001144204-11-062099
Submitted to the SEC: Tue Nov 08 2011 5:06:54 PM EST
Accepted by the SEC: Tue Nov 08 2011
Period: Friday, September 30, 2011
Industry: Communications Services

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