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|Company Contact:||Investor Contact:|
|AboveNet, Inc.||Lippert/Heilshorn & Associates, Inc|
|Jeffrey Garte||Jody Burfening|
|Vice President, Finance||212-838-3777|
AboveNet Reports Fourth Quarter 2011 Adjusted EBITDA of $55.9 Million
on Revenue of $121.6 Million
White Plains, N.Y., February 28, 2012 — AboveNet, Inc. (NYSE: ABVT), a leading provider of high bandwidth connectivity solutions, announced results for the fourth quarter and year ended December 31, 2011.
“Our fourth quarter performance extended our track record of superior financial results and industry-leading Adjusted EBITDA Margin. Revenue grew 2.9% sequentially and 12.5% year-over-year. Continued strong performance in our WAN services highlights our ability to leverage our metro assets both within and between the metro,” said Bill LaPerch, Chief Executive Officer of AboveNet. “Going into 2012, we see ample opportunity to continue to invest in expanding the reach of our high bandwidth infrastructure and meeting our customers’ increasing demand for next generation Ethernet services.”
Fourth Quarter 2011 Highlights
|·||Revenue for the fourth quarter of 2011 was $121.6 million, a 12.5% increase from $108.1 million for the fourth quarter of 2010.|
|·||Revenue from domestic metro services for the fourth quarter of 2011 totaled $33.3 million, an increase of 9.9% from $30.3 million for the fourth quarter of 2010. Revenue from domestic WAN services for the fourth quarter of 2011 was $28.6 million, an increase of 29.4% over $22.1 million for the fourth quarter of the prior year.|
|·||Adjusted EBITDA for the fourth quarter of 2011 was $55.9 million, compared to $47.3 million for the fourth quarter of 2010.|
|·||Cash used for capital expenditures for the fourth quarter of 2011 was $39.2 million, compared to $47.7 million for the fourth quarter of last year.|
|·||Cash and cash equivalents at December 31, 2011 were $118.4 million, compared to $61.6 million at December 31, 2010.|
|·||The company repurchased $1.9 million worth of shares of its common stock during the fourth quarter of 2011 under the stock repurchase program adopted in December 2011.|
The following information was filed by Abovenet Inc (ABVT) on Tuesday, February 28, 2012 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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