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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 First Quarter 2012 Adjusted EBITDA of $58.5 Million
on Revenue of $127.7 Million
White Plains, N.Y., May 9, 2012 — AboveNet, Inc. (NYSE: ABVT), a leading provider of high bandwidth connectivity solutions, announced results for the first quarter ended March 31, 2012.
“We delivered a solid first quarter, increasing revenue by 5.0% sequentially and 11.6% year-over-year and posting a 45.8% Adjusted EBITDA margin. During the quarter, we maintained effective execution, further leveraging our unique and extensive bandwidth infrastructure assets,” said Bill LaPerch, Chief Executive Officer of AboveNet. “In particular, we posted another strong quarter for our WAN services reflecting growing customer interest in our end-to-end connectivity both within and between our metro markets. Demand for our next-generation Ethernet services remains robust as more enterprise customers consume larger amounts of bandwidth, outsource their IT infrastructure and migrate from legacy networks.”
First Quarter 2012 Highlights
|·||Revenue for the first quarter of 2012 was $127.7 million, an 11.6% increase from $114.4 million for the first quarter of 2011.|
|·||Revenue from domestic WAN services for the first quarter of 2012 was $30.1 million, an increase of 33.2% over $22.6 million for the first quarter of the prior year. Revenue from domestic metro services for the first quarter of 2012 totaled $35.2 million, an increase of 12.1% from $31.4 million for the first quarter of 2011.|
|·||Adjusted EBITDA for the first quarter of 2012 was $58.5 million, compared to $51.5 million for the first quarter of 2011.|
|·||Cash used for capital expenditures for the first quarter of 2012 was $41.2 million, compared to $31.1 million for the first quarter of last year.|
|·||Cash and cash equivalents at March 31, 2012 were $120.7 million, compared to $118.4 million at December 31, 2011.|
The following information was filed by Abovenet Inc (ABVT) on Wednesday, May 9, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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