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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 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. |
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Abovenet Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2012 10-K Annual Report includes:
Ticker: ABVT
CIK: 1043533
Form Type: 10-Q Quarterly Report
Accession Number: 0001144204-12-026968
Submitted to the SEC: Wed May 09 2012 7:45:38 AM EST
Accepted by the SEC: Wed May 09 2012
Period: Saturday, March 31, 2012
Industry: Communications Services