One-off events mask good performance at Citizens

7 Nov 2007

The US rural wireline operator Citizens Communications has reported a sharp drop in third quarter net income, from USD128.5 million to USD47.4 million, although the year-ago figures were boosted by a one-time USD72.1 million gain from the sale of its Electric Lightwave business. The results for the latest quarter also include a USD12.1 million charge related to redundancy payments. Ignoring the one-off events, the company showed a solid performance, with revenues up 14% at USD575.8 million. The high speed internet business added almost 18,000 net new customers to take the total subscriber base to just under 500,000.

United States, Frontier Communications