Metro fiber specialist abvt did something today that they haven’t done since imploding spectacularly way back in 2001. They reported fourth quarter and full year 2008 earnings on time! What’s more, they promised to hold earnings conference calls starting with the first quarter results, and will apply for a listing of their common stock on a national exchange. I have given them grief about it several times since starting this blog, so congratulations are in order for CEO Bill LaPerch and his team. Many thought they would never come out of that cocoon.
As for the results themselves, there was little in the way of expectations but Abovenet seems to be doing well despite a tough economy. Revenues for the fourth quarter and full year 2008 were $89.8M and and $319.9M. While that would be 26% and 33% growth, it does include $8.7M termination revenue in Q4. EBITDA of $115.9M was up from $58.9M in 2007. Capex rose from $90.8M to $117.2M in 2008. They ended the year with $87.1M in cash and some $35M in debt, with another $53M available under a credit facility.
In other words, they look pretty darn healthy nowadays, in-line with much of the rest of the metro fiber sector. How 2009 plays out for Abovenet will be interesting to watch. As one of the only public pure metro providers, their re-emergence will probably gain them some attention this year should they make it back onto an exchange somewhere.
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