ccoi continued its rebound from the loss of MegaUpload’s business in January with a steady third quarter that took revenues back to an all time high. Their total of $79.7M was a bit above my own guess but slightly below the consensus analyst estimate, although it would have matched that threshold in constant currency terms. Here’s a quick table:
| $ in millions | Q3/11 | Q4/11 | Q1/12 | Q2/12 | Q3/12 |
|---|---|---|---|---|---|
| Revenue | 77.4 | 79.1 | 76.9 | 77.8 | 79.7 |
| EBITDA | 26.7 | 27.8 | 22.6 | 25.3 | 26.2 |
| Earnings per share | 0.01 | 0.12 | -0.05 | -0.04 | 0.00 |
| Gross Margin | 56.7% | 57.8% | 55.4% | 55.0% | 54.3% |
| Adj. EBITDA Margin | 34.5% | 35.2% | 29.3% | 32.6% | 32.9% |
| On-net Buildings | 1707 | 1744 | 1769 | 1799 | 1832 |
EBITDA was a bit lower than I had guessed, mostly due to apparent noise in the company’s gross margins. EBITDA margins expanded slightly, but remain in a lower range than they finished last year at.
Along with 33 building additions, Cogent saw a 17% increase in traffic over the previous quarter and expanded its headcount to 621. On the dividend front, Cogent approved a payout of $0.11 per share, 10% higher than previously disclosed and payable on December 12.
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