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Last $16.36 USD
Change Today +0.14 / 0.86%
Volume 276.7K
FRP On Other Exchanges
Symbol
Exchange
Frankfurt
As of 8:10 PM 08/31/15 All times are local (Market data is delayed by at least 15 minutes).

fairpoint communications inc (FRP) Key Developments

FairPoint Communications Inc Reaches Settlement with the Vermont Department of Public Service

FairPoint Communications Inc. announced that it has reached a settlement agreement with the Vermont Department of Public Service that would resolve the state's service quality investigation of FairPoint pending since December 2014. This agreement, set out in a filed Memorandum of Understanding, requires approval by the Vermont Public Service Board. The settlement calls for FairPoint to pay a significant number of retroactive customer bill credits for out-of-service repair delays and to provide better guidance to telephone customers who are eligible for such credits in the future. Also, it supports a new proceeding in front of the Public Service Board to review the scope of regulatory obligations applicable to FairPoint in light of significant changes in the competitive telecommunications landscape in the past several years. The settlement is also based upon FairPoint's commitment to utilise USD 8.8 million of annual funding from the federal Connect America Fund (CAF) Phase II price cap carrier programme.

FairPoint Communications Lays Off 229 Employees

FairPoint Communications announced that the company laid off 229 employees effective July 29, bringing its total employment down to 2,931 from 3,160 one year ago. It had planned to lay off 260 employees total, with 79 of those positions in Maine.

Fairpoint Communications, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Full Year 2015

Fairpoint Communications, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total revenue of $214,098,000 against $225,597,000 a year ago. Income from operations was $59,318,000 against loss from operations of $9,567,000 a year ago. Income before income taxes was $29,814,000 against loss before income taxes of $29,814,000 a year ago. Net income was $40,265,000 or $1.49 diluted per share against net loss of $22,680,000 or $0.86 diluted per share a year ago. Adjusted EBITDA was $63,664,000 compared to $64,234,000 a year earlier. Capital expenditures were $28,298,000 compared to $34,900,000 a year earlier. For the six months, the company reported revenues of $428,072,000 against $456,154,000 a year ago. Loss from operations was $31,681,000 against $103,169,000 a year ago. Income from operations was $34,650,000 against loss from operations of $31,681,000 a year ago. Loss before income taxes was $4,871,000 against loss before income taxes of $71,721,000 a year ago. Net loss was $4,948,000 or $0.19 diluted per share against $54,917,000 or $2.08 diluted per share a year ago. Adjusted EBITDA was $152,344,000 compared to $128,409,000 a year earlier. Capital expenditures were $54,728,000 compared to $62,977,000 a year earlier. Net cash provided by operating activities were $29,637,000 compared to $55,741,000 a year earlier. For full year 2015, the company now expects to generate $115 million to $125 million of Unlevered Free Cash Flow adjusted for Estimated Avoided Costs in the first quarter. The lower end of this guidance range has increased from $105 million in prior guidance. Unlevered Free Cash Flow refers to Adjusted EBITDA minus capital expenditures, pension contributions and cash payments for OPEB. In addition, annual capital expenditures are expected to be less than $120 million and aggregate annual pension contributions and OPEB payments are expected to be approximately $20 million. For the year, The company expects scheduled annual principal payments of $6.4 million and cash interest expense of $75 million to $77 million.

Fairpoint Begins $11 Million Contract with Vermont's 911 System

FairPoint Communications has taken over Vermont's enhanced 911 telephone system. The new technology went live July 29, kicking off a five-year, $11.2 million contract with the telecommunications company. The new FairPoint system is better at handling 911 requests that come through text message.

Fairpoint Communications, Inc. to Report Q2, 2015 Results on Aug 05, 2015

Fairpoint Communications, Inc. announced that they will report Q2, 2015 results at 4:30 PM, Eastern Daylight on Aug 05, 2015

 

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