Last $16.91 USD
Change Today -0.34 / -1.97%
Volume 54.7K
FRP On Other Exchanges
Symbol
Exchange
NASDAQ CM
As of 8:10 PM 02/27/15 All times are local (Market data is delayed by at least 15 minutes).

fairpoint communications inc (FRP) Key Developments

Fairpoint Communications, Inc. Announces Northern New England Labor Unions Ratify Collective Bargaining Agreements

FairPoint Communications, Inc. announced that February 22, 2015, the membership of the IBEW, T-9 Council and the Communications Workers of America, Local 1400 ratified the tentative collective bargaining agreements between FairPoint and the labor unions. Highlights of the collective bargaining agreements are as follows: The defined benefit pension plan will be closed to new employees. For existing employees, past accruals have been frozen and future defined benefit accruals will be at 50% of prior rates and capped after 30 years of total credited service. No change to the 401(k) plan with a dollar-for-dollar match up to 5% of eligible pay. Retiree medical for active employees will be eliminated, except for a transitional monthly stipend for eligible employees who elect to retire in the first 30 months of the contract period. To be eligible for the stipend an employee must, among other criteria, have been granted a pension under the defined benefit pension plan. The monthly stipend shall not exceed $800 per retiree, plus an additional $400 for a retiree's spouse, and shall only be for reimbursement of medical insurance premiums. The stipend will be available only until the retiree reaches age 65, or dies, among other limitations. Employees will participate in the NECA/IBEW multi-employer medical plan. For 2015, the company's contribution is approximately equal to 79% of the cost had these employees been on the company's management health plan. Further, annual increases in the company's costs are capped at 4% per year. For existing employees there will be a delayed ratification payment of $400, with general wage increases of 1% in August 2016 and 2% in August 2017. New hire wage rate increases will occur at 12-month intervals versus 6-month intervals under the expired agreements. Paid sick days will be limited to 6 per year versus unlimited paid sick days under the expired agreements. Short term disability will be limited to 6 months with a 60% of normal salary benefit versus 12 months and a 100% of normal salary benefit under the expired agreements. Prohibitions on layoffs included in the expired agreements were eliminated. Subcontracting rules were liberalized to permit subcontracting in a variety of circumstances including weather emergencies, spikes in service workloads and where management determines that due to evolving technological needs, different skills are necessary. Other operational rules such as call-outs, standby and transfers among locations were liberalized. The term of the collective bargaining agreements are from February 22, 2015 through August 4, 2018.

FairPoint Communications, Inc. Reach Tentative Agreement with Labor Unions

FairPoint Communications, Inc. announced that they have reached tentative agreements on the terms for new collective bargaining agreements. The Company and the Unions agree that the terms of their new collective bargaining agreements will address, in meaningful and constructive ways, the objectives of the parties and that the new labor agreements will provide employees with wages and benefits that are among the best in northern New England. At the same time, the agreements permit the Company to achieve a much more competitive position in the marketplace. Union members will vote on ratification of the tentative agreements as soon as possible. Effective with the signing of the tentative agreements, the parties agreed that striking employees will return to work on February 25, 2015.

FairPoint Communications, Inc. to Open New Data Center in Manchester, NH

FairPoint Communications, Inc. announced plans to open a new data center in Manchester, N.H.FairPoint opened its first data center in Laconia, N.H., in June 2014. FairPoint's data centers provide organizations with network connectivity and rack space in physically secure, reliable locations. Businesses can use these spaces as primary or secondary data center sites; and they can be a critical part of a comprehensive disaster recovery strategy. FairPoint's data centers are strictly controlled environments with essential power, cooling, connectivity and security features – including continuous video monitoring and keycard access at ingress points. FairPoint's Data Center Services offer a flexible, pay-as-you-grow leasing model, with configurations ranging from half-rack and full-rack to customized cages. FairPoint's account managers work closely with customers to develop customized plans to address their specific requirements. And, with Remote Hands service, customers can let the FairPoint Advanced Services Team handle routine maintenance and troubleshooting. The benefits of FairPoint's data center services include: onA cost-effective approach to addressing IT expansion – With the pay-as-you-grow model, customers lease only the space they need. There is no need to overbuild on-premises data center space or to take on the high capital expenditure associated with new construction or expansion. onAn essential part of an effective business continuity and disaster recovery strategy – Avoid downtime and loss of business due to IT disruption. FairPoint's data centers can withstand adverse weather conditions, and are designed with the safety, physical security, and power backup features to ensure it stays up and running. onAn effective way to help maintain IT security – An off-site, physically secure data center limits physical access and reduces opportunities for disruptions and deliberate sabotage while mitigating the high costs of building a secure and compliant on-premises data center. onBoth an alternative and a bridge to cloud migration – An ideal solution for businesses that are concerned about regulatory compliance and are not ready to put legacy and critical applications and data on multi-tenant cloud platforms. onAccess to northern New England's fiber network – FairPoint's data center customers have access to a 16,000 route-mile fiber network, and can leverage the company's Carrier Ethernet Services at speeds up to 1 Gbps.

FairPoint Communications, Inc. Announces Executive Changes

FairPoint Communications, Inc. announced it has reorganized its operational structure to allow for better focus on its operations. Steven G. Rush, a 35-year telecom industry veteran, was named Senior Vice President, Northern New England Operations and takes on operational leadership of FairPoint's northern New England properties. Rush was most recently Senior Vice President, Customer Care and Network Assurance. In addition, Karen D. Turner has been promoted to Senior Vice President of Strategy and Business Support and will take responsibility for the Telecom Group and Facilities at the Executive Leadership Team level. In conjunction with this reorganization, the company announced that Kenneth W. Amburn, Executive Vice President, Operations, will leave the company on January 26, 2015 following a structured transition.

Fairpoint Communications, Inc. Presents at Citi 25th Annual Global Internet, Media and Telecom Conference 2015, Jan-07-2015 11:45 AM

Fairpoint Communications, Inc. Presents at Citi 25th Annual Global Internet, Media and Telecom Conference 2015, Jan-07-2015 11:45 AM. Venue: The Bellagio, 3600 S Las Vegas Blvd, Las Vegas, NV 89109, United States. Speakers: Paul H. Sunu, Chief Executive Officer and Director.

 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup
Recently Viewed
FRP:US $16.91 USD -0.34

FRP Competitors

Market data is delayed at least 15 minutes.

Company Last Change
Alaska Communications Systems Group Inc $1.68 USD 0.00
Broadview Networks Holdings Inc $1.80 USD 0.00
Cincinnati Bell Inc $3.35 USD -0.01
Hawaiian Telcom Holdco Inc $26.00 USD -0.16
Shenandoah Telecommunications Co $29.09 USD -0.57
View Industry Companies
 

Industry Analysis

FRP

Industry Average

Valuation FRP Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 0.5x
Price/Book NM Not Meaningful
Price/Cash Flow 2.9x
TEV/Sales NM Not Meaningful
 | 

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact FAIRPOINT COMMUNICATIONS INC, please visit . Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.