Posted at 12:14 p.m., Tuesday, August 14, 2007
Tax benefit helps boost Hawaiian Telcom earnings
Advertiser Staff
Hawaiian Telcom today posted a second quarter profit of $21.4 million because of a $52.5 million tax benefit relating to the proposed sale of the company's directories publishing business.That compares with a $32.2 million loss during the year-ago period. The company announced a planned $435 million sale of the directories business in April. The sale is subject to state Public Utilities Commission approval.
Operating revenues during the three-months ended June 30 fell 5 percent from the year-ago quarter to $121.4 million because of a decline in switched access lines and a higher than anticipated level of billing adjustments.
Through the first six months of this year Hawaiian Telcom, which is owned by The Carlyle Group, earned $36.9 million, versus a loss of $70.8 million in the year-ago period. Operating revenues at Hawai'i's major phone company fell 3 percent during the first half of this year to $246.9 million.
