One-time collection helps Hawaiian Telcom's first quarter
Advertiser Staff
Hawaiian Telcom earned $15.5 million in the first quarter after receiving a one-time $52 million cash payment from consultant BearingPoint Inc. Hawaiian Telcom reached a mutual agreement to part ways with BearingPoint, which helped with the company's ownership transition.
FIRST QUARTER
Revenue: $143.1 million, up 1.1 percent from year ago.
Net income: $15.5 million vs. loss of $38.6 million year ago.
Operating revenue: $143.1 million, up 1.1 percent from year ago.
Operating income: $46.6 million vs. a loss of $10 million year ago.
REASONS
WHAT THEY ARE SAYING
"Our first-quarter results provide us with a good start to the year and with innovative product launches like our new myChoice Wireless bundle ... for less than $100 a month, we are fulfilling our commitment to deliver innovation and value to the marketplace."
Mike RuleyHawaiian Telcom chief executive officer
WHAT'S NEXT
The company stands to receive $435 million from the sale of its directory publishing business to Local Insight Media. The sale is subject to approval by the state Public Utilities Commission.
Hawaiian Telcom expects to launch a new television service in the first quarter of next year.
