Consolidated Communications Holdings, Inc. (CNSL) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $3.68 million, or $ 0.07 a share in the quarter, against a net profit of $7.85 million, or $0.15 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $5.74 million, or $0.11 a share compared with $9.47 million or $0.19 a share, a year ago. Revenue during the quarter dropped 10.01 percent to $169.94 million from $188.85 million in the previous year period. Gross margin for the quarter expanded 20 basis points over the previous year period to 57.99 percent. Total expenses were 89.06 percent of quarterly revenues, up from 87.13 percent for the same period last year. That has resulted in a contraction of 194 basis points in operating margin to 10.94 percent.
Operating income for the quarter was $18.59 million, compared with $24.31 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $71.12 million compared with $78.62 million in the prior year period. At the same time, adjusted EBITDA margin improved 22 basis points in the quarter to 41.85 percent from 41.63 percent in the last year period.
"It’s been a productive start to the year," said Bob Udell, president and chief executive officer of Consolidated Communications. "Our consolidated revenues, adjusted earnings and free cash flow are stable. We continue to make progress enhancing our commercial and broadband services to offset the known USF and legacy revenue step downs. We realized solid growth in data and Internet connections this quarter while working through some continued bandwidth price compression."
Operating cash flow declines
Consolidated Communications Holdings has generated cash of $51.72 million from operating activities during the quarter, down 13.14 percent or $ 7.82 million, when compared with the last year period. The company has spent $28.98 million cash to meet investing activities during the quarter as against cash outgo of $28.67 million in the last year period.
The company has spent $23.18 million cash to carry out financing activities during the quarter as against cash outgo of $22.28 million in the last year period.
Cash and cash equivalents stood at stood at $26.63 million as at Mar. 31, 2017.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
