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Windstream 4Q profits quadruple behind sale of directory business Saturday, Feb 9, 2008 Arkansas News Bureau LITTLE ROCK - Windstream Corp. on Friday reported fourth-quarter earnings of $583.6 million, more than four times its earnings in the same quarter a year ago. Profits were boosted by the sale of its yellow pages business directory, which netted $451 million. The quarter also included a one-time charge of $3.3 million for the acquisition of North Carolina-based CT Communications. "Windstream delivered another quarter with solid financial performance and industry leading operating metrics despite gradually increasing competition," Windstream CEO Jeff Gardner said in a prepared statement. Revenues in the fourth quarter, which capped Windstream's first year of business, rose to $827.8 million, up 0.2 percent from to a year earlier. For the year, Windstream turned a profit of $917.1 million, up 68 percent compared to last year, on revenues of $3.26 billion. Although access lines continued a downward trend, falling by 38,000 lines, or 4.6 percent, during the quarter, Windstream gained both broadband and digital TV customers. The company added more than 41,000 broadband customers during the quarter, a 28 percent increase from a year ago. The company now has 871,000 broadband customers. "Broadband growth in the quarter continued to outpace declines in access lines, which slowed year-over-year, a notable accomplishment in light of increasing voice competition in our markets," Gardner said. Windstream also added 18,000 digital TV customers during the quarter, increasing its total customer base to approximately 196,000. The company's board of directors also adopted a $400 million share repurchase plan that will expire at the end of 2009. Shares of Windstream (NYSE: WIN) closed Friday at $11.61, up 62 cents for a 5.6 percent gain. |
