Hawaiian Telcom’s net income rose to $1.8 million, or 17 cents a share, the first quarter from $200,000, or 2 cents a share in the same quarter a year ago due primarily to a loss from a one-time early retirement of debt in the year-ago period, the company reported today.
Revenue for the January-through-March quarter totaled $96 million, down from $97.6 million in the first quarter of 2012. A decline in land lines and lower revenue from equipment and managed service revenue more than offset an increase in growth in revenue from the company’s video high-speed internet service, the company reported.
“Our execution in the first quarter demonstrates a solid start to the year, highlighted by significant expansion of our enhanced broadband network and strong growth in Hawaiian Telcom TV and HSI subscribers,” Erik Yeaman, Hawaiian Telcom president and CEO said in a prepared statement.
The year-over-year net income figure was skewed by a one-time “early extinguishment” of $5.1 million in debt in the first quarter of 2012, net of a $2.1 million increase in depreciation and amortization and a $1.2 million deferred tax provision in the first-quarter of 2013, the company reported.
Hawaiian Telcom shares were down 39 cents at $24.76 in midday trading on Nasdaq Global Select Market.