POSTED: 11:35 a.m. HST, May 16, 2011
LAST UPDATED: 01:29 p.m. HST, May 16, 2011
Hawaiian Telcom said it posted a $5.5 million profit in the first quarter as it boosted its number of high-speed Internet customers and slowed the loss of land-line subscribers.
The first-quarter profit compared with a $23.3 million loss in the year-ago period when the state’s largest telephone company was working its way through bankruptcy.
Hawaiian Telcom increased the number of broadband customers by 3,900, or 4 percent, to 101,200 in the January-through-March period. The number of land-line customers fell by 6 percent in the first quarter, down from a 7.3 percent drop for the comparable period a year earlier. In addition, the company said it added 4,500 residential telephone/internet bundles in the first quarter.
“I am pleased with our results for the first quarter and the solid progress we continue to make in many of our key operating metrics,” said E ric Yeaman, Hawaiian Telcom’s president and chief executive officer.
Hawaiian Telcom shares closed down 25 cents at $27.75 today in over-the-counter trading.