POSTED: 10:22 a.m. HST, Mar 14, 2013
LAST UPDATED: 12:22 p.m. HST, Mar 14, 2013
Revenue from its video and broadband businesses boosted Hawaiian Telecom’s financial results for the fourth quarter and full year, the company announced today.
The 2012 earnings also were helped by several one-time factors that weren’t present a year earlier, including a substantial tax benefit recorded in the fourth quarter..
The state’s largest telephone company earned $98.6 million during the final three months of last year, up from $6.5 million during the same period in 2011. Full-year earnings were $110 million, up from $26.2 million in 2011.
The 2012 results included a $90.8 million non-cash tax benefit, the company reported. After adjusting for the benefit Hawaiian Telcom earned $7.8 million in the fourth quarter and $19.2 million for the full year.
Revenue from Hawaiian Telcom’s new video servicie increased by $1.6 million in the fourth quarter and $4.6 million for the year. The company added 1,800 high-speed Internet customers in the fourth quarter, ending the year with 107,600 subscribers, up 4.2 percent from a year earlier.
“In 2012 we made solid progress in executing our strategic plan and investing in key growth areas of our business,” Hawaiian Telcom CEO Eric Yeaman said in a news release.
“”Hawaiian Telcom TV is generating great excitement and strong demand in its addressable market and was the key driver of quarterly and annual consumer revenue growth in 2012,” he said.
Hawaiian Telcom shares were up 59 cents at $21.18 in late trading on the Nasdaq Global Market.