Hawaiian Telcom Holdco, Inc. said Thursday net income for the fourth quarter was $2 million, or 19 cents per share, down from $2.6 million, or 23 cents per share, in the fourth quarter of 2013.
The decrease was due to a $2.0 million increase in depreciation and amortization as a result of significant investments made to the company’s broadband network, Hawaiian Telcom said in a news release.
Revenue for the utility was $99.6 million for the fourth quarter down from $100.5 million in the fourth quarter of 2013.
The decrease was partly due to a 5.7 percent decline in sales in its land-line business.
The company saw consumer revenue growth with its Hawaiian Telcom TV and high-speed internet services, the utility said. Consumer revenue increased 2.6 percent year-over-year to $37.4 million.
The utility added over 2,300 subscribers to Hawaiian Telcom TV during the quarter. The company has a total of 28,100 subscribers.
The utility is gradually adding to the neighborhoods where its TV service is available for purchase. At the end of 2014 the service was offered to 160,000 homes on Oahu, for an increase of 8,000 households in the fourth quarter.
Hawaiian Telcom added 600 consumer subscribers in the fourth quarter to its high-speed Internet business to a total of 92,900 subscribers.