Consolidated Communications (Nasdaq: CNSL) reported that the ongoing rise in data and video connections helped drive up its Q1 2013 revenues year-over-year to $156.3 million.
The telco's income from operations was $28.4 million, up from $11 million in Q1 2012 due primarily to the SureWest acquisition, growth in the business and synergy realization.
However, the increase in data, Internet and subsidy revenues were offset by expected declines in local voice, long distance and prison services.
During the quarter, it add added 2,717 broadband and 1,338 video connections, while losing 2,742 traditional voice access lines. From a marketable homes point of view, it had a total of 195, 962 fiber and 94,433 HFC-based homes, while copper homes remained flat at 399,547.
Bob Currey, president and CEO of Consolidated said that one of the key milestones of the quarter was that it reached its "target of $20 million in annual run-rate synergies a full quarter ahead of schedule," adding that they are " in great shape to exceed our targeted $25 million in annual run-rate synergies by June of next year."
The telco has forecast cash interest expense between $80 to $85 million and capital expenditures of $100 to $110 million.
Shares of Consolidated Communications were trading at $17.78, down 0.17, or 0.94 percent, in late morning trading Thursday on the Nasdaq stock exchange.
For more:
- see the earnings release
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