FairPoint Communications (Nasdaq: FRP) may have emerged from Chapter 11 protection in January, but its 2010 full year earnings statement shows that some of its former missteps still aren't totally behind them.
For 2010, FairPoint reported that it lost $281.6 million, or $3.15 per share, in 2010. By comparison, FairPoint lost $241.4 million, or $2.70 a share, in 2009.
As it continues to clean up its financial troubles, FairPoint also had to restate its earnings for the first three quarters of 2010. During those quarters, net losses of $206.8 million were $28.4 million more than the $178.2 million the telco stated in November.
When it issued its revised financial report for 2010, FairPoint revealed that revenue for the three quarters was less than $803 million, slightly less than the $806.9 million it reported in November. After correcting various accounting errors in those three quarters, FairPoint found it had $24.5 million more in expenses.
Similar to other landline-centric service providers, FairPoint lost 8 percent more wireline voice customers, dropping to 1.4 million total customers.
To make up for it ongoing wireline voice line losses, FairPoint will continue to build out broadband DSL service. Broadband, however, was one bright spot in what was a less than stellar financial report, rising 0.4 percent to 289,745 by the end of 2010.
For more:
- see the release (PDF)
- Charlotte Business Journal has this article
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