Frontier Communications (NYSE: FTR) has decided to switch its stock exchange listing from the New York Stock Exchange (NYSE) to the Nasdaq Global Select Market.
While it is switching stock exchanges, Frontier will continue to be listed under the "FTR" symbol and expects trading to begin on the Nasdaq on Dec. 16 of this year.
Donald R. Shassian, executive vice president and Chief Financial Officer for Frontier said that "Listing on Nasdaq gives the dual benefit of providing shareholders with strong liquidity and execution, while enabling Frontier to reduce annual operating expenses."
The decision to switch stock exchanges comes at a time when Frontier is facing some interesting challenges. While its ongoing integration of the former Verizon (NYSE: VZ) rural lines appears to be on track, the service provider's Q3 2011 revenues declined from declined to $1.29 billion, down from $1.40 billion in 2010 due to decreases in the number of residential and business customers, switched access, video and directory revenue.
- see the release
Special report: Grading the top 11 ILECs in Q3 2011
Frontier, Time Warner Cable add home security to their broadband bundles
Frontier makes wireless move via AT&T reseller relationship
Frontier: Customer decreases, Verizon integration take toll on Q3 results
Frontier raises $575M in new financing to pay down debt