Hawaiian Telcom (Nasdaq: HCOM) has reached another milestone in its growth strategy--listing in the Russell 2000 Index.
The listing--which became effective after the markets closed Friday--is part of Russell Investments' annual index reconstitution.
In addition, the service provider was added to the Russell 3000, Russell Global, Russell Microcap, and other growth and value style indexes.
Like its recent listing on the Wilshire 5000 Total Market Index, being added to the Russell 2000 Index makes the service provider more visible to other investors as it seeks new capital to expand its next-gen business and residential service sets like Ethernet and IPTV.
"We believe that membership in the Russell indexes will increase our exposure to the broader institutional investment community, help further expand our shareholder base, and contribute in our efforts to enhance shareholder value," Eric Yeaman, Hawaiian Telcom's president and CEO, said in a release announcing the listing.
As seen in its Q1 2012 earnings report, business services and broadband have become new growth engines for the telco. Driven by equipment sales and managed services revenue, business revenue increased 5.4 percent year-over-year, to $42.1 million. On the consumer end, broadband subscribers increased 2.7 percent year-over-year, to 85,000, while increasing its IPTV footprint, or homes passed, from 27,400 to 41,200.
For more:
- see the release
Special Report: ILECs grew video, business and broadband power in Q1 2012
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