Louisville, Ky.-based competitive provider Lightyear Network Solutions (LYNS.OB) is confident that it will report a profitable fourth quarter.
As of the end of October 2010, Lightyear reported consolidated revenue of $6.61 million, a 70.4 percent increase over $3.88 million in October 2009, a factor it attributes to its acquisition of SouthEast Telephone. Similarly, gross profit in October was $2.23 million, up 77 percent from $1.26 million in 2009.
J. Sherman Henderson III, CEO of Lightyear said in a release that the "fourth quarter is shaping up to be our strongest quarter to date, and we expect it to be the first quarter in which we will have reached profitability since we became a public company earlier this year."
In addition to completing its acquisition of SouthEast Telephone, Henderson said that it added "many" new agents and that its proprietary customer management system "has enabled us to continue to increase efficiencies and reduce costs while we add customers and increase revenue."
Another factor was a continual focus on higher margin services and eliminating less profitable ones. Stephen M. Lochmueller, President of Lightyear, said that strategy has helped us not only to reduce costs but to organically grow revenue."
- see the release
- von/xchange also has this article
Lightyear wraps up acquisition of Southeast Telephone
Lightyear expands rural customer base by acquiring SouthEast Telephone
Lightyear brings Libra Corp. under common brand
Sprint Wholesale, Lightyear Network Solutions renew wholesale pact