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FairPoint Reports Revenue Gains For 2nd Straight Quarter

FairPoint Communications is reporting a second straight quarter of net revenue gains. The latest earnings report continues a reversal of the significant losses by the company in the past.

FairPoint says federal money from phase two of Connect America broadband funding and a reduction in the number of employees drove the company’s net gains in the third quarter of the fiscal year.

The company says net revenues were $53.1 million for the quarter and $48.1 million year-to-date.

The company was losing money as recently as the first quarter of this fiscal year – and in fiscal 2014, FairPoint reported a net loss of $136.3 million.  

Earlier this year, FairPoint was beset by repair problems, which it blamed on winter weather and a workers strike.

In prepared remarks FairPoint CEO Paul Sunu said the company has reversed the backlog of problems. 

“We’re seeing historic lows in our maintenance workload,” said Sunu. The situation allows the company “to address issues more quickly, reduce the number of repeat customer calls and free up time to focus on hardening the network for the upcoming winter,” he said.

FairPoint’s Ethernet business and wholesale and institutional services continue to grow as residential telephone revenues declined.

The company is also losing broadband customers, but says the loss is offset by existing customers paying more for speed upgrades.

Steve has been with VPR since 1994, first serving as host of VPR’s public affairs program and then as a reporter, based in Central Vermont. Many VPR listeners recognize Steve for his special reports from Iran, providing a glimpse of this country that is usually hidden from the rest of the world. Prior to working with VPR, Steve served as program director for WNCS for 17 years, and also worked as news director for WCVR in Randolph. A graduate of Northern Arizona University, Steve also worked for stations in Phoenix and Tucson before moving to Vermont in 1972. Steve has been honored multiple times with national and regional Edward R. Murrow Awards for his VPR reporting, including a 2011 win for best documentary for his report, Afghanistan's Other War.
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