Lumos Networks Corp., which was spun off from NTELOS Holdings Corp. last year, reported higher revenue during its fourth quarter, but recored a loss because of a goodwill impairment charge.
The Waynesboro-based company said revenue grew 24.6 percent to $51.1 million, compared with $41 million for the fourth quarter of 2010. At the same time, the company reported a loss of $67.1 million, compared with a profit of $4.3 million the year before. However, the company reported a loss because of an $86.3 million asset impairment charge on its Rural Local Exchange Carrier.
During the year, total revenue was $207.4 million, compared with $146 million in 2010. For the year, the company reported a loss of $43.9 million, compared with a profit of $20.9 million in 2010. The results were also affected by the asset impairment charge.
“The year 2011 marked several milestones for Lumos Networks,” Michael B. Moneymaker, president of Lumos, said in a statement. “We completed the separation from NTELOS and the integration of the FiberNet and Alleghany fiber acquisitions. During the year, we enabled Metro Ethernet or IP voice services in 30 new markets. We are positioned to increase data sales in 2012 as we now focus our resources on the data growth opportunities ahead of us.”
For 2012, the company expects total revenue between $200 million and $205 million. Total revenue for the first quarter is expected to be between $50 million and $51 million.
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