Waynesboro-based Lumos Networks Corp. recorded a slight drop in revenue but an increase in net income in the first quarter.
Lumos, a fiber-based provider of voice, data and IP-based telecommunications services, has operated as a separate, publicly traded company since last October when it was spun off by NTELOS Holdings Corp., a wireless phone service company.
Lumos had first quarter revenue of $51.4 million, down 2.3 percent from $52.6 million in the same period last period last year.
Its net profit was $5.29 million, up 5.4 percent from $5 million the previous year.
Lumos’ total adjusted EBITDA (earnings before interest taxes depreciation and amortization) was $22.3 million, compared with $24.3 million in the first quarter of 2011.
Lumos’ board of directors named Timothy G. Biltz as CEO in April. He was chairman of iPCS, Inc. from 2006 through 2009. He has served on the Board of Directors of NTELOS Holdings Corp. since December 2006.
“I am delighted to join Lumos Networks during this exciting time of the Company’s evolution from a regional rural local exchange carrier into a fiber-based network service provider of high speed data products and services,” Biltz said in statement.
The company expects total revenue for the year of $200 million to $205 million, adjusted EBITDA of $85 million to $90 million.
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