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Business in the Burbs

Movers, shakers and newsmakers

Earnings more than double at AboveNet

August
10

Quarterly profits more than doubled at AboveNet Inc., a White Plains-based telecommunications company that benefited from strong demand from corporate customers for its high-speed data links.

Net income for the second quarter was $24.6 million, or $1.95 per share, up from $11.2 million, or 92 cents a share, a year earlier.

Revenues surged 14.1 percent to $88.0 million.

AboveNet’s system, which delivers network and Internet services among 15 top U.S. markets and London, has been popular among media, energy and financial services companies. Such customers need a lot of communications bandwith to operate their businesses. The company also signed up customers who are looking to use high-speed communications technology to lower their costs and boost efficiencies during the economic downturn.

“We delivered another quarter of solid year-over-year growth in revenue” and earnings, said Bill LaPerch, president and chief executive officer.

AboveNet recently signed a 10-year lease to remain at its White Plains headquarters at 360 Hamilton Ave. The company occupies 32,000 square feet in the downtown building owned by Reckson, a division of SL Green.

The company also has announced plans for a two-for-one stock split after its shares jumped 219 percent this year.

This entry was posted on Monday, August 10th, 2009 at 12:16 pm by Jay Loomis. You can follow any responses to this entry through the RSS 2.0 feed.
Category: Earnings

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Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

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