Earnings more than double at AboveNet
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.