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Cincinnati Bell posted a narrower loss and higher revenue in the second quarter, helped by a strong contribution from subsidiary Hawaiian Telcom.
The Ohio-based company said before the market opened Thursday that it had a loss of $5.5 million, or 16 cents a share, compared with a loss of $13.8 million, or 39 cents a share, in the year-earlier period. Its revenue jumped 29% to $384.2 million from $296.8 million.
Hawaiian Telcom, which was acquired by Cincinnati Bell for $650 million on July 2, 2018, contributed $88 million, or 23%, of the revenue.
“I am excited about the company’s performance this quarter,” Cincinnati Bell President and CEO Leigh Fox said in a news release. “It has been one year since we acquired Hawaiian Telcom, and that business remains on target to grow 5% to 10% annually.”
Cincinnati Bell’s stock jumped 12.7%, or 45 cents, to $4.
In Hawaii, fiber-to-the-premise activations — the installation and use of optical fiber from a central point directly to residences, apartment buildings and businesses for high-speed internet access — totaled 1,000 during the quarter while in Cincinnati they increased by 3,200.
Second-quarter loss
$5.5 million
Year-earlier loss
$13.8 million