Shares of regional telecommunications provider Shenandoah Telecommunications Co. inched upward after the company reported a 71-percent increase in quarterly revenue thanks largely to its wireless business.
The Edinburgh, Va.-based firm said it generated $7.1 million in operating income during the first quarter of 2007, up dramatically from the year-ago period. Shentel, which among other things serves as a Sprint Nextel Corp. CDMA affiliate, reported $7.3 million in wireless operating income during the recent period, a 66-percent increase over the same period in 2006.
The company also reported an 89-percent increase in net additions from the first quarter of 2006 to 11,645 subscribers, and a first-quarter churn of 1.8 percent, down slightly from the 1.9 percent reported during the prior year. Shentel ended the quarter with 165,148 customers on its network.
While its wireless business surged, Shentel reported substantially decreased revenue in its wireline operations and a widened loss in its converged services business. Shares of the company gained $1.28, or 3 percent, to $46.08 following the announcement.
Shentel posts robust Q1 boosted by wireless operations
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