AboveNet has reported total revenue of $108.1m for the fourth quarter of 2010, an increase of 14.6% compared to $94.3m for the same period last year.
For the quarter ended 31 December 2010, the company posted an operating income of $24.5m, a marginal increase of 4.3% compared to $23.5m for the same period a year ago.
The company reported a decrease of 89.2% in net income of $22.3m, or $0.85 per diluted share, as compared to net income of $206.9m, or $7.96 per diluted share for the fourth quarter of 2009.
Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the fourth quarter of 2010 was $47.3m, compared to $39.2m for the fourth quarter of 2009.
Adjusted EBITDA margin for the fourth quarter of 2010 was 43.8%, compared to 41.6% of the same period a year ago.
For the fiscal year 2010, the company’s revenue, operating income increased to $409.7m and $107m, respectively while net income decreased to $69.4m from $281.6m for the previous fiscal year.
AboveNet CEO Bill LaPerch said the company believes bandwidth needs will continue to increase in 2011, bolstered by steady improvements in business spending and their priorities in 2011 include leveraging the investments they have made in opening new markets in Europe and the US, investing intelligently in expanding their network density and adding profitable, cost-effective services.
For the fiscal year 2011, the company expects revenue to range between $460m and $470m.
