Lumos Networks reports Q2 2017 results

Lumos Networks Corp. (Nasdaq: LMOS), a fiber-based service provider in the Mid-Atlantic region, has announced its results for the second quarter of 2017, the company said.

Total revenue for the second quarter of 2017 was USD 56.4 million, up over 7% from the prior year period.

The company generated operating income of USD 9.0 million for the three months ended June 30, 2017, down from USD 9.7 million in the prior year period.

Net income attributable to Lumos Networks Corp. was USD 0.5 million, or USD 0.02 per diluted share, for the second quarter of 2017, compared to net income of approximately USD 1.2 million, or USD 0.05 per diluted share in the prior year period.

Total Adjusted EBITDA for the second quarter was USD 25.5 million, up over 7% from the prior year period.

On February 18, 2017, the company announced that it had entered into a definitive agreement to be acquired by EQT Infrastructure for USD 18.00 per share in an all-cash transaction, resulting in an enterprise value of approximately USD 950 million. Shareholder approval of the transaction was received on May 24, 2017.

The company is awaiting approvals from one additional state and from the FCC and now expects the transaction to close in the next 90 days.

Lumos Networks is a fiber-based service provider in the Mid-Atlantic region serving Carrier, Enterprise and Data Center customers, offering end-to-end connectivity in 26 markets in Virginia, West Virginia, North Carolina, Pennsylvania, Maryland, Ohio and Kentucky.

With a fiber network of 10,983 fiber route miles and 515,362 total fiber strand miles, Lumos Networks connects 1,307 unique Fiber to the Cell sites, 1,672 total FTTC connections, 2,171 on-net buildings and approximately 3,500 total on-net locations.