FairPoint Communications, which is based in Charlotte, N.C., said Thursday it had a net loss of $37.1 million, or $1.43 per diluted share, on $243.5 million in revenues in the second quarter.
That compares to a net loss of $27.1 million, or $1.05 per diluted share, on revenues of $243.5 million for the quarter ended June 30, 2011.
FairPoint said data and Internet services revenue grew 8.4 percent sequentially and that new products, such as ethernet, continued to attract new customers.
Ethernet services revenue grew to $10.2 million in the second quarter of 2012, compared to $9 million in the first quarter of 2012 and $2.6 million in the second quarter of 2011, the company said.
Although the company continues to lose traditional land line customers, with voice access lines down 7.8 percent year over year, the rate of loss slowed to 1.8 percent from the previous quarter, the company said.
As of June 30, FairPoint had approximately 3,410 employees, or 3.7 percent fewer than it had on Dec. 31, 2011, and 15.4 percent fewer than on Dec. 31, 2010.
New Hampshire's substantial deregulation of FairPoint's retail operations in the state, signed into law by Gov. John Lynch in June, gives FairPoint greater regulatory flexibility for all products and services except basic local voice calling, the company said.
“When combined with the retail legislation passed in Maine and the new Incentive Regulation Plan in Vermont, FairPoint can now compete on a more level playing field in all three northern New England states as we expand our sales efforts and transform our revenue composition,” Paul H. Sunu, CEO of FairPoint, said in a statement.
New Hampshire also eliminated retail service quality penalties reducing FairPoint's exposure to such penalties by $12.5 million per year.
On the Net: fairpoint.com