NEW YORK (Thomson Financial) - Cbeyond Inc. late Thursday reported
fourth-quarter net earnings of $12.5 million, or 44 cents per basic share, up
from $4.35 million, or 16 cents per basic share, during the year earlier.
The latest results include a benefit of $9.6 million due to the expected
utilization of prior operating loss carryforwards, the company said.
The mean estimate of analysts polled by Thomson Financial was for a
per-share profit of 10 cents.
Adjusted earnings before interest, taxes, depreciation and amortization were
$14 million, up 13% from $12.3 million a year earlier.
Sales rose 31% to $76.9 million from $58.9 million, just above Wall Street's
mean view of $76.7 million.
The Atlanta-based provider of communications services to businesses said the
deteriorating economic environment has increased the number of customers who are
unable to pay. As a result, the company has tightened its credit policies and
disconnected 300 more customers than usual.
The company said it expects 2008 adjusted EBITDA of $60 million to $62
million, and sales of $355 million to $360 million. Capital expenditures are
expected to be $65 million to $70 million.
The stock closed the regular session down $1.25, or 5%, at $23.50.
Michelle Rama
mr/kh
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