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Posted August 1, 2009 | Copyright © The Northern Virginia Daily
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Shentel revenue jumps 11 percent
EDINBURG — Shentel posted an 11 percent jump in revenue in the second quarter, but its earnings fell due to costs associated with its new cable TV operations and expansion of its wireless and fiber optic networks.
The company reported net income of $6.8 million on sales of $40.1 million, compared to $8 million and $36.3 million, respectively, for the same three-month period in 2008.
During the quarter, Shentel completed an upgrade of the cable network it acquired in Alleghany County from Rapid Communications, and work continues on its newly acquired networks in West Virginia, the company said.
As a Sprint PCS affiliate of Sprint Nextel, Shentel ended the second quarter with 216,067 wireless customers, an increase of 3,013, or 8 percent, over June 30, 2008. Churn — the percentage of customers who choose to drop service — was 1.74 percent, down from 2.15 percent last year.
The company also added 13 cell sites and 41 EVDO sites during the quarter to boost its Sprint PCS and mobile broadband coverage. High-speed data services are now available to 94 percent of the population covered by Shentel’s PCS network, the company said.
“We believe these improvements in our networks will position us to lead the industry when economic conditions improve,” Shentel President and CEO Christopher French said in a statement.
Shentel had 25,260 cable customers as of June 30, up about 17,000 from the same month last year, while losses in telephone access lines continued at a low rate.
— Daily Staff Report
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