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February 28, 2008

FairPoint reports net loss

FairPoint Communications today reported a net loss of $19.5 million for its fourth quarter ending December 31, 2007.

The Charlotte, N.C.-based telecom company, which recently received final regulatory approval to acquire Verizon's landline business in Maine, New Hampshire and Vermont, blamed the loss on a $21.3 million increase in merger-related operating expenses for the quarter, according to a press release. FairPoint's net income for the entire year was slightly more than $6 million, compared to net income of slightly more than $31 million in 2006, the release states.

Despite the net loss, FairPoint Chairman and CEO Gene Johnson said he was satisfied with the company's performance. "I am extremely pleased with our operating results during 2007, particularly in light of the potential distractions we faced in dealing with the many facets of the Verizon transaction," Johnson said in the press release.

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