Zayo Group Holdings (NYSE: ZAYO), announced results Tuesday for the three months ended June 30, 2018. Fourth quarter operating income increased $14.9 million and net income increased by $20.4 million over the previous quarter. Basic and diluted net income per share during the quarter was $0.18. During the three months ended June 30, 2018, capital expenditures were $208.0 million.
As of June 30, 2018, the Company had $256.7 million of cash and $441.9 million available under its revolving credit facility.
”Zayo’s expectations that trends will improve in the current quarter should ease potential concerns that these developments reflect an altered demand trajectory,” said Barclays analyst Amir Rozwadowski, “However, we would expect the shortfall to keep questions on the timing of when Zayo can achieve its aspirational top line growth targets in place.”
On July 31, 2018, Zayo closed the sale of Scott-Rice Telephone Co (“SRT”) for $42 million to Nuvera (formerly New Ulm Telecom, Inc.). The Company acquired SRT as part of its March 2017 purchase of Electric Lightwave and it was reported as part of the Allstream segment. Scott-Rice had a net loss before taxes of $1.6 million for the year ended June 30, 2018.
August 24, 2018