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Windstream profits rise 24 percent in first quarter Saturday, May 10, 2008 By Jason Wiest Arkansas News Bureau LITTLE ROCK - Windstream Corp. reported Friday that its first-quarter profits totaled $124 million, up 24 percent from the same period last year. Revenues rose 4 percent to $812 million, the company said. CEO Jeff Gardner said the company's business has not been affected by the challenging economic environment so far. "We are successfully replacing residential voice revenue streams with growth in data, special access and long-distance," Gardner said. At the company's annual meeting of stockholders Thursday, Gardner told shareholders that its broadband Internet and digital television service is the key to the future for the company, which has roots selling landline phone service in rural areas. Total access lines declined by about 42,000 to 3.16 million, a drop of 4.9 percent year-over-year, Windstream said. But the company added 40,000 broadband customers in the quarter, along with 15,000 digital TV customers, the company said. Average revenue per customer increased 6 percent during the quarter, rising to $82.52, Windstream said. Windstream also said it recently doubled its broadband download speeds. "This upgrade increases our competitiveness and provides a platform to sell faster speeds and additional products and services, which is an important part of our strategy to transform this business to a broadband-centric model," Gardner said. During the first quarter, Windstream also repurchased about 8.4 million shares for $100 million as part of a $400 million share repurchase plan authorized by the board of directors in February. Shares of Windstream (NYSE: WIN) closed Friday at $12.81, up 40 cents. |
