WALL, N.J.-Centennial Communications Corp.’s earnings plummeted in its second quarter, despite an increase in revenue.
The carrier reported $8.2 million in income from continuing operations during the quarter, compared with $18.6 million for the same quarter a year ago. The year-ago quarter had included an after-tax gain of 9 cents per share due to Centennial’s sale of spectrum in the Midwest.
Revenue from its wireless operations totaled $235.6 million, which breaks down into $111 million from its U.S. operations and $124.6 million from Centennial’s Caribbean operations. Revenue grew 10 percent over the same quarter last year, and Centennial ended the quarter with 1.34 million total wireless subscribers, up from 1.11 million.
Revenue from Centennial’s U.S. operations was up 13 percent, with a 65-percent increase in roaming revenue. The carrier said the jump was due to increased GSM traffic. The company counted 614,100 total U.S. subscribers at the end of the quarter, including 48,200 wholesale customers. In the year-ago quarter, the carrier reported 564,900 customers and 20,000 wholesale customers.
Revenue from Centennial’s Caribbean operations increased 7 percent, but its average revenue per user dropped 22 percent to $42; the company cited the impact of prepaid subscriber growth in the Dominican Republic as a cause for the decline.
“We continue to pursue a path of long-term leadership in each of our local markets, and are encouraged by the healthiest subscriber growth in nearly three years in our U.S. wireless business,” said Michael J. Small, chief executive officer of Centennial.
