Key Developments: FairPoint Communications Inc (FRP.OQ)
9.03USD
1 Aug 2013
$0.27 (+3.08%)
$8.76
$8.90
$9.06
$8.90
15,401
21,168
$9.97
$5.58
Latest Key Developments (Source: Significant Developments)
FairPoint Communications Inc Reaffirms FY 2013 EBITDA Guidance
FairPoint Communications Inc announced that it reaffirms fiscal 2013 guidance and expects adjusted EBITDA to be $255 to 265 million. Full Article
FairPoint Communications Inc Announces Workforce Reductions
FairPoint Communications Inc announced it plans to eliminate approximately 90 positions across Maine, New Hampshire and Vermont over the next several months in accordance with the collective bargaining agreement. These reductions are in addition to the elimination of over 30 management positions across the Company last month. FairPoint expects the reduction in force to result in annualized operating expense savings of approximately $11 million, with the full benefit realized in 2014. The company expects to provide severance or incentive payments to eligible affected employees. The total amount of such payments is expected to be $5 to $8 million. Full Article
FairPoint Communications Inc Issues FY 2013 EBITDA Guidance
FairPoint Communications Inc announced that for fiscal 2013, it expects adjusted EBITDA to be $255 to 265 million. Full Article
FairPoint Communications Inc Completes Acquisitions
FairPoint Communications Inc announced that it has completed the acquisitions of both Cutthroat Communications (Cutthroat), a Montana-based provider offering wireless and fiber optic technologies, as well as Fremont Telcom Co. and Fretel Communications, LLC. Fremont and Fretel, collectively called Fremont Communications (Fremont), were formerly owned by FairPoint Communications, Full Article
FairPoint Communications Inc Closes on Sale of Idaho Operations to Blackfoot Telecommunications Group
FairPoint Communications Inc announced that it has completed the sale of the capital stock of its Idaho-based operations to Blackfoot Telecommunications Group of Missoula, Montana for approximately $30 million in gross cash proceeds. Blackfoot Telecommunications Group through its various organizations delivers telecommunications services to more than 20,000 customers in western Montana and Idaho. As a result of the sale, 11 FairPoint employees based in Idaho will be joining the Blackfoot organization. Full Article
FairPoint Communications Inc Secures Contract to Provide New Maine E9-1-1 System
FairPoint Communications Inc announced that The State of Maine has awarded FairPoint Communications a five-year contract worth $32 million to provide the state's next generation 9-1-1 system. FairPoint will provide the system and support to serve Maine's 26 Public Safety Answering Points - known as PSAPs - which have responsibility to answer all 9-1-1 calls in their local coverage area. Every Maine community is matched with a local PSAP. The Emergency Services Communication Bureau manages both the implementation and operation of the statewide Enhanced 9-1-1 service that FairPoint currently provides. Full Article
FairPoint Communications, Inc. Sells Payphone Operations To Pacific Telemanagement Services
FairPoint Communications, Inc. announced that it has agreed to sell its payphone business in northern New England to Pacific Telemanagement Services (PTS). PTS will purchase monthly access from FairPoint for any payphones it continues to operate after the deal is closed. FairPoint and PTS expect the deal will close later this year. Financial terms were not mentioned. Full Article
FairPoint Communications, Inc. Launches Wholesale E-Line Services For Northern New England
FairPoint Communications, Inc. announced the release of Carrier Ethernet products specifically designed for the wholesale market. FairPoint's E-Line service is now available to its wholesale customers who are authorized to provide services in Maine, New Hampshire and Vermont. FairPoint has made its new E-Line services of Ethernet Private Line (EPL) and Ethernet Virtual Private Line (EVPL) possible by significantly investing in its communications infrastructure and technology to bring these and other broadband services to northern New England. FairPoint's new fiber based, high capacity network called VantagePoint(SM) offers its wholesale customers a better, faster way to connect to their customers. Full Article
FairPoint Communications, Inc. To Reduce Workforce By 400
FairPoint Communications, Inc. announced plans to reduce its workforce over the next several months by approximately 400 positions. Both management and union employees will be affected across the Company. The Company intends to notify approximately 100 affected management employees later this month and will follow prescribed steps in the collective bargaining agreement covering union employees. FairPoint has declared an employee surplus affecting approximately 300 union positions. Full Article

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