AYLMER, Ont. – For the first quarter of 2007, Amtelecom Income Fund generated revenues from telecommunications, cable TV and Internet operations of $7.7 million, earnings before financing costs, income taxes and amortization (EBITDA) of $3.5 million and net earnings of $1.6 million, all increases.
These results compare to Q1 2006 revenues of $7.2 million, EBITDA of $3.2 million and net earnings of $900,000. For the three month period ending March 31, 2007, the Fund declared distributions to unitholders totaling $0.30 per unit which is equal to the amount declared in the same period ending March 31, 2006.
"We are pleased with Amtelecom’s strong results in the first quarter with revenues up 7% and EBITDA up 9% compared to the same period last year," said Michael Andrews, president and CEO. "These results reflect continuing demand for our Internet services together with continued steady performance from our telecommunications and cable television business segments."
Amtelecom’s high speed Internet subscriber base grew by 31% year over year and network access services grew by nearly 1% compared to the previous year. Amtelecom’s acquisition of Gore Bay Cable TV on January 1, 2007 contributed to an increase in cable television subscribers which were 2% higher than one year ago.
Amtelecom Communications is the local telephone service provider to several communities in southwestern and central Ontario, currently providing services through approximately 26,800 residential and business access lines. Amtelecom also provides cable television service to approximately 8,900 subscribers and Internet services to approximately 14,200 subscribers in certain of its territories.
The release did not mention any further progress in its sale agreement with Bragg Communications.
