AYLMER, ON – Amtelecom Income Fund, whose primary asset is cable and telco Amtelecom Communications, reported second quarter results which were near exactly the same as last year’s Q2.
For the second quarter of 2005, ended June 30th, 2005, the Fund generated total revenues of $6.1 million, earnings before interest, taxes and amortization (EBITDA) of $2.9 million and net earnings of $1.3 million ($0.22 per unit).
Last year’s Q2 was almost identical as revenues were $6.1 million, EBITDA was $2.9 million and net earnings came in at $1.1 million.
For the six month period ending June 30, 2005, the Fund generated total revenues of $11.7 million and net earnings of $2.4 million ($0.39 per unit). This compares to total revenues of $11.9 million and net earnings of $2.2 million ($0.36 per
unit) in the second quarter of 2004.
For the three month period ending June 30, 2005, the Fund declared distributions to unitholders totaling $0.30 per unit compared to distributions of $0.2979 per unit for the same period ending June 30, 2004. For the six month period ending June 30, 2005, the Fund
declared distributions to unitholders totaling $3.6 million or $0.60 per unit compared to $3.5 million or $0.59 per unit for the same period in 2004.
"Amtelecom’s results are on target. Our Internet revenues grew by approximately 40% compared to the previous year allowing Amtelecom to maintain our EBITDA and to continue delivering consistent results for our unitholders despite the reduction in our Direct Toll Revenues imposed by the CRTC this year in Telecom Decision CRTC 2005-3," said president and CEO Michael Andrews.
He went on to note that Amtelecom continues to experience growth in long distance and feature services revenues.
Amtelecom Communications is the local telephone service provider to several communities in southwestern and central Ontario, currently providing services through approximately 21,700 residential and business access lines. Amtelecom Communications also provides cable television service to approximately 8,900 subscribers (down 2.7% from Q2 2004) and Internet services to approximately 6,700 subscribers (up 26%) in certain of its territories.
