AYLMER, Ont. – For the second quarter of 2006, Amtelecom Income Fund generated revenues from telecommunications, cable TV and Internet operations of $7.8 million, earnings before financing costs, income taxes and amortization (EBITDA) of $3.8 million and net earnings of $1.3 million.
This compares to revenues of $6.1 million, EBITDA of $2.9 million and net earnings of $1.3 million in the second quarter of 2005. For the six month period ending June 30, 2006, the Fund generated total revenues of $15 million, EBITDA of $7 million and net earnings of $2.3 million. This compares to total revenues of $11.7 million, EBITDA of $5.6 million and net earnings of $2.4 million for the same six month period in 2005.
Amtelecom Income Fund owns and operates Amtelecom, the local telephone service provider to several regions in southwestern and central Ontario currently providing services through approximately 27,000 residential and business access lines. Amtelecom also provides cable television service to approximately 8,800 subscribers and Internet services to approximately 13,000 subscribers.
"We have worked expeditiously on integrating People’s Tel into our operations through the first half of this year and our unitholders can now see tangible benefits arising out of this acquisition. The Fund’s second quarter results include for the first time a full quarter of combined operations of Amtelecom and People’s which is reflected in a growth in our EBITDA of $0.9 million, a 31% increase compared to the previous year."
The company also noted that its high speed internet business segment, exclusive of People’s, showed continued strong growth through the second quarter of 2006 posting an increase in customers of over 9% since the end of March 2006.
