Revenue Update on FairPoint Communications Inc(NASDAQ:FRP)

FairPoint Communications Inc(NASDAQ:FRP) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during Pre-market on Aug 3, 2016. Company reported revenue of $206.56M. Analysts estimated a revenue of $206.95M. Earnings per share were $1.08. Analysts had estimated an EPS of $1.36.

In a different note, On Jul 29, 2016, Drexel Hamilton said it Downgrades its rating on FairPoint Communications Inc. The shares have been rated ‘Hold’ by the firm.

FairPoint Communications Inc (FRP) shares turned negative on Fridays trading session with the shares closing down -0.32 points or -2.22% at a volume of 1,91,614. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $14.85. The peak price level was also seen at $14.85 while the days lowest was $14. Finally the shares closed at $14.09. The 52-week high of the shares is $18.87 while the 52-week low is $12.69. According to the latest information available, the market cap of the company is $381 M.

Several Insider Transactions has been reported to the SEC. On Jun 1, 2015, John Hogshire (SVP & Controller) sold 3,426 shares at $19.05 per share price.

FairPoint Communications Inc. is a provider of communications services to business wholesale and residential customers within its service territories. The Company offers its customers a suite of data services such as Ethernet high capacity data transport and other Internet Protocol (IP)-based services over its Next Generation Network in addition to Internet access high-speed data (HSD) and local and long distance voice services. Its service territory spans approximately 17 states where the Company is a communications provider primarily serving rural communities and small urban markets. The Company provides services such as Data and Internet Services Voice Services Access and Other services. The Company operated with approximately 1.1 million access line equivalents including approximately 322000 broadband subscribers in service as of December 31 2014.

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