Second-quarter revenue and earnings increased at Roseville-based SureWest Communications on the strength of growth in its broadband sector, expansion into the Kansas City market and the sale of its wireless segment, officials announced today.
Net income was $21 million on revenues of $60.25 million in the quarter ended June 30, up from $1.5 million from the same time a year earlier. Nearly all of the gains were due to SureWest's sale of its wireless division to Verizon Wireless in May for $69 million.
In February, SureWest bought Kansas City-based Everest Communications for $173 million.
Officials said its growth strategies -- picking up new broadband and Voice Over Internet Protocol subscribers in the competitive Sacramento market and expansion into Kansas City -- is paying off.
"It is clear that the decision we made several years ago to focus SureWest on broadband ... was the correct move," president and chief executive officer Steve Oldham said in a prepared statement.
Call The Bee's Darrell Smith, (916) 321-1040.
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