SureWest's new parent reports a small loss
11/02/2012 12:00 AM
11/04/2012 10:18 AM
The new owner of SureWest Communications said Thursday that the Roseville company is performing better than expected.
But costs related to the acquisition left the parent company, Consolidated Communications Holdings Inc., with a small quarterly loss.
Consolidated, based in Illinois, said it lost $311,000 in the third quarter vs. a $5.8 million profit a year earlier. The per-share loss came to a penny.
The latest results included millions in expenses related to the takeover, which was completed in early July. Consolidated paid $340.9 million in cash and stock for SureWest.
It was the first full quarter since the takeover was completed. "The results from the newly acquired SureWest assets were better than expected," said Bob Currey, Consolidated's president and chief executive, in a press release.
Consolidated shares rose 39 cents, to $15.81, on the Nasdaq market.
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