Cincinnati Bell Inc. Reports Q4 EPS of $0.03 vs. $0.07

Cincinnati Bell Inc. CBB today announced financial results for the full year and fourth quarter of 2010. Revenue for the fourth quarter of 2010 was $363 million, a 5 percent increase from the fourth quarter of 2009 and a 3 percent increase sequentially. Operating income for the fourth quarter of 2010 was $65 million, and Adjusted EBITDA of $123 million was up 3 percent from 2009 due to the acquisition of CyrusOne, offset by a decrease in Wireless Adjusted EBITDA of $6 million from lower service revenues. A net loss of $19 million for the quarter resulted from a $36 million loss on the extinguishment of debt, as the company extended $775 million of debt maturities to 2020. Fourth quarter 2010 net income excluding special items was $8 million compared to $24 million in 2009, and diluted earnings per share excluding special items was 3 cents, down 7 cents from 2009 due to additional depreciation, amortization and interest expense associated with the acquisition of CyrusOne.