AP News

Cincinnati Bell 4Q misses Street; outlook dim


CINCINNATI (AP) — Cincinnati Bell Inc. said Wednesday that its loss shrank in the final quarter of 2012 as revenue grew and it didn't repeat impairment and restructuring charges from a year ago. But the results fell below analysts' expectations and its outlook was weaker than expected. Its stock plunged 22 percent.

The net loss in the three months to Dec. 31 shrank to $12.4 million, or 6 cents per share, from a loss of $33 million, or 17 cents per share, a year earlier.

Excluding items such as the loss on the extinguishment of debt, the adjusted loss was a penny per share. On that basis, analysts had been expecting a profit of 3 cents per share, according to FactSet.

Revenue rose 3 percent to $374.7 million from $365.3 million a year earlier. That was better than the $367 million expected by analysts.

Looking ahead, the company said it expects revenue in 2013 of $1.2 billion, down from the $1.47 billion posted in 2012. Analysts were looking for $1.3 billion in revenue.

It also said it expects to post earnings before interest, taxes, depreciation and amortization of about $390 million for the full year, below the $434 million analysts were expecting.

Cincinnati Bell's stock fell 92 cents to $3.23 after setting a 52-week low of $3.15 earlier in the day.


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