Top Performer for Thursday – Zacks #1 Rank Top Performers
Source: http://www.zacks.com/commentary/10153/Top+Performer+for+Thursday++-+Zacks+%231+Rank+Top+PerformersPosted on Thursday, February 26th, 2009 | In Stocks to Watch
RCN Corporation (RCNI) is one of Thursday’s top-performing Zacks #1 Rank companies with shares that have gained 8.6%.
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Analysts expect a loss for 2009 of $1.62, which has narrowed by 14 cents from a loss of $1.76 a month ago.
Earlier this week, RCNI announced that it added 12,000 more customers from last year in its Residential/Small Business Segment, which helped fourth-quarter revenue advance 12% to $188 million from $168 million.
Revenue for its Residential/Small Business Segment increased 4% from last year, while revenue for its RCN Metro Optical Networks Segment moved higher 47%.
Net loss from continuing operations also improved year over year, narrowing to $13 million from $33 million. (The company didn’t release per share results.)
For the full year, total revenue rose 16% to $739 million from $636 million.
“We enter 2009 with a solid liquidity position and a flexible capital program that, while reduced, will allow RCN to continue to compete effectively in this uncertain economic environment,” said President and CEO Peter D. Aquino.
“Our milestone financial goal for this year is to produce solid positive free cash flow through continued growth in our business units and a less demanding capital program,” he said.
RCNI is the only company from the Cable TV industry that is on today’s Zacks #1 Rank list, which includes 204 companies.
RCN is a competitive broadband services provider delivering all-digital and high-definition video, high-speed internet and premium voice services to residential and small-medium business customers under the brand names of RCN and RCN Business Services, respectively.
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 About James Giaquinto (http://www.zacks.com/)
James Giaquinto is an Editor at Zacks Investment Research. |
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