Overview
Financial Performance
The company reported a loss of $119 million, or $1.05 per share, in Q2. This compares to a loss of $11.5 million, or 10 cents per share, in the same period last year. The significant increase in loss can be attributed to a $77.8 million charge related to the sale of its assets in Washington.
Adjusted for this charge, the company reported a loss of 28 cents per share. Analysts had expected an adjusted loss of 27 cents per share. The company's revenue also fell by almost 8% to $275.2 million, slightly below the $277 million expected by analysts.
Buyout Offer and Shareholder Opposition
In April, Consolidated Communications received a buyout offer of $4 per share from Searchlight Capital Partners and British Columbia Investment Management. However, this offer has faced opposition from Consolidated shareholder Wildcat Capital Management, controlled by TPG co-founder David Bonderman. Wildcat Capital Management argues that the offer undervalues the company.
For more information, visit Consolidated Communications' website or contact their investor relations department.
