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May 7, 2014

Lower revenue, AT&T acquisition costs hit Frontier profits

Stamford’s Frontier Communications said its first-quarter profits fell 18 percent on lower customer revenue and costs related to its pending acquisition of AT&T’s Connecticut wireline business.

Net income was $39.3 million, or 4 cents per share, down from $48.1 million, or 5 cents, in the same quarter a year ago.

Revenue fell 4.3 percent, to $1.15 billion, led by declines in Frontier’s voice business.

The pending acquisition, expected to close in the fourth quarter, resulted in costs of $10.6 million.

The company lost 9,600 residential customers during the quarter, the lowest in more than five years. It also added a record 37,000 broadband customers.

As of March 31, it had 2.8 million residential customers and 266,000 business customers.

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