MATTOON — Consolidated Communications, which recently completed its acquisition of SureWest Communications, reported a 47 percent drop in second-quarter net income.
Net income totaled $2.9 million, down from $5.5 million in the second quarter a year ago. The drop was due in part to higher interest expense related to the SureWest acquisition.
For shareholders in Mattoon-based Consolidated Communications, that translated to diluted earnings of 9 cents a share, down from 18 cents for the same quarter a year ago.
The second-quarter earnings don't reflect SureWest operations because the acquisition wasn't completed until July 2, two days after the quarter ended.
Consolidated CEO Bob Currey said he was pleased with the quarterly results, calling the company's broadband growth "solid."
Consolidated provides a variety of communications services including high-speed Internet, Voice over Internet Protocol, IP-based digital and high-definition television, long-distance service and directory publishing.
Consolidated serves customers in Illinois, Pennsylvania and Texas and, with the SureWest acquisition, has added subscribers in California, Kansas and Missouri.
Currey has said the merger would result in a stronger company with an improved balance sheet and expanded cash flows.