Knology's Q2 net income up 85% year-over-year
Knology's revenue increased to $131.4 million in the second quarter of 2011, up 16.3 percent compared with the same period in 2010. Net income increased to $14.2 million, marking an 85 percent year-over-year increase.
Knology's data, video and voice connections increased by 8,864, 8,334 and 2,624, respectively, during the quarter.
Total connections in the second quarter increased by 19,822. Knology ended the second quarter with 792,912 total connections, a 13.5 percent increase since the end of Q2 2010.
During the quarter, Knology closed the previously announced $30 million acquisition of CoBridge cable and broadband operations in Fort Gordon, Ga., and Troy, Ala. Knology acquired 20,551 connections via this deal.
Subsequent to the end of the second quarter, the Troy assets were sold for approximately $11 million in cash. A portion of the proceeds was used to make a $6.8 million incremental investment in Tower Cloud, a wireless backhaul fiber business that offers strategic opportunities for Knology.
Todd Holt, Knology's president, said: "Our balance sheet remains strong, both from a liquidity and leverage perspective, with the capacity to fund potential future acquisitions. The business is well-positioned for a successful second half of 2011 and beyond."