Shenandoah Telecommunications Company (SHEN) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $7.60 million, or $ 0.16 a share in the quarter, against a net profit of $8 million, or $0.16 a share in the last year period. Revenue during the quarter surged 84.05 percent to $156.84 million from $85.21 million in the previous year period. Gross margin for the quarter contracted 131 basis points over the previous year period to 62.82 percent. Operating margin for the quarter stood at negative 2.51 percent as compared to a positive 17.71 percent for the previous year period.
Operating loss for the quarter was $3.93 million, compared with an operating income of $15.09 million in the previous year period.
President and Chief Executive Officer Christopher E. French commented, "Our third quarter results reflect our first full quarter including the assets and customers gained through our acquisition of nTelos. In addition to the resulting increases in wireless, revenue and OIBDA also increased in our cable and wireline segments. As we complete the operational changes related to blending our wireless operations, we are increasingly energized by the opportunities across all segments and our larger footprint and presence in the Mid-Atlantic region. We are focused on leveraging the consistent coverage and high speed access of our state-of-the-art networks to serve our large and growing customer base."
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