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360networks beats 3Q expectations

360networks (Nasdaq: TSIX) topped analyst estimates with a surprise profit in its first full quarter as a Nasdaq-traded company.

After market close Wednesday, the Vancouver-based network provider reported third quarter net income of $2 million, or breakeven on a per-share basis, excluding special charges. The consensus forecast of First Call, which typically excludes non-cash charges, called for a loss of 6 cents per share for the quarter ended Sept. 30.

Shares of 360networks, which went public in the United States in April, traded at 15.5 in afterhours activity on the Island electronic communications network, following the release of quarterly results. 360networks stock rose 0.25 to 15.75 in Wednesday's regular trading, prior to the earnings report.

Including costs related to stock compensation, 360networks lost $51 million, or 6 cents per share.

Third quarter revenue increased 7 percent year-over-year as to $119 million from $111 million. Gross margin increased to 43 percent from 29 percent in the year-ago period.

"We posted record third quarter revenues, and continue to see strong sales of both network services and existing fiber infrastructure moving into our forward order book," said Larry Olsen, vice-chairman and CFO. "The higher than expected growth of revenue, gross profits and EBITDA generated cash revenues which will help us finance our network expansion and the continued development of our product and service set.">