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FairPoint Communications reports $562.5M in 1Q earnings

FairPoint Communications said it had net income in the first quarter, during which it emerged from Chapter 11 bankruptcy protection, compared with a net loss in the same quarter last year.

The Charlotte-based company said it had earnings of $562.5 million in the recent first quarter. In the year-ago quarter, it had a net loss of $86.3 million.

Revenue was $254.8 million, down from $270.8 million in the first quarter of 2010.  FairPoint — which offers local and long-distance voice, data, Internet, television and broadband services — said the decrease stemmed primarily from a 9.6 percent decline in voice-access lines.

U.S. Bankruptcy Court for the Southern District of New York approved the company’s plan of reorganization Jan. 13.

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