ABOVENET INC

CIK:0001043533|SEC Filings

Consolidated Statements Of Operations (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Consolidated Statements Of Operations [Abstract]
Revenue	$ 127.7	$ 114.4
Costs of revenue (excluding depreciation and amortization, shown separately below, and including provisions for impairment of $0.1 for the three months ended March 31, 2012)	43.9	40.2
Selling, general and administrative expenses	32.0	29.8
Depreciation and amortization	20.7	18.3
Operating income	31.1	26.1
Other income (expense):
Interest expense	(1.1)	(1.2)
Other income (expense), net	0.8	(0.7)
Income before income taxes	30.8	24.2
Provision for income taxes	12.4	9.7
Net income	$ 18.4	$ 14.5
Income per share, basic:
Basic net income per share	$ 0.70	$ 0.56
Weighted average number of common shares	26,259,337	25,803,904
Income per share, diluted:
Diluted net income per share	$ 0.68	$ 0.54
Weighted average number of common shares	27,106,731	26,772,811

Consolidated Statements Of Cash Flows (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Cash flows provided by operating activities:
Net income	$ 18.4	$ 14.5
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization	20.7	18.3
Provisions for impairment	0.1
Non-cash stock-based compensation expense for restricted stock units	6.7	7.0
Non-cash stock-based compensation expense for employee stock purchase plan		0.1
Provision for bad debts	0.4	0.1
Change in deferred tax assets	11.9	9.5
Changes in operating working capital:
Accounts receivable	(6.9)	(3.9)
Prepaid costs and other current assets	(1.2)	2.7
Other assets	0.7	1.8
Accounts payable	1.0	(1.8)
Accrued expenses	(5.8)	(2.2)
Deferred revenue	(2.6)	(5.5)
Other long-term liabilities	0.6	0.7
Net cash provided by operating activities	44.0	41.3
Cash flows used in investing activities:
Proceeds from sales of property and equipment	0.2
Purchases of property and equipment	(41.2)	(31.1)
Net cash used in investing activities	(41.0)	(31.1)
Cash flows used in financing activities:
Proceeds from exercise of options to purchase shares of common stock	0.1	0.1
Change in restricted cash and cash equivalents	0.9	(1.0)
Purchase of treasury stock	(0.9)	(0.3)
Principal payment - capital lease obligation	(0.2)	(0.2)
Proceeds from borrowing under $250 Million Secured Revolving Credit Facility, net of certain debt issuance costs		50.0
Debt issuance costs		(0.5)
Principal payment - note payable		(49.7)
Net cash used in financing activities	(0.1)	(1.6)
Effect of exchange rates on cash	(0.6)	0.4
Net increase in cash and cash equivalents	2.3	9.0
Cash and cash equivalents, beginning of period	118.4	61.6
Cash and cash equivalents, end of period	120.7	70.6
Supplemental cash flow information:
Cash paid for interest	0.6	0.6
Cash paid for income taxes	$ 1.3	$ 1.1

Consolidated Balance Sheets (USD $) In Millions, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
ASSETS:
Cash and cash equivalents	$ 120.7	$ 118.4
Restricted cash and cash equivalents	3.8	4.7
Accounts receivable, net of allowances for doubtful accounts of $2.5 and $2.6 at March 31, 2012 and December 31, 2011, respectively	42.4	35.7
Prepaid costs and other current assets	18.9	14.2
Total current assets	185.8	173.0
Property and equipment, net of accumulated depreciation and amortization of $371.5 and $353.9 at March 31, 2012 and December 31, 2011, respectively	635.6	611.5
Deferred tax assets	99.2	110.7
Other assets	15.1	15.8
Total assets	935.7	911.0
LIABILITIES:
Accounts payable	9.5	10.7
Accrued expenses	78.8	76.8
Deferred revenue - current portion	29.0	30.0
Total current liabilities	117.3	117.5
Note payable	55.0	55.0
Deferred revenue	78.0	79.3
Other long-term liabilities	11.7	11.3
Total liabilities	262.0	263.1
Commitments and contingencies
SHAREHOLDERS' EQUITY:
Common stock, 200,000,000 shares authorized, $0.01 par value, 26,939,102 issued and 26,266,494 outstanding at March 31, 2012 and 26,914,108 issued and 26,255,173 outstanding at December 31, 2011	0.3	0.3
Additional paid-in capital	364.5	357.7
Treasury stock at cost, 672,608 and 658,935 shares at March 31, 2012 and December 31, 2011, respectively	(25.9)	(25.0)
Accumulated other comprehensive loss	(8.1)	(9.6)
Retained earnings	342.9	324.5
Total shareholders' equity	673.7	647.9
Total liabilities and shareholders' equity	935.7	911.0
Preferred Stock [Member]
SHAREHOLDERS' EQUITY:
Preferred stock, value
Junior Preferred Stock [Member]
SHAREHOLDERS' EQUITY:
Preferred stock, value