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Posted: Wednesday, November 13th, 2013 1:12 PM HST

Hawaiian Telcom profits drop more than half in 3Q

By Associated Press

HONOLULU (AP) Telephone and Internet provider Hawaiian Telcom says its third-quarter profit dropped by more than half to $2.1 million, in part because of costs to upgrade its broadband network.

The Honolulu-based company said Tuesday its profits of 18 cents per share compared with profits of 52 cents per share, or $5.6 million, during the same quarter one year ago.

Hawaiian Telcom says it had a $2 million increase in depreciation and amortization costs because of investments made in its broadband network and assets from its purchase of local carrier Wavecom Solutions.

Hawaiian Telcom says its revenue rose 1.1 percent to $97.7 million, compared with revenue of $96.6 million during the third quarter last year. Company officials say growth in video and high-speed Internet helped offset a decrease in phone lines.

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