AboveNet Records Profit

AboveNet Inc., a provider of high bandwidth connectivity solutions to businesses and carriers, posted a relatively stable profit in the second quarter on higher revenues.

Compared to the same three-month period last year, revenues rose 17.5 percent to $118.3 million.

The company reported net income of $16.1 million or $0.60 per diluted share, down slightly from a profit of $16.3 million, or $0.62 per diluted share, in the second quarter of 2010.

AboveNet still forecasts 2011 revenues of between $460 and $470 million.

Shares of AboveNet (ticker: ABVT) were trading Friday afternoon at $58.72 On the New York Stock Exchange. Over the last 52 weeks, the stock has ranged in price from a high of $78.07 (May 31, 2011) to a low of $48.19 (Aug. 25, 2010).

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