Business
Cogent Communications Reports Second Quarter 2019 Results and Increases Regular Quarterly Dividend on Common Stock
WASHINGTON, Aug. 8, 2019 /PRNewswire/ -- Financial and Business Highlights Cogent approves a $0.02 increase per share to its regular quarterly dividend to
About this update from Cogent Communications Holdings, Inc.
[{"type":"text","content":"WASHINGTON, Aug. 8, 2019 /PRNewswire/ -- \n\n \nFinancial and Business Highlights\nCogent approves a $0.02 increase per share to its regular quarterly dividend to $0.62 per share for Q3 2019 from $0.60 per share for Q2 2019 - the twenty-eighth consecutive quarterly dividend increase. The Q3 2019 $0.62 dividend per share represents an annual increase of 14.8% from the dividend per share of $0.54 for Q3 2018.Cogent Group issued 135.0 million Euros ($153.7 million) of senior unsecured notes in June 2019. The notes accrue interest at 4.375% and mature on June 30, 2024. Service revenue, on a constant currency basis, increased by 0.7% from Q1 2019 to Q2 2019 and increased from Q2 2018 to Q2 2019 by 5.4%. Service revenue increased by 0.5% from Q1 2019 to Q2 2019 and increased from Q2 2018 to Q2 2019 by 4.2%. GAAP gross profit increased by 10.4% from Q2 2018 to $60.4 million for Q2 2019 and non-GAAP gross profit increased by 7.3% from Q2 2018 to $80.6 million for Q2 2019 GAAP gross margin increased by 250 basis points from Q2 2018 to Q2 2019 to 44.8% and non-GAAP gross margin increased by 170 basis points from Q2 2018 to Q2 2019 to 59.8%. Cash flow from operations increased by 29.9% from Q2 2018 to $40.6 million for Q2 2019 and increased by 41.9% from Q1 2019. Cogent Communications Holdings, Inc. (NASDAQ: CCOI) today announced service revenue of $134.8 million for the three months ended June 30, 2019, an increase of 4.2% from the three months ended June 30, 2018 and an increase of 0.5% from the three months ended March 31, 2019. Foreign exchange negatively impacted service revenue growth from the three months ended March 31, 2019 to the three months ended June 30, 2019 by $0.3 million and negatively impacted service revenue growth from the three months ended June 30, 2018 to the three months ended June 30, 2019 by $1.5 million. On a constant currency basis, service revenue grew by 0.7% from the three months ended March 31, 2019 to the three months ended June 30, 2019 and grew by 5.4% from the three months ended June 30, 2018 to the three months ended June 30, 2019.\nOn-net service is provided to customers located in buildings that are physically connected to Cogent's network by Cogent facilities. On-net revenue was $97.5 million for the three months ended June 30, 2019; an increase of 0.3% from the three months ended March 31, 2019 and ...