Windstream spinoff notes $7.7M income
Communications Sales & Leasing Inc. on Thursday reported a first-quarter net income of $7.7 million.
The Little Rock company said earnings per share were 5 cents for the period ending March 31. Analysts expected the company to post earnings of 64 cents per share. Revenue was $174.7 million.
Communications Sales & Leasing, also known as CS&L, separated from Windstream Holdings Inc. in April 2015 as an independent real estate investment trust.
Shares of CS&L rose 30 cents, or 1.3 percent, to close Thursday at $24.03 on the Nasdaq stock exchange. The company released its financial results before markets opened.
In the first quarter, CS&L closed on its acquisition of PEG Bandwidth LLC. The company also bought 32 wireless towers and the operating rights for 49 wireless towers from Windstream.
During the first quarter, CS&L invested $3 million in wireless tower assets, including the acquisition of Summit Wireless Infrastructure, a wireless infrastructure provider in Mexico.
-- Jessica Seaman
Fayetteville firm in Google program
LineGard Med, a Fayetteville-based medical device company, will participate in Google for Entrepreneurs, a weeklong immersion program.
The company is one of eight chosen to attend the "Health Tech" exchange, which is being held in Nashville, Tenn. The event runs from May 22 to May 28, according to a news release.
Google for Entrepreneurs "bridges the gap between startups, experts, and new markets," according to the release.
LineGard Med has developed a product that helps prevent the dislodgement of medical tubing, such as feeding tubes, intravenous lines and catheters.
-- Jessica Seaman
Arkansas Index falls 1.56 on mixed day
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, dropped 1.56 to 316.91 Thursday.
"U.S. stocks were mixed on Thursday as jobless claims unexpectedly moved to a 14-month high, telecommunications and materials led the gainers while tech and health care lagged," said John Blackwell, senior vice president and managing director of equity trading at Stephens Inc. in Little Rock.
Total volume for the index was 23.7 million shares.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 05/13/2016