BNET Industries

Last Fiscal Year Sales:$1.2B
  • Public
  • US
Dow Jones Description

We are a leading provider of communications services in rural and small urban communities, offering an array of services, including local and long distance voice, data, video and Internet and broadband product offerings. We are one of the largest telephone companies in the United States focused on serving rural and small urban communities, and we are the 7th largest local telephone company in the United States, in each case based on number of access lines as of March 31, 2009. We operate in 18 states with 1.7 million access line equivalents (including voice access lines and high speed data lines, which include DSL, wireless broadband and cable modem) in service as of March 31, 2009. We were incorporated in Delaware in February 1991 for the purpose of acquiring and operating incumbent telephone companies in rural markets. We have acquired 36 such businesses, 32 of which we continue to own and operate. Many of our telephone companies have served their respective communities for over 75 years. As our primary source of revenues, access lines are an important element of our business. Over the past several years, communications companies, including FairPoint, have experienced a decline in access lines due to increased competition, including competition from wireless carriers and cable television operators, the introduction of DSL services (resulting in customers substituting DSL for a second line) and challenging economic conditions. ...

Chief Executive Officer
David L. Hauser
Number of Employees 4,071
Contact Information

521 E Morehead St Ste 250 Box F

Charlotte, North Carolina 28202

fairpoint.com

(704) 344-8150

NAICS Code : 517910

Recent Events

  • Plan may keep FairPoint going, but not all like it

    11/09/09 - Legal Settlement - View Story

  • Creditors seek examiner in FairPoint bankruptcy

    11/08/09 - Stock Split / Dividend - View Story

  • State mulls leverage in Fairpoint bankruptcy

    11/08/09 - New Investment - View Story

  • Verizon plan to sell landlines hits bump: State utility commission fears deal with Frontier would...

    11/05/09 - Merger / Acquisition - View Story

  • 3-state meeting with FairPoint postponed

    11/10/09 - Bankruptcy Filings - View Story

  • FAIRPOINT COMMUNICATIONS Bankruptcy News, Issue No. 2

    10/31/09 - Bond / Stock Rating - View Story

  • Fitch Downgrades FairPoint Communications' IDR to 'D' Following Bankruptcy Filing

    10/27/09 - Bond / Stock Rating - View Story

  • FairPoint phone company files for bankruptcy

    10/27/09 - Buildings Purchased - View Story

  • Verizon landline purchase good for W.Va., Frontier CEO says

    11/01/09 - Bankruptcy Filings - View Story

  • FairPoint Wants Unions to Allow Worker Pay Cuts

    10/23/09 - Joint Venture / Alliance - View Story

  • FairPoint seeks concessions from union workers

    10/29/09 - Financial Announcement - View Story

  • FairPoint Close to Bankruptcy, Back Office to Blame

    10/06/09 - Bond / Stock Rating - View Story

  • Big names eye troubled FairPoint

    10/02/09 - Merger / Acquisition - View Story

  • BRIEF-Wells Fargo Securities downgrades Fairpoint Communications to underperform

    9/29/09 - Bond / Stock Rating - View Story

  • Notable Analyst Rating Changes 9/29: RL, PVH, COP, USB, BRCM, ATHN, MOV Upgraded; SNV, AZN,...

    9/29/09 - Bond / Stock Rating - View Story

  • Wells Fargo Downgrades FairPoint Communications FRP to Underperform and Drops Coverage; Bankruptcy Looms

    9/29/09 - Bond / Stock Rating - View Story

  • FairPoint Looks to Broadband As Growth Avenue Wait Times for Phone Complaints Have Shrunk, Company...

    10/08/09 - Financial Announcement - View Story

  • Broadband projects endorsed for funding (posted Yesterday at 12:12pm)

    10/01/09 - Merger / Acquisition - View Story

News & Analysis

fairpoint communications inc. - All News and Analysis

Decision Makers

Name (plus bio) Position
David L. Hauser Chief Executive Officer
Jeff Donahue President
Alfred C. Giammarino Executive Vice President & CFO
John P. Crowley Executive Vice President & Chief Financial Officer
Lisa R. Hood COO & Interim Controller
Walter E. Leach CFO & Executive Vice President
E Jr Walter Executive Vice President, Corp. Development.
Shirley Linn General Counsel, Secretary & Executive Vice President
Charlie Barrlow Senior Vice President, Operations, Engineering
Gracie Coleman Senior Vice President, HR
Brian Lippold Vice President, Business & Wholesale Services
Bruce Ballantyne Vice President, Economic Dev
Stephen E. Smith Vice President
Thomas Griffin Vice President and Treasurer
Timothy Henry Treasurer & Vice President, Finance
Daniel Bergstein Co-Founder and Director
Pam Joy Director, Marketing
Leslie Roberts Internal Communications Manager
Anthony J. DiNovi Director
George E. Matelich Director
George Morgan Director
Jane E. Newman Director
Patricia Garrison-Corbin Director
Robert S. Lilien Director

Board of Directors

Name (plus bio) Position
Eugene B. Johnson Co-Founder, Chairman of The Board of Directors and Chief Executive Officer
Thomas F. Gilbane Chairman and Chief Executive Officer of The Rhode Island
Claude C. Lilly Chairman
F Jr Thomas Board of Directors
Frank K. Bynum Board of Directors
Kent R. Weldon Board of Directors
Michael R. Tuttle Board of Directors
Robert A. Kennedy Board of Directors

Organization Position Status
FairPoint Communications Inc. Chief Executive Officer Current
Duke Energy Corporation Chief Financial Officer Current
Duke Energy Corporation Group Executive Current
FairPoint Communications Inc. Chairman Current
The University of North Carolina Chair Current
Business Advisory Council Board of Directors Current
DCP Midstream, LLC Director, Conferences Former
Duke Power Co. controller Former
Duke Power Company controller Former
Edison Electric Institute chairman Former
FairPoint Communications Inc. Board of Directors Former
The University of North Carolina at Charlotte Master of Business Administration Degree Former
The University of North Carolina master of business administration degree Former
The University of Georgia Master of Business Administration Degree Former
The University of North Carolina at Charlotte Bachelor of Arts Degree In Business Former
The University of North Carolina at Chapel Hill Executive Program of Professional Management Education Former

Eugene B. Johnson. Mr. Johnson has served as our Chairman since January 1, 2003 and as our Chief Executive Officer since January 1, 2002. Prior to his current responsibilities, Mr. Johnson was our Chief Development Officer from May 1993 to December 2002 and Vice Chairman from August 1998 to December 2002. Mr. Johnson is a co-founder and has been a director of our company since 1991. From 1997 to 2002, Mr. Johnson served as a director of the Organization for the Promotion and Advancement of Small Telecommunications Companies the primary industry organization for small independent telephone companies. From 1987 to 1993, Mr. Johnson served as President and principal shareholder of JC&A, Inc., an investment banking and brokerage firm providing services to the cable television, telephone and related industries. From 1985 to 1987, Mr. Johnson served as the director of the mergers and acquisitions department of Cable Investments, Inc., an investment banking firm. Mr. Johnson currently is chairman of Organization for the Promotion and Advancement of Small Telecommunication Companies' Universal Service Fund committee.

Organization Position Status
FairPoint Communications Inc. Co-Founder, Chairman of The Board of Directors and Chief Executive Officer Current
ST Enterprises Inc. CEO Current
El Paso Telephone Co Inc. CEO Current

Thomas Gilbane has served as the chairman and chief executive officer of the Rhode Island-based Gilbane Building Company, one of the nation's largest general contractors and construction managers, since January 2004. He served earlier as vice president of Gilbane, Inc., the parent company of Gilbane Building Company and Gilbane Development Company. Gilbane is a member of the Brown University Engineering Advisory Committee and is a Babson College trustee. His past appointments include vice chairman of the board United Way of America, director Fleet National Bank, director New England Telephone and director NYNEX-New England and New York.

Organization Position Status
Gilbane Building Company Chief Executive Officer Current
FairPoint Communications Inc. Chairman and Chief Executive Officer of The Rhode Island Current
Gilbane Building Company Chairman Current
Gilbane, Inc. Board of Directors Current
Gilbane, Inc. Chairman & CEO, Gilbane Building Former
Gilbane, Inc. Vice President Former
Gilbane Building Company Partner Former
FairPoint Communications Inc. Board of Directors Former

Mr. Donahue has spent the last 30 years as a senior level principal and manager in a variety of cable, equipment and telecommunications businesses. He is a past President of Radio Stamford, Inc., President/Owner of Donahue Bros, Inc, Executive Level Consultant with FairPoint Communications, Senior Vice President for North American Sales of Verso Technologies, Senior Vice President for Sales and Field Operations of TelCove/Level 3, Vice President of Adelphia Business Solutions and Vice President of Dial Page/Dial Call. He is particularly effective in the management of turn around opportunities, improving profitability and increasing shareholder return.

Organization Position Status
Egt, Inc. Chief Executive Officer Current
FairPoint Communications Inc. President Current
Verso Technologies, Inc. Senior Vice President for North American Sales Current
FairPoint Communications Inc. Executive Level Consultant Current
Verso Technologies, Inc. Vice President North American Sales Former
Verso Technologies, Inc. Head, Sales, North America Former

Organization Position Status
FairPoint Communications Inc. Executive Vice President & CFO Current
St. John's University Former

Organization Position Status
FairPoint Communications Inc. Executive Vice President & Chief Financial Officer Current
FairPoint Communications Inc. Treasurer Former
Wharton Graduate School of the University of Pennsylvania MBA Former
St. Lawrence University Former

Lisa Hood was appointed FairPoint's Chief Operating Officer - Telecom Group in April 2007. Since 2004 Ms. Hood has held the position of Senior Vice President and Controller. From December 1993 to July 2004, Ms. Hood served as Controller and Vice President for FairPoint. Prior to joining FairPoint, Ms. Hood served as manager of a local public accounting firm in Kansas and is a Certified Public Accountant in Kansas and is located in FairPoint's Dodge City, Kansas office.

Organization Position Status
FairPoint Communications Inc. COO & Interim Controller Current
FairPoint Communications Inc. Senior Vice President & Controller Current
Orwell Telephone Co. Controller Former

Organization Position Status
FairPoint Communications Inc. CFO & Executive Vice President Current
Bluestem Telephone Company Executive Vice President Current
Pillsbury Vice President, Investor Relations Former

Organization Position Status
FairPoint Communications Inc. Executive Vice President, Corp. Development. Current

Shirley Linn is responsible for managing FairPoint Communications' legal matters, including contracts, securities law compliance, employment issues and acquisitions. She joined the company in October 2000. Prior to 2000, Ms. Linn had been a partner with the Charlotte law firm of Underwood Kinsey Warren & Tucker, P.A., where she specialized in general business matters, particularly mergers and acquisitions, after beginning her legal career in New York City. As outside counsel, she represented FairPoint in 10 of its telephone company acquisitions.

Organization Position Status
FairPoint Communications Inc. General Counsel, Secretary & Executive Vice President Current
Bluestem Telephone Company Executive Vice President and General Counsel Current
FairPoint Communications Inc. Senior Vice President, General Counsel and Secretary Former
FairPoint Communications Inc. Ex. Vice President, General Counsel & Secretary. Former

Organization Position Status
FairPoint Communications Inc. Senior Vice President, Operations, Engineering Current

Organization Position Status
FairPoint Communications Inc. Senior Vice President, HR Current

Organization Position Status
FairPoint Communications Inc. Vice President, Business & Wholesale Services Current

Organization Position Status
FairPoint Communications Inc. Vice President, Economic Dev Current

Organization Position Status
FairPoint Communications Inc. Vice President Current

Thomas Griffin. Mr. Griffin, age 47, was appointed as FairPoint s Vice President and Treasurer in December 2005. Mr. Griffin joined FairPoint in January 2000 as Assistant Treasurer and served as FairPoint s General Manager of Wireless Broadband operations from December 2003 through March 2005. Prior to joining FairPoint, Mr. Griffin was employed by Sealand Service, Inc. as Assistant Treasurer from September 1997 to January 2000 where he was responsible for worldwide cash management and as Director of Financial Planning for Europe from September 1995 to September 1997.

Organization Position Status
FairPoint Communications Inc. Vice President and Treasurer Current
FairPoint Communications Inc. Treasurer Current

Organization Position Status
FairPoint Communications Inc. Treasurer & Vice President, Finance Current
Cobank Vice President Former
Cobank Portfolio Manager Former

Organization Position Status
Cequel III Co-Founder Current
FairPoint Communications Inc. Co-Founder and Director Current
The Media Practice Chairman Current
Onlinechoice.Com, Inc. Board of Directors Current
Mxenergy Holdings Inc. Board of Directors Current
MXenergy Inc. Director Current

Organization Position Status
FairPoint Communications Inc. Director, Marketing Current

Organization Position Status
TD Banknorth Inc. Assistant Vice President of Corporate Communications Current
FairPoint Communications Inc. Internal Communications Manager Current
Kennebunk Land Trust Board of Directors Current
Wheaton College Degree In Art History Former

Claude C. Lilly. Dr. Lilly will be appointed as a director of our company upon consummation of this offering. Dr. Lilly is currently dean and James J. Harris Chair of Risk Management and Insurance in The Belk College of Business Administration at The University of North Carolina at Charlotte. Dr. Lilly has served as Assistant Deputy Insurance Commissioner for the State of Georgia and as a director of several corporations. Mr. Lilly currently serves as a director of Erie Insurance Company. He holds the Chartered Property Casualty Underwriters and Chartered Life Underwriter designations and is a member of numerous professional associations.

Organization Position Status
Risk Management, Inc. Dean Current
Bluestem Telephone Company Assistant Current
FairPoint Communications Inc. Chairman Current
Erie Insurance Company Director Current
Bluestem Telephone Company Director Current
The Center for Audit Quality James J. Harris Chair of Risk Management and Insurance Former
Risk Management, Inc. Chair Former
FairPoint Communications Inc. Director Former
The Center for Insurance Research Director Former
Georgia State University PhD Former
The University of North Carolina at Charlotte Business Administration Former

Organization Position Status
THL Inc. Co-President Current
American Media, Inc Director of Media and The Company Current
Papetti Chairman Current
American Media, Inc. Director Current
Niles Audio Corporation Board of Directors Current
Temtrol, Inc. Board of Directors Current
US LEC Corp. Director Current
Vertis Inc. Director Current
NTK Holdings, Inc. Board of Directors Current
Vertis Communications Board of Directors Current
Nortek Holdings, Inc. Board of Directors Current
Nortek, Inc. Board Director Current
FairPoint Communications Inc. Director Current
Papetti Director Current
Michael Foods, Inc. Director Current
Endurance Specialty Holdings Ltd. Director Current
Governair Corporation Board of Directors Current
Thomas H. Lee Partners, LP Co-President Former
Goldman, Sachs & Co. Former
Eye Care Centers of America, Inc. Director Former

Organization Position Status
FairPoint Communications Inc. Board of Directors Current

Frank K. Bynum, Jr. Mr. Bynum, age 43, has served as a director of our company since July 1997. He is also a Managing Director of Kelso & Company. Mr. Bynum joined Kelso & Company in 1987 and has held positions of increasing responsibility at Kelso & Company prior to becoming a Managing Director. Mr. Bynum is a director of CDT Holdings PLC, Custom Buildings Products, Inc., Endurance Business Media, Inc. and eMarkets, Inc. He is also a Trustee of Prep for Prep and a member of the Board of Trustees of the College Foundation of the University of Virginia. Mr. Bynum was initially designated to the board of directors by Kelso & Company pursuant to Kelso & Company s designation rights under our stockholders agreement which was terminated in connection with our initial public offering. Kelso & Company currently has certain rights with respect to the nomination of directors. See Certain Relationships and Related Party Transactions Nominating Agreement and Registration Rights Agreement.

Organization Position Status
Kelso & Company Managing Director Current
Prep,Inc. Board of Directors Current
Kelso & Company Director Current
Citation Corporation Director Current
Cambridge Display Technology, Inc. Member of Cdt's Board of Directors Current
Endurance Business Media, Inc. Director Current
E-Markets, Inc. Board Director Current
Custom Building Products Board Director Current
FairPoint Communications Inc. Board of Directors Current
Kelso & Company Principal Former
New York Life Insurance Company Investment Analyst Former
University of Virginia B.A. in History Former

George E. Matelich. Mr. Matelich has served as a director of our company since July 1997. Mr. Matelich is currently a Managing Director of Kelso & Company, with which he has been associated since 1985. Mr. Matelich is a director of Waste Services, Inc. and Optigas, Inc. Mr. Matelich is also a Trustee of the University of Puget Sound. Mr. Matelich has been designated to the Board of Directors by Kelso & Company pursuant to Kelso & Company's designation rights under our stockholders agreement.

Organization Position Status
Kelso & Company Managing Director Current
Shelter Bay Energy Inc. Board of Directors Current
University of Puget Sound Board of Directors Current
Optigas, Inc. Director Current
FairPoint Communications Inc. Director Current
CVR Energy, Inc. Board Director Current
Ernst & Whinney Consultant Former
Lehman Brothers, Kuhn, Loeb Inc. Corporate Finance Department Former
University of Puget Sound Trustee Former
Kelso & Company Principal Former
Capital Environmental Resource, Inc. Board of Directors Former
Stanford Graduate School of Business M.B.A. (Finance and Business Policy) Former
Stanford Graduate School of Business B.A. In Business Administration Former
University of Puget Sound B.A. in Business Administration Former

Organization Position Status
Banc of America Capital Investors Partner Current
Veroxity Technology Partners, Inc. Board of Directors Current
Banc of America Securities LLC Board of Directors Current
Pathfire, Inc. Director Current
FairPoint Communications Inc. Director Current
Integra Telecom, Inc. Board of Directors Current
Prairiewave Communications, Inc. Director Current
Cavalier Telephone LLC Director Current
Integra Telecom Holdings Inc. Director Current
MetroPCS Communications, Inc. Investor Current
NuVox Communications, Inc. Investor Current
Fibertech Networks, LLC Investor Current
Banc of America Securities LLC mergers Former
The University of North Carolina M.B.A Former
The University of North Carolina at Chapel Hill M.B.A. Former

Jane "Bonnie" Newman joined FairPoint in August 2007 as a director and was elected lead director by FairPoint's board of directors in October 2007. Newman has served in various capacities in academia, business and government. Most notably, she served in the administrations of Presidents Ronald Reagan and George H.W. Bush and served on Capitol Hill. Newman also possesses extensive board experience, having previously served in varying capacities on the boards of Markem Corporation, Consumers Water Company, Public Service Company of New Hampshire, the Nellie Mae Education Foundation, Fleet Bank of New Hampshire and Indian Head Banks. She served as interim president of the University of New Hampshire from 2006-2007 and served as executive dean of the John F. Kennedy School of Government at Harvard University.

Organization Position Status
FairPoint Communications Inc. Director Current

Organization Position Status
Thomas H. Lee Partners, LP Managing Director Current
THL Inc. Managing Director Current
Progressive Moulded Products Limited Director Current
Nortek, Inc. Director Current
Nortek Holdings, Inc. Board of Directors Current
Syratech Corporation Director Current
Governair Corporation Board of Directors Current
Michael Foods, Inc. Director Current
Niles Audio Corporation Board of Directors Current
Cumulus Media Partners, LLC Director Current
FairPoint Communications Inc. Board of Directors Current
Temtrol, Inc. Board of Directors Current
Clear Channel Communications Inc. Director Current
NTK Holdings, Inc. Board of Directors Current
Papetti Board of Directors Current
Wellington Management Company, LLP Former
Good Sports Board Member Former

Michael Tuttle has served as president and chief executive officer of Merchants Bank, a commercial bank headquartered in Burlington, Vermont, since January 2006. He served the bank earlier as chief operating officer and senior lender. Tuttle is also a director of Merchants Bancshares, Inc. and serves on the boards of United Way of Chittenden County and the Flynn Center for the Performing Arts.

Organization Position Status
Merchants Bank Chief Executive Officer Current
Merchants Bank President Current
FairPoint Communications Inc. Board of Directors Current

Patricia Garrison Corbin Ms. Corbin, age 60, has served as a Director of FairPoint since February 2005. Ms. Corbin has served as President of P.G. Corbin & Company, Inc., Financial Advisory Services, Municipal Finance, since 1986. Ms. Corbin has also served as President and Chief Information Officer of P.G. Corbin Asset Management, Inc., Fixed Income Investment Management, since 1987. Ms. Corbin has served as Chairman of the Board of Directors and Chief Executive Officer of Delancey Capital Group, LP, Equity Management, since 1996, and Chairman of the Board of Directors of P.G. Corbin Group, Inc., Investment and Financial Advisory Services since 1996. Ms. Corbin has also served as a director for the Erie Insurance Company since 1999.

Organization Position Status
Equity Management Chief Executive Officer Current
Financial Advisory Services Chairman of The Board of Directors Current
Equity Management Chairman of The Board of Directors Current
Investment Company Chairman of The Board of Directors Current
Erie Insurance Company Director Current
FairPoint Communications Inc. Director Current

Robert Kennedy became the University of Maine's 18th president in April 2005. He served the university earlier as vice president for academic affairs and provost, and as interim president. After service in the U.S. Army, he earned a Ph.D. in botany from the University of California-Berkeley. Kennedy has held numerous positions at colleges and universities across the country including the University of Iowa, Washington State University, Ohio State University, the University of Maryland, and Texas A&M University. He is a corporator of Bangor Savings Bank and a volunteer with the Maine Special Olympics.

Organization Position Status
FairPoint Communications Inc. Board of Directors Current
University of Maine President Former
University of California, Berkeley PH.D. In Botany Former

Robert Lilien is currently a partner in the law firm of Robinson, Bradshaw & Hinson, located in Charlotte, North Carolina, where he has worked since April 2002. He is the managing member of Trilogy Capital Partners, LLC, a captive private equity fund with equity provided by a single family group, where he has also worked since April 2002. From 1993 to 2002, he held various positions at Duke Energy Corporation, including senior vice president of Duke Ventures, chairman and chief executive officer of Crescent Resources, LLC, chairman of DukeNet Communications, Inc. and chairman of Duke Capital Partners, LLC.

Organization Position Status
FairPoint Communications Inc. Director Current
Bluestem Telephone Company Director Current
Crescent Resources, LLC Chairman and Chief Executive Officer Former
Duke Energy Corporation Senior Vice President Former

Executive News

  • FairPoint Charged With Faking Tests

    Information Week - 8/26/09 - View Story

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     FRP $0.37 0.00 (0.00% )
Average Volume 3,104,470
Shares Outstanding 90.02M
Market Cap 33.3M
Year High 3.53
Year Low 0.3
Earnings Per Share -1.53
P/E Ratio -0.24
Dividend 1.03
Yield 278.38
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