Zayo Group posts revenue growth; loss widens
Last Updated: 16:10 May 9, 2014
The Boulder-based company recorded a third-quarter net loss of $43.7 million, up from a loss of $18 million during the same quarter a year ago.
Zayo, founded in 2007, is not a publicly traded company. However, the company has hinted that it is exploring the possibility of an initial public offering within the next two years. A Reuters report Thursday night said Zayo had hired investment banks Morgan Stanley and Barclays Plc to lead an IPO.
Zayo officials could not be immediately reached Friday to comment on the Reuters report.
Zayo's increase in revenue was due largely as a result of organic growth related to sales efforts and expansion of its fiber-optics network, the company's earnings report stated. Acquisition-related activities also factored into the growth. Zayo last month acquired Paris-based Neo Telecoms, giving Zayo 30 acquisitions since its founding.
The net loss was attributed largely to an increase in stock-based compensation and income-tax expense.
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