Cogent Communications Group Inc. Cogent (CCOI, Financial) filed Quarterly Report for the period ended 2010-06-30.
Cogent Communications Group Inc. Cogent has a market cap of $403.7 million; its shares were traded at around $9 with and P/S ratio of 1.7. CCOI is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, Columbia Wanger of Columbia Wanger Asset Management, Bruce Kovner of Caxton Associates, Jim Simons of Renaissance Technologies LLC.
Income tax (provision) benefit. For the six months ended June 30, 2009, our income tax provision was $0.1 million composed primarily of penalties and interest on an uncertain tax position. For the six months ended June 30, 2010, our income tax benefit was $0.4 million which includes approximately $0.2 million for U.S. state income taxes offset by a tax benefit of $0.6 million from the recognition of a receivable for refunds of federal alternative minimum tax amounts paid in prior years.
Net Cash Used In Investing Activities. Net cash used in investing activities was $25.2 million for the six months ended June 30, 2009 and $24.3 million for the six months ended June 30, 2010. Our primary use of investing cash for the six months ended June 30, 2009 and six months ended June 30, 2010 was $25.1 million and $24.5 million, respectively, for the purchases of property and equipment.
Net Cash Used In Financing Activities. Net cash used in financing activities was $12.1 million for the six months June 30, 2009 and $8.4 million for the six months June 30, 2010. Our primary uses of financing cash for the six months ended June 30, 2009 were $11.4 million of principal payments under our capital lease obligations and $0.7 million for the purchases of shares of our common stock. Our primary use of financing cash for the six months ended June 30, 2010 was $8.5 million of principal payments under our capital lease obligations.
Our total indebtedness, net of discount, at June 30, 2010 was $178.1 million and our total cash and cash equivalents were $52.4 million. Our total indebtedness, net of discount, at June 30, 2010 includes $109.4 million of capital lease obligations for dark fiber primarily under 15-25 year indefeasible right of use lease agreements (IRUs), of which approximately $9.6 million is considered a current liability.
In the fourth quarter of 2008, we purchased an aggregate of $108.0 million of face value of the Notes for $48.6 million in cash in a series of transactions. These transactions resulted in a gain of $23.1 million for the year ended December 31, 2008. After these transactions, there is $92.0 million of face value of the Notes outstanding. We may purchase additional Notes.
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Cogent Communications Group Inc. Cogent has a market cap of $403.7 million; its shares were traded at around $9 with and P/S ratio of 1.7. CCOI is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, Columbia Wanger of Columbia Wanger Asset Management, Bruce Kovner of Caxton Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Depreciation and Amortization Expenses. Our depreciation and amortization expense decreased 7.6% from $29.8 million for the six months ended June 30, 2009 to $27.6 million for the six months ended June 30, 2010. The decrease is primarily due to the decline in depreciation expense from fully depreciated fixed assets and an adjustment to our asset retirement obligations, discussed below, more than offsetting depreciation expense associated with the increase in deployed fixed assets and the impact of an $0.6 million impairment charge for certain property and equipment that was recorded in the six months ended June 30, 2010. There were no such impairment charges or adjustments to our asset retirement obligations recorded in the six months ended June 30, 2009. The impact of exchange rates resulted in an increase of depreciation and amortization expenses for the six months ended June 30, 2010 of approximately $0.1 million.Income tax (provision) benefit. For the six months ended June 30, 2009, our income tax provision was $0.1 million composed primarily of penalties and interest on an uncertain tax position. For the six months ended June 30, 2010, our income tax benefit was $0.4 million which includes approximately $0.2 million for U.S. state income taxes offset by a tax benefit of $0.6 million from the recognition of a receivable for refunds of federal alternative minimum tax amounts paid in prior years.
Net Cash Used In Investing Activities. Net cash used in investing activities was $25.2 million for the six months ended June 30, 2009 and $24.3 million for the six months ended June 30, 2010. Our primary use of investing cash for the six months ended June 30, 2009 and six months ended June 30, 2010 was $25.1 million and $24.5 million, respectively, for the purchases of property and equipment.
Net Cash Used In Financing Activities. Net cash used in financing activities was $12.1 million for the six months June 30, 2009 and $8.4 million for the six months June 30, 2010. Our primary uses of financing cash for the six months ended June 30, 2009 were $11.4 million of principal payments under our capital lease obligations and $0.7 million for the purchases of shares of our common stock. Our primary use of financing cash for the six months ended June 30, 2010 was $8.5 million of principal payments under our capital lease obligations.
Our total indebtedness, net of discount, at June 30, 2010 was $178.1 million and our total cash and cash equivalents were $52.4 million. Our total indebtedness, net of discount, at June 30, 2010 includes $109.4 million of capital lease obligations for dark fiber primarily under 15-25 year indefeasible right of use lease agreements (IRUs), of which approximately $9.6 million is considered a current liability.
In the fourth quarter of 2008, we purchased an aggregate of $108.0 million of face value of the Notes for $48.6 million in cash in a series of transactions. These transactions resulted in a gain of $23.1 million for the year ended December 31, 2008. After these transactions, there is $92.0 million of face value of the Notes outstanding. We may purchase additional Notes.
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