Provdotnet, LLC today announced that AboveNet has connected  to their  Prov.net’s data centers  located in Providence, RI.  AboveNet completed the installation of a diverse 432 strand fiber connection, adding to Prov.net’s already existing fiber connections.   As a result, Prov.net now has over 500 individual strands of fiber coming into their data center facilities.  Customers who either cross-connect and/or co-locate within the Prov.net facilities will have access to AboveNet’s private, optical network and extensive fiber footprint for connectivity in and between top metro markets in Massachusetts, New York, New Jersey, and Connecticut, as well as throughout the world.

AboveNet will provide Prov.net customers with diverse, low-latency routes to other top business centers. For example, a company operating in the Prov.net data center in Providence could establish high-capacity connections to office locations, remote data centers and business partners located on or near the AboveNet Network worldwide.

“Prov.net is extremely pleased to partner with AboveNet and their high performance telecommunications network,” said Ron Sacks, Managing Partner of Prov.net. “The relationship is part of Prov.net’s continuing efforts to provide additional premiere network capabilities to our customers,” added Sacks.

Prov.net customers also can benefit from AboveNet’s world-class fiber optic network in both the U.S and Europe, with connections to buildings containing more than 450 data centers. AboveNet’s infrastructure includes more than 2.3 million fiber miles, an intercity network spanning approximately 13,000 route miles and a global Tier 1 IP backbone. AboveNet provides a complete portfolio of metro Ethernet, WDM, Long Haul and IP transit services.

“AboveNet is uniquely positioned to serve the high bandwidth customers located in the Prov.net data centers,” said Rajiv Datta, chief operating officer at AboveNet. “Our network is specifically engineered to deliver fast, dedicated, secure connectivity to critical business locations, and we look forward to expanding our network to serve additional enterprise and carrier customers in Rhode Island.”

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AboveNet, Inc. (NYSE: ABVT) announced results for the first quarter of 2011.

“We had a solid start to the year, maintaining strong revenue and Adjusted EBITDA growth. While revenue for the 2011 quarter was boosted by unusually high equipment sales and contract termination revenue, we delivered healthy revenue growth from our lit services and fiber infrastructure services of 14.4% over last year’s first quarter,” said Bill LaPerch, Chief Executive Officer of AboveNet. “The proliferation of data-intensive applications in and around the cloud continues to fuel demand for our high bandwidth services. We are successfully capturing opportunities to support our customers’ growing bandwidth needs and adding new customers across all of our verticals.”

“In 2011, we are focused on building out and enhancing our existing Tier 1 market footprint,” added Mr. LaPerch. “As we add more data centers and cloud ecosystems to our network, we are continuously enlarging our addressable market and further leveraging our network assets. As a premier provider of high bandwidth infrastructure distinguished by our high-speed, low-latency, scalable services, we remain well positioned to meet the growing connectivity needs of enterprises in the U.S. and Europe.”

First Quarter 2011 Highlights

• Revenue for the first quarter of 2011 was $114.4 million, a 17.7% increase from $97.2 million for the first quarter of 2010.
• Revenue from domestic metro services for the first quarter of 2011 totaled $31.4 million, an increase of 16.3% from $27.0 million for the first quarter of 2010. Revenue from domestic WAN services for the first quarter of 2011 was $22.6 million, an increase of 22.8% over the $18.4 million for the first quarter of the prior year. Revenue from domestic fiber infrastructure services for the first quarter of 2011 totaled $45.1 million, an increase of 9.5% from $41.2 million for the first quarter of 2011.
• Adjusted EBITDA for the first quarter of 2011 was $51.5 million, compared to $42.6 million for the comparable 2010 quarter.
• Cash used for capital expenditures for the first quarter of 2011 was $31.1 million, compared to $27.4 million for the first quarter of 2010.
• Cash and cash equivalents at March 31, 2011 were $70.6 million, reflecting an increase of $9.0 million or 14.6% over the December 31, 2010 total of $61.6 million.

Financial Results for the Three Months Ended March 31, 2011

Revenue for the first quarter of 2011 was $114.4 million, a 17.7% increase from $97.2 million for the first quarter of 2010. Revenue included equipment sales of $2.4 million in the first quarter of 2011, compared to $0.4 million in the prior year quarter. Also included in revenue was contract termination revenue of $2.1 million for the first three months of 2011, compared to $1.0 million for the first quarter of the prior year. Excluding contract termination revenue from each period, quarterly revenue would have been $112.3 million and $96.2 million, respectively, an increase of $16.1 million, or 16.7%.

For the first quarter of 2011, revenue from domestic operations was $103.8 million, compared to $88.1 million for the first quarter of 2010. Revenue from domestic metro services for the first quarter of 2011 totaled $31.4 million, up 16.3% from $27.0 million for the first quarter of the prior year. Revenue from domestic WAN services for the first quarter of 2011 was $22.6 million, an increase of 22.8% from $18.4 million for the three months ended March 31, 2010. Revenue from domestic fiber infrastructure services for the first quarter of 2011 totaled $45.1 million, an increase of 9.5% from $41.2 million for the first quarter of the prior year. Revenue from our foreign operations, primarily in the U.K., for the first quarter of 2011 was $10.6 million, an increase of 16.5% from $9.1 million for the first quarter of 2009. This increase is primarily due to year over year increases in services provided and the 2.5% increase in the translation rate of the British pound to the dollar quarter over quarter.

Costs of revenue for the first quarter of 2011 were $40.2 million, an increase of 21.5% from $33.1 million for the first quarter of 2010. The increase in costs of revenue primarily reflects increased payroll-related expenses, third party network costs, amounts re-billed to customers for equipment sales and an increase in maintenance and repair charges. Selling, general and administrative expenses for the first quarter of 2011 were $29.8 million, an increase of 26.3% from $23.6 million for the first quarter of the prior year. This quarterly increase is primarily attributed to an increase of $5.0 million for non-cash stock based compensation expense. The balance of the increase is attributed to sales commissions, third party commissions and professional fees. Depreciation and amortization expense for the first quarter of 2011 was $18.3 million, compared to $15.5 million for the comparable quarter of 2010, which represents an increase of 18.1%. This increase is due to additions to property and equipment as we continue to invest in our network to meet the existing and future needs of our customers.

Operating income for the first quarter of 2011 was $26.1 million, a 4.4% increase from $25.0 million for the first three months of 2010, reflecting the effect of the increases in the components of operating income discussed above. Net income for the first quarter of 2011 was $14.5 million, or $0.54 per diluted share, compared to $13.6 million, or $0.52 per diluted share, for the first quarter of 2010. The income tax provision for the first quarter of 2011 was $9.7 million which approximated the $9.6 million provision recorded during the first quarter of 2010. The income tax provision in each period is substantially non-cash.

Adjusted EBITDA for the first quarter of 2011 was $51.5 million, compared to $42.6 million for the first quarter of 2010. Adjusted EBITDA Margin for the first quarter of 2011 was 45.0%, compared to 43.8% for the first three months of the prior year.

Guidance

The Company’s revenue guidance for 2011 remains at $460 million – $470 million. The Company’s guidance for its projected Adjusted EBITDA Margin for the full year 2011 remains approximately in line with the full year 2010 actual Adjusted EBITDA Margin. The Company’s guidance for full year 2011 for cash used for capital expenditures remains at $140 million – $150 million. Management stated that Adjusted EBITDA is expected to exceed cash used for capital expenditures in full year 2011.

Non-GAAP Financial Measures

“Adjusted EBITDA” is defined as net income before provision for (benefit from) income taxes, other income/expense, interest income/expense, gain on reversal of foreign currency translation adjustments from liquidation of subsidiaries, income/loss from discontinued operations, gain/loss on asset dispositions, depreciation and amortization, and non-cash based stock compensation. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA Margin are not intended to replace operating income (loss), net income (loss), cash flow and other measures of financial performance and liquidity reported in accordance with accounting principles generally accepted in the United States. Rather, Adjusted EBITDA and Adjusted EBITDA Margin are measures of operating performance that investors may consider in addition to such measures. AboveNet’s management believes that adjusted or modified EBITDA and its related margin are measures of operating performance that are commonly reported and widely used by analysts, investors, and other interested parties in the telecommunications industry because they eliminate many differences in financial, capitalization, and tax structures, as well as certain non-cash and non-operating charges to earnings. AboveNet’s management currently uses Adjusted EBITDA and Adjusted EBITDA Margin for these purposes. AboveNet’s management believes that Adjusted EBITDA and Adjusted EBITDA Margin trends can be used as indicators of whether the Company’s operations are able to produce sufficient operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures.

Adjusted EBITDA is also used by the Company for other purposes, including, management’s assessment of ongoing operations and as a measure for performance-based compensation. However, the definition of adjusted EBITDA for other purposes may differ from the definition of Adjusted EBITDA used herein. For example, for 2009 and 2010 the definition of adjusted EBITDA in the Company’s incentive cash bonus plan excluded certain customer termination fees. Additionally, Adjusted EBITDA as used in this press release may not be calculated identically to similarly titled measures reported by other companies. The Company also reviews revenue, net of contract termination revenue as well as revenue in local currency. Revenue, net of contract termination revenue shows the change in the Company’s recurring revenue from period to period excluding the impact of non-recurring contract termination revenue. Revenue in local currency shows the changes of foreign subsidiary revenue without the impact of currency fluctuations. Management believes these non-GAAP metrics provide helpful insight into revenue trends.

Conference Call

AboveNet will hold a conference call to report first quarter 2011 results at 10:00 a.m. ET today, May 5, 2011. The dial in number for the call is 866-394-9472, conference ID 61362438. The call is also being webcast with an accompanying presentation, which can be accessed at http://investors.above.net. A replay of the call will be available from 1:00 p.m. ET on May 5 until 11:59 p.m. ET on May 12. To listen to the telephone replay in the U.S., please dial 800-642-1687 and for international callers, please dial 706-645-9291. The conference ID is the same as above. The webcast and the slide presentation will also be archived in the investor relations section of AboveNet’s website for 90 days.

About AboveNet, Inc.

AboveNet, Inc. provides high bandwidth connectivity solutions for business and carriers. Its private optical network delivers key network and IP services in and among top U.S. and European markets. AboveNet’s network is widely used in demanding markets such as financial services, media, health care, retail and government.

Forward Looking Statements

Statements made in this press release that are not historical in nature constitute forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. We cannot assure you that the future results expressed or implied by the forward-looking statements will be achieved. Such statements are based on the current expectations and beliefs of the management of AboveNet, Inc. and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, industry competition, pricing and macro-economic conditions and the Company’s financial and operating prospects. The Company’s business could be materially adversely affected and the trading price of the Company’s common stock could decline if these risks and uncertainties develop into actual events. The Company cautions you not to place undue reliance on these forward-looking statements, which speak only as of their respective dates. The Company undertakes no obligation to publicly update or revise forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events. A more detailed discussion of factors that may affect the Company’s business and future financial results is included in the Company’s SEC filings, including, but not limited to, those described in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 and in the Company’s subsequently filed Quarterly Report(s) on Form 10-Q. We discuss certain non-GAAP financial measures in this press release and provide the GAAP financial measures that correspond to such non-GAAP measures, as well as the reconciliation between the two.

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AboveNet, Inc. (NYSE:ABVT) today announced it is expanding its high performance network in Seattle. New fiber optic rings provide short, low latency routes from downtown Seattle to the Sabey Data Center Complex in Tukwila and include connections into the new American Life data center.

“We expect our new low latency routes to be very popular with Seattle’s enterprises and carriers that must have secure, high bandwidth connectivity for business-critical data communications,” said Xenophon Giannis, executive director of Pacific Region Sales at AboveNet. “Our high performance network provides customers with increased network diversity and is a faster alternative to the existing 80-mile fiber ring around Lake Washington.”

AboveNet’s fiber optic network in Seattle currently spans 250 route miles stretching from Mukilteo to the north to Tacoma in the south, with routes throughout downtown Seattle, Bellevue, Kirkland, Redmond, and around Lake Washington.

Enterprise and carrier customers in Seattle also have access to AboveNet’s expansive fiber optic footprint with network capabilities in and between top business hubs in the U.S and Europe and connections to buildings containing more than 400 data centers. Its infrastructure includes more than 2.3 million fiber miles, an intercity network spanning approximately 12,000 route miles and a global Tier 1 IP backbone.

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AboveNet, Inc. (NYSE: ABVT) announced it is expanding its data network in the Chicago metro area with new fiber optic “express routes” that will offer some of the lowest latency fiber routes between downtown Chicago and the western suburbs. The routes are also expected to provide the shortest data paths available between the urban center and suburban business hubs.

The new network routes bypass more than 23 miles of the existing fiber footprint surrounding the Chicago suburban areas. As a result, AboveNet customers, including data centers and their clientele, financial institutions and exchanges, will have access to one of Chicago’s fastest, high bandwidth connectivity solutions for their business-critical data communications.

In particular, the shorter routes are ideal for enterprise and financial organizations that require low latency connectivity or are considering disk mirroring or data replication to facilities in the western suburbs.

“In today’s marketplace, low latency connectivity is of paramount importance to nearly every business,” said Eric Nickla, executive director of Central Region Sales at AboveNet. “Our fiber optic express routes serving the Chicago area raise the bar on what companies can and should expect of their high bandwidth connectivity solutions.”

AboveNet expects to complete the new routes by mid-year 2011.

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AboveNet, Inc. (NYSE: ABVT), a leading provider of high bandwidth connectivity solutions, today announced its expanded Metro Ethernet and dynamic Core Wave services in the London metro market. The new solutions will help meet customer demand for dedicated, high performance and high bandwidth solutions and facilitate seamless connectivity between London’s business and data hubs.

AboveNet operates one of the most extensive independent London metro networks stretching from Slough through the Docklands with significant capability in connecting locations in The City and Central London to these data center hubs. AboveNet’s solutions are optimized for high bandwidth customers, with a particular focus on Ethernet services with high performance features, flexibility and scalability.

The company’s further investment in metro area network (MAN) services in London follows AboveNet’s network expansion to strategic locations in Europe. AboveNet now connects to buildings with more than 400 data centers worldwide, including 35 of the most significant in the London metro market. The extended network reach combined with the new MAN solutions will enable dynamic, high bandwidth connectivity between London and the top business centers in the U.S. and Europe.

“AboveNet continues to invest in global markets where the need for high bandwidth solutions is growing at an exponential rate,” said Rajiv Datta, chief technology officer at AboveNet. “With demonstrated success in delivering our services in London for over a decade, we are investing to ensure this premier global business hub is equipped with our flagship-level capabilities and service features.”

The next-generation metro Ethernet and Core Wave solutions offer a cost-effective, high bandwidth data network for point-to-point and multipoint connections in and between the London metro markets. Benefits include:

* 100mbps, 1Gbps, 2.5Gbps, and 10Gbps connections;
* advanced features including privacy, security and jumbo frame support;
* extensive customer choice with scalable technology platforms;
* converged access options to add multiple services over the same network;
* space and power savings and rapid service turn-up;
* industry-leading latency guarantee with AboveNet’s Agility Guarantee program.

London metro customers also can leverage AboveNet’s expansive network footprint for international business connectivity. This infrastructure includes 2.3 million fiber miles, an intercity network spanning approximately 12,000 route miles, and a global Tier 1 IP backbone.

“AboveNet’s upgrade of its London metropolitan network will address the growing demand for high bandwidth, low latency services, and significantly advance their competitive position in this critical market,” said Steve Alexander, senior vice president and chief technology officer at network specialist Ciena, which is supplying AboveNet with optical equipment to support its services portfolio. “By leveraging leading-edge technologies such as ROADMs and our 40G/100G Adaptive Optical Engine, AboveNet is future-proofing its network with a flexible and scalable architecture, allowing it to continue delivering on the growing capacity and service demands of its customers.”

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AboveNet, Inc. (NYSE: ABVT) announced it is expanding its network into the Baltimore Washington Corridor. Three new fiber optic loops will specifically serve enterprise and carrier customers in and between the Columbia Gateway, Annapolis Junction and Maryland’s National Business Park.

As a result of the expansion, AboveNet’s low latency, high bandwidth network will be available to the many government agencies, systems integrators, health care and technology companies located or doing business in the Baltimore Washington Corridor.

“The new network loops extend AboveNet’s solutions to enterprises and carriers that must have private, scalable, high bandwidth services to conduct business in the Corridor,” said Matt Johns, director of Mid-Atlantic Sales at AboveNet. “Our products and services provide bandwidth levels from 100Mbps up to 10Gbs and can meet and exceed federal low latency standards.”

AboveNet customers will benefit from its expansive fiber optic footprint with network capabilities in and between top business hubs in the U.S. and Europe and connections to buildings containing more than 400 data centers. Its infrastructure includes more than 2.3 million fiber miles, an intercity network spanning approximately 12,000 route miles and a global Tier 1 IP backbone.

AboveNet provides a complete portfolio of metro Ethernet, WDM, Long Haul and IP transit services and fiber optic infrastructure to enable the global business community.

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AboveNet, Inc. (NYSE: ABVT) announced that its Core Wave services are now available to enterprise and carrier customers in the New York metro market. The new offering provides customers with a flexible, dedicated and cost-effective data transport solution for point-to-point connections in and between top metro business hubs.

AboveNet’s Core Wave solutions are ideal for bandwidth-hungry enterprises and carriers, including financial services organizations, which must have fast, secure, low latency connectivity for business-critical transactions.

“The New York area is at the heart of the worldwide financial community,” said Bill LaPerch, chief executive officer of AboveNet. “Core Wave services provide customers with the trusted, high bandwidth network solutions necessary to conduct business in this dynamic market.” The products provide 1Gbps, 2.5Gbps, and 10Gbps connections between key data centers and/or enterprise locations in the New York and New Jersey area, and offer the benefits of a dedicated wavelength service along with the flexibility and time-to-market advantages of a next generation infrastructure solution.

Utilizing ROADM (Reconfigurable Optical Add/Drop Multiplexer) technology, Core Wave solutions provide dynamic wavelength add/drops and inter-ring connectivity with flexible traffic routing. Benefits to customers include:

* Multi-protocol capability: Ethernet, TDM, storage and video
* Protection options and transparency advantages
* Dedicated fiber access to enterprise locations
* Fast service turn-up
* Space and power savings
* Industry-leading latency guarantee with AboveNet’s Agility Guarantee program

Core Wave customers can also leverage AboveNet’s expansive network footprint to connect to business-critical locations in the top U.S. and European metros. AboveNet connects to buildings containing more than 400 data centers, and its infrastructure includes 2.3 million fiber miles, an intercity network spanning approximately 12,000 route miles and a global Tier 1 IP backbone.

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AboveNet Inc. (NYSE: ABVT) has been recognized by Everything Channel’s CRN Magazine as one of the 75 Coolest Telecom Service Providers.

The 75 coolest Service Providers represent those companies that are revolutionizing the telecom market by delivering high-quality telecom services and building strong ties with the channel community.

“The CRN 75 Coolest Telecom Service Providers honors those service providers with superior telecom services, best-in-class customer satisfaction and channel sales leadership,” said Kelley Damore, VP, Editorial Director, Everything Channel. “These vendors have demonstrated unparalleled customer and partner satisfaction, and we congratulate them on their commitment to both customers and their partners.”

AboveNet is proud to be recognized for delivering low-latency, high-quality bandwidth solutions and its commitment to customer satisfaction and the partner channel. AboveNet continues to invest in our low latency network infrastructure and managed services to deliver high bandwidth connectivity solutions to support many enterprise and carrier initiatives such as disaster recovery, trading networks and cloud computing.

AboveNet continues to strive to deliver unparalleled customer support and the highest quality high bandwidth connectivity solutions to businesses in our existing and new markets in United States and Europe.

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AboveNet, Inc. (NYSE:ABVT),) has linked its network to Terremark Worldwide Inc.’s NAP of the Capital Region located in Culpeper, VA. Terremark is a leader in IT infrastructure services, operating data centers in the United States, Europe and Latin America.

Built to accommodate five 50,000-square-foot independent data centers and one 72,000-square-foot office building, Terremark’s NAP of the Capital Region exceeds Federal standards for a carrier grade data communications and hosting facility. Customers in the Terremark NAP of the Capital Region now have access to AboveNet’s high bandwidth connectivity solutions for all business data communications needs. AboveNet currently serves Terremark customers at the NAP of the Capital Region, and also connects to Terremark data centers in Miami, FL, Dallas, TX, and Santa Clara, CA.

“AboveNet’s expansion into the Terremark NAP of the Capital Region is the latest step in our plan to provide Washington area customers with near-ubiquitous access to our advanced MAN and WAN services,” said Matt Johns, Director of Mid-Atlantic Sales at AboveNet. “AboveNet connects to nearly 50 data centers in the region to meet their customers’ needs for high bandwidth, low latency connectivity.”

“With 65 percent of the data center space already contracted and 16 carrier networks, the NAP of the Capital Region is one of our fastest-growing facilities, and we have recently announced plans to double its size,” said Norm Laudermilch, Terremark’s Senior Vice President of Infrastructure Management. “As more Washington-area organizations including federal agencies and corporate users opt for Terremark, they benefit from the combined strength of Terremark’s secure, reliable data centers and AboveNet’s high-bandwidth connectivity solutions.”

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AboveNet, Inc. (NYSE:ABVT), a leading provider of high bandwidth connectivity solutions, today announced its service expansion into Denver with deployment of a new private fiber optic metro network. Denver becomes the company’s newest market to be opened for commercial business.

AboveNet’s fiber build-out in Denver reinforces the company’s commitment to continued investment in advanced network facilities that broaden network assets. AboveNet’s Denver network will span 97 route miles of 432 and 216 fiber cables, delivering 23,000 fiber miles to support the mission critical business activities of Fortune 1000 companies and other large enterprises and organizations in the area.

“AboveNet is very pleased to launch our latest metro network in Denver,” said John “Joc” Jacquay, Senior Vice President of Sales and Marketing at AboveNet. “We see tremendous opportunity to provide our low latency, high bandwidth connectivity solutions to the many key businesses in this vital market.”

AboveNet has already begun selling to customers in Denver, and additional commercial installations of dark fiber and other selected lit services will be available for service by January 1, 2011. According to the Metro Denver Economic Development Corporation report of May 2010, Denver is home to an array of Fortune 1000 companies, including telecommunications, media, Internet services, retailing, and financial data services enterprises.

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AboveNet, Inc. (NYSE: ABVT), a leading provider of high-bandwidth connectivity solutions, announced results for the first quarter ended March 31, 2010.

“Our first quarter 2010 performance was solid and I’m encouraged by signs that customer interest in our value proposition is increasing,” said Bill LaPerch, Chief Executive Officer of AboveNet. “Improving economic conditions have allowed customers with pent-up bandwidth demand to resume buying activity. As customer demand for high-bandwidth connectivity continues to recover, AboveNet is well positioned to benefit with its world-class, high-speed, low-latency, scalable network solutions.”

First Quarter 2010 Highlights

• Revenue for the first quarter of 2010 was $97.2 million, a 13.8% increase from $85.4 million for the first quarter of 2009. Excluding contract termination revenue from each period, revenue would have been $96.2 million and $83.5 million, respectively, an increase of $12.7 million, or 15.2%.
• Revenue from domestic metro services for the first quarter of 2010 totaled $27.0 million, an increase of 26.2% from $21.4 million for the first quarter of 2009. Revenue from domestic WAN services for the first quarter of 2010 was $18.4 million, an increase of 15.0% from $16.0 million for the first quarter of 2009.
• Adjusted EBITDA for the first quarter of 2010 was $42.6 million, compared to $38.2 million for the first quarter of 2009.
• Cash used for capital expenditures for the first quarter of 2010 was $27.4 million, compared to $21.2 million for the first quarter of 2009.
• Cash and cash equivalents at March 31, 2010 were $166.7 million, compared to $165.3 million at December 31, 2009.

“Earnings per diluted share for the 2010 first quarter was $0.52, which reflects the effect of a provision for income taxes based upon our pre-tax book income. The current provision for income taxes was substantially offset by the utilization of deferred tax assets, and thus, almost all of this provision for income taxes is non-cash,” said Joe Ciavarella, Senior Vice President and Chief Financial Officer.

Stock Split

All share and per share information has been retroactively adjusted to reflect the two-for-one stock split, effective September 3, 2009.

First Quarter Financial Results

Revenue for the first quarter of 2010 was $97.2 million, a 13.8% increase from $85.4 million for the first quarter of 2009. Included in revenue was contract termination revenue of $1.0 million for the first quarter of 2010, compared to $1.9 million, for the first quarter of 2009. Excluding contract termination revenue from each period, revenue would have been $96.2 million and $83.5 million, respectively, an increase of $12.7 million, or 15.2%.

For the first quarter of 2010, revenue from domestic operations was $88.1 million, compared to $78.5 million for the first quarter of 2009. Revenue from domestic metro services for the first quarter of 2010 totaled $27.0 million, up 26.2% from $21.4 million for the first quarter of 2009. Revenue from domestic WAN services for the first quarter of 2010 was $18.4 million, an increase of 15.0% from $16.0 million for the first quarter of 2009. Revenue from domestic fiber infrastructure services for the first quarter of 2010 totaled $41.2 million, an increase of 7.6% from $38.3 million for the first quarter of 2009. Revenue from our foreign operations, primarily in the U.K., for the first quarter of 2010 was $9.1 million, an increase of 31.9% from $6.9 million for the first quarter of 2009. This increase is primarily due to the increase in revenue at the local level, aided by the strengthening of the British pound versus the U.S. dollar for the first quarter of 2010 compared to the first quarter of 2009.

Costs of revenue for the first quarter of 2010 was $33.1 million, an increase of 12.6% from $29.4 million for the first quarter of 2009. The increase in costs of revenue primarily reflects increased co-location and third party network costs. Selling, general and administrative expenses for the first quarter of 2010 were $23.6 million, an increase of 14.0% from $20.7 million for the first quarter of 2009. This increase is primarily a result of increases in commissions and the effect of headcount increases year over year. Depreciation and amortization expense for the first quarter of 2010 was $15.5 million, compared to $11.9 million for the first quarter of 2009. This increase is primarily due to depreciation on property and equipment acquired during 2009 and the effect of the reduction in estimated useful lives of certain assets effectuated subsequent to the 2009 quarter.

Operating income for the first quarter of 2010 was $25.0 million, a 6.8% increase from $23.4 million for the first quarter of 2009, reflecting the effect of the increases in components of operating income discussed above. Net income for the first quarter of 2010 was $13.6 million, or $0.52 per diluted share, compared to $27.4 million, or $1.11 per diluted share, for the first quarter of 2009. This decrease is due to the income tax provision for the first quarter of 2010 of $9.6 million, compared to an income tax benefit of $5.1 million for the first quarter of 2009. Substantially all of the income tax provision for the first quarter of 2010 is non-cash.

Adjusted EBITDA for the first quarter of 2010 was $42.6 million, compared to $38.2 million for the first quarter of 2009. Adjusted EBITDA Margin for the first quarter of 2010 was 43.8%, compared to 44.7% for the first quarter of 2009.

Guidance

Based on the Company’s performance in the first quarter, management indicated that it expects the Company will meet the upper end of the $395 million – $400 million revenue guidance previously provided. The Company reaffirmed that Adjusted EBITDA Margin for 2010 is expected to be roughly in line with full year 2009 Adjusted EBITDA Margin, cash used for capital expenditures for 2010 is expected to be between $150 million and $160 million, and Adjusted EBITDA is expected to exceed cash used for capital expenditures in 2010.

Non-GAAP Financial Measures

“Adjusted EBITDA” is defined as net income before provision for (benefit from) income taxes, other income/expense, interest income/expense, gain on reversal of foreign currency translation adjustments from liquidation of subsidiaries, income/loss from discontinued operations, gain/loss on asset dispositions, depreciation and amortization, and non-cash based stock compensation. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA Margin are not intended to replace operating income (loss), net income (loss), cash flow and other measures of financial performance and liquidity reported in accordance with accounting principles generally accepted in the United States. Rather, Adjusted EBITDA and Adjusted EBITDA Margin are measures of operating performance that investors may consider in addition to such measures. AboveNet’s management believes that adjusted or modified EBITDA and its related margin are measures of operating performance that are commonly reported and widely used by analysts, investors, and other interested parties in the telecommunications industry because they eliminate many differences in financial, capitalization, and tax structures, as well as certain non-cash and non-operating charges to earnings. AboveNet’s management currently uses Adjusted EBITDA and Adjusted EBITDA Margin for these purposes. AboveNet’s management believes that Adjusted EBITDA and Adjusted EBITDA Margin trends can be used as indicators of whether the Company’s operations are able to produce sufficient operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures.

Adjusted EBITDA is also used by the Company for other purposes, including, management’s assessment of ongoing operations and as a measure for performance-based compensation. However, the definition of adjusted EBITDA for other purposes may differ from the definition of Adjusted EBITDA used herein. For example, for 2009 and 2010 the definition of adjusted EBITDA in the Company’s incentive cash bonus plan excludes certain customer termination fees. Additionally, Adjusted EBITDA as used in this press release may not be calculated identically to similarly titled measures reported by other companies.

The Company also reviews revenue, net of contract termination revenue as well as revenue in local currency. Revenue, net of contract termination revenue shows the change in the Company’s recurring revenue from period to period excluding the impact of non-recurring contract termination revenue. Revenue in local currency shows the changes of foreign subsidiary revenue without the impact of currency fluctuations. Management believes these non-GAAP metrics provide helpful insight into revenue trends.

Conference Call

AboveNet will hold a conference call to report first quarter 2010 results at 10:00 a.m. ET today, May 6, 2010. The dial in number for the call is 866-394-9472, conference ID is 69825759. The call is also being webcast with an accompanying presentation, which can be accessed through the investor relations section of AboveNet’s website at http://investors.above.net. Please allow time to download the presentation before the call starts. A replay of the call will be available from 1:00 p.m. ET on May 6 until 11:59 p.m. ET on May 13. To listen to the telephone replay in the U.S., please dial 800-642-1687 and for international callers, please dial 706-645-9291. The conference ID is the same as above. The webcast and the slide presentation will also be archived in the investor relations section of AboveNet’s website for 90 days.

About AboveNet, Inc.
AboveNet, Inc. provides high-bandwidth connectivity solutions for business and carriers. Its private optical network delivers key network and IP services in and among top U.S. metro markets and globally. AboveNet’s network is widely used in demanding markets such as financial services, media, health care, retail and government.

Forward Looking Statements

Statements made in this press release that are not historical in nature constitute forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. We cannot assure you that the future results expressed or implied by the forward-looking statements will be achieved. Such statements are based on the current expectations and beliefs of the management of AboveNet, Inc. and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the Company’s financial and operating prospects, current economic trends, future opportunities, the Company’s exposure to the financial services industry, and strength of competition and pricing. The Company’s business could be materially adversely affected and the trading price of the Company’s common stock could decline if these risks and uncertainties develop into actual events. The Company cautions you not to place undue reliance on these forward-looking statements, which speak only as of their respective dates. The Company undertakes no obligation to publicly update or revise forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events. A more detailed discussion of factors that may affect the Company’s business or future financial results is included in the Company’s SEC filings, including, but not limited to, those described in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2009. We discuss certain non-GAAP financial measures in this press release and provide the GAAP financial measures that correspond to such non-GAAP measures, as well as the reconciliation between the two.

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AboveNet, Inc. (NYSE:ABVT), a leading provider of high bandwidth connectivity solutions, today announced the successful deployment of fiber optic infrastructure solutions for CACI International Inc to support new corporate facilities in Virginia. CACI provides professional services and IT solutions in the defense, intelligence, homeland security and federal civilian government arenas.

CACI now is using AboveNet high bandwidth connectivity solutions to link its new employee campus and data center with other CACI locations in the Washington, D.C. Metro Region. AboveNet’s solutions meet CACI’s requirements for reliable, low latency high bandwidth connectivity supporting the full range of the company’s mission-critical business data communications needs.

AboveNet deployed the network in under 100 days, meeting CACI’s deadline for installation, and helping to ensure the timely, successful move of more than 1,000 employees to the new campus and 1,000 servers to a new data center, without work interruption.

“We are very pleased by the opportunity to serve CACI, and we look forward to a long, productive relationship with this valued client,” said Matt Johns, Director of Mid-Atlantic Sales at AboveNet. “This highly successful project is illustrative of the work we perform consistently for all our customers. Businesses look to AboveNet as the industry benchmark in providing high bandwidth connectivity solutions cost-effectively, on or ahead of schedule.”

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New York Metro Area businesses benefit from the combined power of AboveNet’s private metro fiber network and Telx’s state-of-the-art colocation facilities

AboveNet, Inc. (NYSE:ABVT) has linked its network with the New York metropolitan area colocation facilities of Telx, a leading interconnection and colocation provider in key North American markets.

Supporting today’s explosive surge in bandwidth demand, AboveNet’s network opens up a new range of choices for companies that need ultra low latency connectivity for their mission-critical business and financial data applications.  Now Telx’s New York area customers can leverage AboveNet’s high-speed links between Telx data centers and to hundreds of carrier and enterprise customers.

“Here in the world’s financial epicenter, companies including the leading capital markets firms have zero tolerance for network interruption, and they demand physical path diversity to ensure the highest reliability and lowest latency for their customers,” said Bill Kolman, Vice President of Sales for Telx.  “AboveNet and Telx deliver this level of performance and offer customers the power of choice.”

“AboveNet has a proven track record of delivering highly scalable high bandwidth solutions to financial services, media and entertainment, and other enterprise companies,” said MaryBeth Nance, Executive Director of Business Development & Marketing at AboveNet. “Our customers can now extend into Telx’s colocation facilities in New Jersey, and source the best data center and fiber optic networking solutions to help them optimize key IT infrastructures.”

AboveNet’s fiber optic network connects Telx’s four primary New York metro area data centers at 111 8th Avenue, 60 Hudson Street in New York, 300 Boulevard East in Weehawken, N.J., and Telx’s newest facility at 100 Delawanna Avenue in Clifton, N.J., using diverse fiber routes with two separate Hudson River crossings.

AboveNet has also extended its dense metro optical network within the Telx suite at 100 Delawanna Avenue where it will establish a point of presence (PoP) for serving customers.  This enables AboveNet’s customers to easily distribute applications or other critical infrastructure components to Telx’s Clifton, N.J. data center, and provides business continuity, disaster recovery and storage options for Telx’s New York-based customers.

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As bandwidth consumption continues to grow, TelecomSupportDesk.com – a telecom master agent specializing in high bandwidth circuits and customized network designs – is seeing an increased demand for bigger bandwidth pipes.  2010 will be the year of a huge explosion in the demand for bigger bandwidth pipes. Growing trends in shared cloud computing & centralized private clouds as well as the increase in the consumer demand for bandwidth seem major driving factors. As an authorized AboveNet agent, TelecomSupportDesk often relies on their fiber optic network. “When a business comes to us looking for high bandwidth from 100Mbps, 1Gpbs even to 10Gbps metro Ethernet solutions, chances are high that AboveNet (NYSE:ABVT?) is the right solution for them,” Mr. Wind (VP of Sales at TelecomSupportdesk.com) comments. “Especially the extreme low latency fiber optics (as low as 1 ms both ways) between two locations is why AboveNet often wins the deal.  A low latency route can be extremely crucial for financial institutions as a change in milliseconds can often mean losses of millions in financial trades or transactions.”

In a recent interview with TelecomSupportDesk.com Michael Brown, AboveNet’s VP of Indirect and Carrier Sales, explains how AboveNet has been able to build such an extensive, national fiber network and what differentiates them from other fiber connectivity providers. He also discusses the importance of disaster recovery and business continuity, as well as the importance that low latency can play in a network.

“AboveNet was founded over 15 years ago and started out by an electrical contractor. They had to fight the City of New York to get a franchise agreement to put fiber optic cabling in the ground in order to compete with the ILECs. This is a very capital intensive business and required additional funding. The Metromedia Group decided to invest in the company and changed the name to Metromedia Fiber Network.”

Metromedia Fiber Network had quite an explosive growth in the late ‘90s which occurred as a lot of the telecom companies of the ‘90s were restructuring. They reorganized as AboveNet, Inc.  in 2003 and today they are listed on the New York Stock Exchange (ABVT).

“By having gone through this reorganization we have developed a financial discipline and a success-based model,” Michael Brown continues. “We were one of the early companies that got into building metro fiber networks. We used to own datacenters, managed service providers within datacenters and carrier neutral peering which we sold years ago. And with that we went back to our roots, which is being a metro access connectivity provider enabled by dark fiber.”

MW:  For those unfamiliar with it, could you please explain the term Dark Fiber?

MB:  Dark fiber is a strand of optical fiber with no electronics or optical gear at either end, hence it is dark and not lit up with a laser.

MW:  What is the biggest differentiator between AboveNet and other carriers offering fiber routes?

MB: AboveNet has spent considerable time and money building fiber routes in about 15 metros in the US and London. No company is going to spend that much today to build these ubiquitous fiber rich routes nor is anyone going to lend the money to do so. We may have a few competitors in a market here and there, but they are typically local players. Often these competitors are a utility company that has some utility right-of- way, and even though it is not their market, they figured they would put some fiber in the ground.  But at the end of the day – whether it is a water utility or a power utility company – if there is a water break or if a power line goes down because of an ice storm, they are likely to be focused on restoring the electricity or water, and after that they are going to look at restoring the fiber. Remember, their main business and responsibility is being a utilities company. So we (AboveNet) may have some competitors in markets, but they are not in all our markets and typically it is not their primary business but just an additional revenue stream for the company.

Beyond that, what also differentiates us is the way we have constructed. Where we could, we have put in multiple conduits. These are 4 inch PVC ducts with three 1.25 inch innerducts where we could put large count fiber cables in, 432 or 864 counts of fiber strands.  And when we exhaust the 432 or 864 fiber cable, we still have two more innerducts or another duct itself to pull our fiber through. By having constructed like this we have really made it easy and cost effective for AboveNet to expand. The big cost in building a fiber network is the construction, so if all you have to do to expand a route is pull more fiber through an innerduct, it is infinitely cheaper than having to dig up the ground. Most of our competitors never built with that design philosophy. They put one 96 count cable in the ground and that was it. They have no way of adding to it. Or because they were trying to squeeze it in near a utility line, they couldn’t put in a large conduit system and had to squeeze in a single fiber run with limited amounts of fiber.

MW: So that would mean that AboveNet can expand more easily?

MB: Correct. We are in more markets, we can expand more easily, and we have higher count fiber cables. But at least as important is that we have put in the latest generation fiber types in the ground. There is something called non-zero dispersion shifted fiber. This type of fiber has been designed for dense wave division multiplexing and works at the 1550 nanometer wavelength range. Most fiber that is in the ground is called SMF-28 or just standard single mode fiber and is optimized for 1310 nanometers, which is where SONET gear operates. AboveNet has composite cables that have a combination of both the standard single mode (SMF-28) and the non-zero dispersion shifted. Whether it is Lucent TrueWave or Corning LEAF, we have those fiber types in the ground. And they are optimized to support dense wave division multiplexing, which is what most carriers and enterprises are looking at to deploy. They want a dense wave network supporting all their applications, and not a SONET based TDM network.

When we built the routes we really tried to honeycomb the central business districts, and we built quite extensive backbones in the cities we are in.  And we would build these backbones along right-of-ways that our competitors don’t have and where we could we would bury our fiber. For example, our network in Chicago, which is a HUGE network that goes all the way from Lake Michigan to Hoffman Estates in the northwest suburbs of Chicago, and to Lisle in the southwest suburbs of Chicago, it is nearly all under ground. Some of it is built along the Illinois DOT system and in many segments no one else is along many of those right-of-ways.  So we have built an extensive system, we built it underground where we could, and we built it along right-of-ways that are unique to AboveNet.

So to sum up what differentiates AboveNet is we:

• Are in more markets
• Can easily add more fiber
• Have a better type of fiber
• Have an excellent presence in central business districts out to the far suburbs
• Are in 15 metro markets
• Are focused primarily on fiber optical networks
• Have unique rights of way
• Have buried the vast majority of our fiber for safety

No one else can really talk to that; it’s a unique value proposition. That’s really why we think we have a huge differentiation between our fiber and other carriers offering fiber.

Since we are not a retail provider we’re not offering dial tone, we don’t offer frame relay. Our fiber doesn’t have to go to every CO (Central Office). In fact, our fiber even avoids COs. The ILEC goes to EVERY CO.

MW: And what about CLECS?

MB: Well guess what? They have got to pick up their UNEs (unbundled network elements), their copper loops at a specific CO. We avoid that. So we will typically have the shortest path between point A and point B. That means we can offer low latency and that is extremely important in so many industries today.

MW: Yes, didn’t AboveNet recently win a big deal from the NYSE because of the low latency network? MB: Yes we did. We’re there – http://abovenet.com/newsandevents/pressreleases/pr090721.php They’r one of many financial customers and exchanges that use AboveNet because our fiber optic network can support the highest capacity and the lowest latency.

MW:  Aside from financial institutions are there other industries that have such high requirements?

MB: Oh yes, there really are many markets that have such requirements. Media and entertainment where production, post-production, and editing collaborate and send huge digital files back and forth.  But also social networking, we count almost every social network as our customer. I don’t know if you have any children but mine are on the bigger social networking sites and they definitely notice when there is any lag in the network. So they do not just need a network that can transport a lot of data; they need a network that can support that traffic with a low latency. That also goes for online gaming. My children are on Xbox live and heaven forbids if the gaming network is lagging, they will notice instantly. So many different industries require low latency; it’s really not just financial services anymore.

One of the most important applications for low latency, which really is applicable to every single industry, is disaster recovery and business continuity. If you are doing disc replication, especially synchronous disc replication (which is also known as disc mirroring or disc shadowing),  where you are writing simultaneously to two different disc drives at two different locations, you HAVE to have a low latency network. It won’t work above particular latency or attenuation numbers. A low latency network is the number one determining factor that people are going to look at when deciding how they are going to deploy their disaster recovery and business continuity strategy.

MW: How important would you say a disaster recovery and business continuity plan is?

MB: Oh extremely important! There are many studies that have shown that most companies that do not have such a business continuity and disaster recovery strategy and network in place are in big trouble when they lose critical customer data. In fact, studies have shown that many firms do not survive the following year after a disaster if they did not have a recovery plan in place. It can cripple their business.

MW: We at TelecomSupportDesk.com found many clients with a great interest in your DS3-Killer (aka Terminator) promotion. Why do you think that companies should drop their DS3’s for AboveNet’s fiber metro Ethernet?

MB: The first reason is that a DS3 can’t provide you with more than 45Mbps. We can start you on a 100 megs and take you up to a 10 gig port. Most companies I know require more and more scalable bandwidth, well above DS3. Or they want to be able to burst.

Additionally, with a DS3 you’re probably still using copper technology, likely from the LEC or what the CLEC is providing.  For disaster recovery, anyone selling a DS3 circuit probably comes to the building on the same pathway. That’s not much diversity. AboveNet typically comes in with our own infrastructure, as diverse as possible from the ILEC.

Therefore not only can we offer expandability above DS3 speeds, we can do it on our own infrastructure, diverse from the ILEC and we can provide you with native Ethernet. So you won’t be going on DS3 technology, you won’t be going on a SONET ring. Instead of packets over SONET, we offer native Ethernet which is what most companies like. They understand Ethernet, have it in their Local Area Network (LAN), and now they want it in their Wide Area Network (WAN). With our technology, we can converge your Ethernet and IP traffic.

MW: Could you give an example of that?

MB: Let’s say you want to go from your location to a datacenter and you also want to get IP at that datacenter. Perhaps you want to do server virtualization, disc mirroring, or you have signed up for cloud computing for enhanced CPU cycles and disc storing done remotely. In such a scenario you would want to get a low latency fiber tail from us, with whatever port speed and burst ability you need.

For more information about AboveNet’s fiber optic high bandwidth solutions, please contact TelecomSupportdesk.com or AboveNet directly.

About AboveNet, Inc.
AboveNet, Inc. provides high bandwidth connectivity solutions for business and carriers. Its private optical network delivers key network and IP services in and among top U.S. metro markets and globally. AboveNet’s network is widely used in demanding markets such as financial services, media, health care, retail and government.

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AboveNet, Inc., (NYSE:ABVT) announced the portfolio of services it is offering at The New York Internet Company’s (NYI’s) new 40,000 square foot data center. The data center is located in Bridgewater, part of the technology-rich central New Jersey corridor.

AboveNet’s services run the gamut from diverse, low-latency fiber optic connectivity to more advanced, customized Ethernet, WDM and IP services that will power NYI’s new flexible and comprehensive solutions for disaster recovery and business continuity planning applications. AboveNet also offers fiber connectivity to NYI’s main data center in Manhattan, a network redundancy that represents akey advantage in site-to-site syncing for DR, BCP and data replication applications.

“NYI is clearly focused on meeting its customer’s needs,” said AboveNet CEO and President, Bill LaPerch. “They know that small to mid-sized businesses want accessibility to the same DR/BCP resources enjoyed by the Fortune 500. We are proud to be part of this important and much needed effort.”

“AboveNet is a key part of our strategy,” added Phillip Koblence, COO of NYI. “Their reputation as one of the most respected and robust connectivity companies around adds significantly to our offering at 999 Frontier in New Jersey. Additionally, through AboveNet’s existing presence at our New York City facility at 100 William Street, our customers are able to achieve among the most comprehensive DR and BCP solutions available in the industry today.”

The Bridgewater data center, which opened October 28th, boasts power available for future upgrades.

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AboveNet, Inc., (NYSE:ABVT)has announced its industry-leading low latency guarantee. The program, called the Agility Guarantee, will offer customers ultra-low latency performance across the entire array of metro wave and Ethernet services that AboveNet provides in the top 15 U.S. markets.

AboveNet Chief Technology Officer, Rajiv Datta, said, “We are offering this guarantee of ultra-low latency performance to provide our most demanding customers the assurance they need for their critical applications. They require industry-leading low latency coupled with the highly reliable, high performance networks that we design and implement for them.”

There are a growing number of latency sensitive applications (such as VoIP and video) that impact end users across industries. In addition to providing a high performance option to these customers, AboveNet’s Agility Guarantee is designed to meet the stringent requirements of industry segments such as:

* Financial Services Algorithmic Trading
* Energy/Oil Futures Trading
* Live Gaming Environments
* Media & video applications

“AboveNet is naturally positioned to provide ultra-low latency performance due to our fiber-intensive delivery model, and our focus on high bandwidth customers,” Mr. Datta said. “By offering these services with direct routing and minimal equipment interfaces, we can offer round-trip latencies as low as sub-1 millisecond for some of our services, which I believe is unmatched in the industry.”

* The program uses real-world metrics, instead of averages and one-way trip measurements:
* All guarantees are provided as round-trip delay values
* Guarantees apply for the end-to-end service, not just the POP-POP component
* Guarantees represent maximum values, not an “average” number

AboveNet’s Metro Services portfolio includes: (a) Metro Wave services which provide customers a completely private WDM-based network offering the ultimate in security, scalability and operational control, and (b) Metro Ethernet services which provide private and non-private options, including a range of reserved and guaranteed bandwidth availability choices.

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