FiberNet Expands Network

FiberNet Telecom Group Inc. will spend $2 million to expand its network in Chicago, Los Angeles, Miami, New York and San Francisco.

The news came the same day the carrier reported a first-quarter net loss of $0.6 million, down from losses of $2.4 million in the year-ago period.

“By increasing available network capacity and broadening our addressable markets, we believe that our customers and our shareholders will benefit,” said Jon DeLuca, FiberNet president and CEO, in a prepared statement.

FiberNet expects to complete the project by the fourth quarter of this year. It will pay for the buildout with cash and credit.

The plan is to add dark fiber, 40Gb of capacity and 36 optical wavelengths to the New York metro area; 10Gb of core network capacity in Los Angeles; and multiple 2.5Gb wavelengths for the Chicago, Miami and San Francisco markets. FiberNet also will add 68Gb of switching capacity to its Ethernet network.

FiberNet shares were down 5 cents during mid-afternoon activity, trading for $7.70.

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