The St. Augustine, FL-based parent of Orlando-based Epic Communications Inc. is putting the subsidiary on the selling block as it writes off Epic's entire book value of $238.1 million. FECI retained Morgan Stanley in June of this year to analyze Epik's future potential. Epik's sale follows Morgan Stanley's recommendation.
The 1,850-mile network never recovered from the telecommunications industry pullback in 2000, FECI says in a prepared statement disclosing its third-quarter financials.
The company lost $146.4 million or $4.02 per diluted share on revenue of $64.5 million compared to a profit of $2 million or five cents per diluted share on sales of $65.8 million.
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