Spok Holdings, Inc. reported its financial results for the three and nine months ended September 30, 2024, reflecting a decline in revenue and profitability compared to the same periods in 2023. For the third quarter, total revenue was $34.87 million, a decrease of $0.56 million (1.6%) from $35.43 million in Q3 2023. For the nine months, total revenue was $103.76 million, down $1.31 million (1.2%) from $105.07 million in the prior year.
Wireless revenue, a significant component of the company's income, fell to $18.26 million in Q3 2024, down $0.71 million (3.7%) from $18.97 million in Q3 2023. For the nine-month period, wireless revenue decreased to $55.15 million, a decline of $1.72 million (3.0%) from $56.88 million in 2023. Paging revenue also saw a decline, with Q3 2024 figures at $17.61 million, down from $18.12 million in the same quarter last year.
Operating expenses increased during the same periods, with total operating expenses for Q3 2024 at $29.91 million, up $0.69 million (2.4%) from $29.22 million in Q3 2023. For the nine months, operating expenses rose to $89.43 million, an increase of $1.51 million (1.7%) compared to $87.93 million in 2023. This led to a decrease in operating income, which fell to $4.96 million in Q3 2024 from $6.21 million in Q3 2023, and to $14.33 million for the nine months, down from $17.15 million in the previous year.
Net income for Q3 2024 was $3.66 million, a decrease of $0.79 million (17.8%) from $4.45 million in Q3 2023. For the nine months, net income was $11.32 million, down $0.98 million (8.0%) from $12.30 million in the same period last year. Basic net income per share for Q3 2024 was $0.18, compared to $0.22 in Q3 2023.
As of September 30, 2024, Spok Holdings had total assets of $216.76 million, down from $227.68 million at the end of 2023. Total liabilities decreased to $60.47 million from $63.91 million, while total stockholders' equity also fell to $156.29 million from $163.77 million. Cash and cash equivalents were reported at $27.83 million, down from $31.99 million at the end of 2023.
The company declared a quarterly cash dividend of $0.3125 per share on October 30, 2024, with a total payout of approximately $6.3 million, reflecting its commitment to returning value to shareholders despite the decline in profitability.
About Spok Holdings, Inc
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