As it reported a 21% year-over-year jump in revenue from its data center business, the US telco Cincinnati Bell said it was considering alternative structures for the business unit.

CyrusOne – name of Cincinnati Bell’s data center business – is currently a separate legal entity with its own management team. The parent company is looking into spinning off a part of the subsidiary or the entire unit through a sale, a public offering or “other transaction”, Cincinnati Bell said Thursday.

The third option is leaving CyrusOne operating as is.

Cincinnati Bell president and CEO Jack Cassidy said the company demonstrated its commitment to maximizing the data center business’s growth and value to shareholders by weighing the options. “We expect our Data Center business to continue its significant growth,” he said.

“Our ultimate decision should highlight the value, strong performance, and growth prospects of our businesses while also focusing on opportunities to strengthen the balance sheet of Cincinnati Bell. While this process is underway, we will continue to execute on our existing strategies.”

The company expanded aggressively into the data center services space when it bought CyrusOne (prior to the acquisition a separate company) in 2010. The unit was split into a separate legal entity the same year.

CyrusOne’s full-year 2011 revenue was about US$185m, while Cincinnati Bell’s communications business generated about $1.3bn for the year.

The company’s communications business includes wireline, wireless and IT services and hardware segments. It provides integrated communications solutions, including local and long distance voice, data, high-speed internet, entertainment and wireless services.

Cincinnati Bell reported a net income of $8m on $365m in sales for the fourth quarter of 2011. Its full-year net income was $19m – a 34% drop from 2010, which the company attributed to a $50m “goodwill impairment”.