PAETEC Holding Corp. (NASDAQ GS: PAET) today announced first quarter 2010 financial and operating results. “We are pleased to announce that PAETEC is a Fortune 1000 member. PAETEC achieved this milestone through a decade of hard work, operational excellence, and disciplined management,” said Arunas A. Chesonis, chairman and CEO. “Solid access line additions and continued strengthening of the customer profile were clear highlights for this quarter and position PAETEC to take advantage of an improving economy.” Financial results for first quarter 2010 included the following:
- Revenue of $390.1 million;
- Adjusted EBITDA* of $65.5 million;
- Net loss of $9.5 million;
- Free cash flow* of $36.1 million, which represented the 29th consecutive quarter in which PAETEC or its predecessor generated positive free cash flow;
- Net cash provided by operating activities of $7.8 million; and
- A cash balance of $144.3 million at March 31, 2010.
Quarterly Results – First Quarter 2010 Compared to First Quarter 2009
Revenue
- Total revenue of $390.1 million decreased 2.3% or $9.2 million for first quarter 2010 from first quarter 2009 primarily due to a decline in usage-based revenue and a $4.6 million decline in non-core basic telephone service revenue (“POTS”).
- Core network services revenue decreased 1.1% or $3.1 million for first quarter 2010 from first quarter 2009 primarily due to a decline in usage-based revenue which was partially offset by a 5.0% increase in PAETEC’s data revenue, generated principally by sales of Dynamic IP and MPLS VPN products.
- Core carrier services revenue decreased 9.2% or $4.5 million for first quarter 2010 from first quarter 2009 due to lower usage-based revenue.
- Integrated solutions revenue of $16.5 million increased 23.2% or $3.1 million over first quarter 2009 as a result of growth in equipment sales and PAETEC’s February 28, 2010 acquisition of US Energy Partners.
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