PAETEC Holding Corp. (NASDAQ GS: PAET) today announced second quarter 2010 financial and operating results. “Our second quarter is marked by continued expansion, from our sequential and year-over-year revenue growth, to the opening of new offices and rate centers nationally,” said Arunas A. Chesonis, chairman and CEO. “Over the last six months PAETEC has shown its commitment to growth by investing in businesses that allow us to deepen our customer relationships and enhance our product portfolio. Additionally, we successfully completed the Kenan to RevChain billing conversion during the second quarter, finalizing our integration of US LEC.” Financial results for second quarter 2010 included the following:
- Revenue of $396.1 million;
- Adjusted EBITDA* of $65.1 million;
- Net loss of $7.5 million;
- Free cash flow* of $33.7 million, which represented the 30th consecutive quarter in which PAETEC or its predecessor generated positive free cash flow;
- Net cash provided by operating activities of $36.9 million; and
- Cash, cash equivalents and short term investments of $125.6 million at June 30, 2010.
Quarterly Results – Second Quarter 2010 Compared to Second Quarter 2009
Revenue
- Total revenue of $396.1 million increased 0.2% or $0.9 million for second quarter 2010 from second quarter 2009, primarily due to the inclusion of revenue from recently acquired companies that more than offset a decline in usage-based revenue and a $4.1 million decline in non-core basic telephone service revenue (“POTS”).
- Core network services revenue increased $0.3 million to $284.9 million for second quarter 2010 from second quarter 2009.
- Core carrier services revenue decreased 6.6% or $3.2 million for second quarter 2010 from second quarter 2009 due to lower usage-based revenue.
- Integrated solutions revenue of $22.8 million increased 47.5% or $7.3 million over second quarter 2009 primarily due to PAETEC’s February 28, 2010 acquisition of US Energy Partners and June 7, 2010 acquisition of Quagga Corporation.
Link to Full press release (PDF-file)
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