PAETEC Holding Corp. (NASDAQ GS: PAET) today announced third quarter 2007 financial and operating results. “We are very pleased with our third quarter results, highlighted by strong revenue growth, as well as continued margin and free cash flow expansion,” said PAETEC Chairman and CEO Arunas A. Chesonis. “We have completed our second full quarter since closing the US LEC transaction and continue to be gratified with the rapid integration of our operations and the progress we have made on our continuing integration of back office systems.” Highlights of the quarter include the following:
- Revenue of $283.9 million, which represented a 91% increase over third quarter 2006 revenue of $148.4 million;
- Adjusted EBITDA* of $53.8 million, which represented a 188% increase over third quarter 2006 adjusted EBITDA of $18.7 million;
- Free cash flow* of $35.5 million, which represented the 19th consecutive quarter in which PAETEC Holding or its predecessor generated positive free cash flow;
- Successful completion on July 10, 2007 of amendments to PAETEC’s existing bank credit facility and a $300 million senior notes offering;
- Net loss of $(5.1) million largely due to the expense of $4.3 million on the extinguishment of debt in connection with the senior notes offering, and an increase in depreciation and amortization expense of $8.2 million, due to the catch up of expenses associated with the acquired US LEC intangible assets, compared to a third quarter 2006 net loss of $(1.5) million;
- A quarter-end cash balance of $105.5 million;
- An increase of 120% in the number of access line equivalents in service, from 1.26 million as of December 31, 2006, to 2.76 million as of September 30, 2007; and
- Announced agreements to acquire McLeodUSA Incorporated and Allworx Corp.
The complete Q3 2007 PAETEC report can be found here
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