Corvis Corporation reported Q1 revenues of $146.8 million, generated primarily from communications services revenues recorded by its subsidiary, Broadwing Communications, as well as from equipment sales to the U.S. government and Qwest Communications. The Broadwing Communications services division contributed $141.7 million in recorded revenues in the first quarter. The remaining $5.1 million was generated from the company’s equipment and equipment service contracts. Reported net loss for the quarter was $33.9 million, or $0.07 loss per share, for the current quarter as compared with a reported net loss of $47.0 million, or $0.12 loss per share, for the first quarter of 2003. http://www.corvis.com
- In March 2004, Corvis agreed to acquire Chicago-based competitive local exchange carrier (CLEC) Focal Communications for $210 million. The deal is comprised of approximately $101 million in equity to be issued to Focal’s existing equity holders and the assumption of about $109 million of Focal’s existing debt and other obligations.
- Focal Communications, which operates in 23 Tier 1 markets across the U.S., claims 4,000 enterprise and wholesale/carrier customers for its CLEC services. Focal also has its own metro fiber footprint in nine Tier 1 national markets. Focal expects to report annual revenues of approximately $320.0 million for fiscal 2003. As of December 31, 2003, Focal had cash and cash equivalents of $24.9 million.