McLeodUSA, one of the nation’s largest CLECs, reported quarterly revenue of $225.9 million, compared to $259.4 million in Q1 2002 and $230.0 million in Q4 2002. Reported net loss for the quarter was $84.1 million, compared to a net loss of $186.4 million for the same period last year. The company said the slightly lower quarterly revenue was due to efforts to eliminate unprofitable customers. Some highlights:
- McLeodUSA ended the quarter with $115.5 million of cash on hand. Total capital expenditures for the first quarter of 2003 were $14 million.
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Gross margin in the first quarter of 2003 was $88.5 million or 39.2% of revenue, as compared to $93.2 million or 40.5% of revenue in the fourth quarter of 2002.
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UNE-L platform mix increased to 56% versus 52% at the end of the prior quarter as the company continued to migrate customers on-switch in order to further reduce cost and streamline operations.
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At the end of the quarter, McLeod’s network consisted of 38 ATM switches, 46 voice switches, 567 collocations and 433 DSLAMs. It had 3,720 employees.
http://www.mcleodusa.com