Mpower Narrows Focus on Certain Markets

Mpower Communications, a facilities-based competitive carrier that emerged from Chapter 11 last year, closed the sale of its networks in Texas to Xpedius. On March 18, Mpower closed the sale of its operations in Ohio and Michigan to LDMI Telecommunications. Mpower also expects to close the sale of its Florida and Georgia markets to Florida Digital Networks by the end of April. The sales are part of the company’s plan to eliminate nearly all of its long-term debt and concentrate its ongoing operations in Los Angeles, San Diego, Las Vegas, Northern California and Chicago. Also, Mpower reported $38.0 million in revenue from continuing operations for Q4 2002, a 3.0% increase over Q3 2002 and a 19.3% increase over the previous year. Mpower’s EBITDA loss from continuing operations in Q4 2002 was $5.4 million Also, Mpower’s new auditor, Deloitte & Touche, has re-audited the company’s financial statements for 2000 and 2001 and found that no adjustments to the statements are necessary.
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