PAETEC Holding Corp., the telecommunications provider that is being acquired by Windstream Corp., on Friday reported a wider third-quarter loss, but revenues rose significantly over the same period a year ago thanks largely to an acquisition.
Revenues climbed 31.3 percent to $536.3 million, primarily due to PAETEC’s December 2010 acquisition of Cavalier Telephone. However, the company’s net loss grew from $14.8 million in the third quarter of 2010 to $17.1 million.
“Higher operating margins in the current quarter were offset by higher integration and merger costs, deprecation and amortization, and interest expense,” the company explained.
New York-based PAETEC projects annual revenues of $2.025-$2.125 billion and adjusted EBITDA of $375-$395 million.
Windstream anticipates closing its acquisition of PAETEC by the end of the year.
PAETEC, which had $94.8 million in cash and cash equivalents as of Sept. 30, did not host a conference call on its 3Q earnings.
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July 17 2019 @ 15:55:13 UTC