Press Releases

PAETEC Holding Corp. (NASDAQ GS: PAET) today announced second quarter 2009 financial and operating results.

PAETEC Holding Corp. (NASDAQ GS: PAET) today announced second quarter 2009 financial and operating results. "We're pleased with this solid quarter given the difficult economic environment," said Arunas A. Chesonis, chairman and CEO. "These results are directly attributable to the focused efforts of all our employees across our 42 state operating area. In the second quarter, we continued to expand what I believe is among the strongest communications portfolios in the industry, opening new markets in Northern California and a new data center in Pennsylvania."

Financial results for second quarter 2009 included the following:

• Second quarter revenue of $395.2 million, which represented a 2.5% decrease from second quarter 2008 revenue of $405.3 million;
• Second quarter adjusted EBITDA* of $63.5 million, which represented a 5.6% increase over second quarter 2008 adjusted EBITDA of $60.2 million;
• Second quarter free cash flow of $36.3 million, which represented the 26th consecutive quarter in which PAETEC or its predecessor generated positive free cash flow;Second quarter net loss of $16.5 million compared to second quarter 2008 net loss of $14.7 million;
• Second quarter net cash provided by operating activities of $38.2 million compared to second quarter 2008 net cash provided by operating activities of $44.1 million;
• A cash balance of $139.7 million at June 30, 2009; and
• Refinancing of a portion of the company's credit facility term loan debt and extension of maturities through the issuance of $350.0 million principal amount of 8 7/8% senior secured notes due 2017.