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US LEC Achieves Record Revenue of $93.5 Million for First Quarter 200526 April 2005
Continuing to build on solid financial and operational results, US LEC Corp. (Nasdaq: CLEC - News), a leading telecommunications carrier providing integrated voice, data and Internet services to businesses and enterprise organizations throughout the Eastern United States, announced today results for the first quarter ended March 31, 2005. The first quarter was highlighted by:
* Achieving total revenue of $93.5 million, an $8.3 million, or 10%
increase over the first quarter of 2004
* Reaching end-customer revenue of $79.1 million, an increase of over
$12.3 million compared to the same period last year
* Growing data revenue to $28.4 million, accounting for over 30% of total
revenue
* Achieving EBITDA of $11.9 million, compared to $11.3 million in the
first quarter of 2004 and $11.0 million in the fourth quarter of 2004
(see definition and reconciliation of EBITDA to net cash flow from
operations below)
* Expanding service area to include Roanoke and Blacksburg, Virginia, and
Baton Rouge, Louisiana
* Reaching the 23,000 customer milestone
* Expanding VoIP-enabled services to the Orlando, Atlanta and Washington
D.C. markets
* Completing the integration of StarNet
Revenue for the quarter ended March 31, 2005, increased 10% to $93.5 million, compared with $85.2 million for the quarter ended March 31, 2004, and revenue of $92.1 million for the fourth quarter ended December 31, 2004. The Company reported a net loss attributable to common stockholders of ($8.9) million, or ($0.29) per share, on 30.3 million average shares outstanding for the quarter ended March 31, 2005, compared with a net loss attributable to common stockholders of ($7.2) million, or ($0.24) per share, on 29.8 million average shares outstanding for the first quarter of last year. EBITDA for the first quarter of 2005 was $11.9 million compared with EBITDA of $11.3 million in the first quarter of 2004.
Commenting on the Company's first quarter 2005 results, Aaron D. Cowell, president and chief executive officer of US LEC, said, "US LEC is off to a strong start in 2005. During the first quarter, we achieved end-customer revenue of $79.1 million, an increase of $4.3 million over the previous quarter. Notably, end-customer revenue accounted for 85% of US LEC's total revenue in the first quarter. Our consistent growth in end-customer revenue reflects our solid customer acquisition and retention results and highlights our team's ability to grow our business. On a per employee basis, the US LEC team proved once again that they are among the best in the industry by achieving $73,400 of end-customer revenue per employee -- up from $64,800 per employee one year ago. EBITDA for the first quarter of 2005 increased to $11.9 million."
Cowell continued, "We are continuing to increase customer take rates as more and more businesses realize the benefit of our robust product portfolio and unsurpassed customer care value proposition. In particular, revenue from data services grew to $28.4 million, representing over 30% of total revenue in the first quarter of 2005. With over 23,000 customers in over 110 markets, and a consolidated penetration rate of our addressable target market of approximately 9%, we have achieved meaningful market share as we continue to successfully execute our business plan."
"We also introduced VoIP-enabled service to three additional markets during the quarter and will continue to expand our coverage throughout 2005. We are excited about the growth opportunities that additional IP-enabled products present US LEC. These new services will build on an already strong value proposition that we provide our customers. We are pleased with the momentum in our business through the first quarter and will continue to leverage our success as we focus on our goal of achieving profitability," concluded Cowell.
Conference Call Information
US LEC will hold a conference call to discuss this press release today, April 26, 2005, at 1:00 p.m. Eastern Time. A live broadcast of the conference call will be available online at www.uslec.com , and www.fulldisclosure.com . To listen to the live call, visit either web site at least fifteen minutes early to download, and install any necessary audio software. For those who cannot listen to the live broadcast, a telephone replay will be available shortly after the call through the close of business on April 29, 2005 and replay via webcast will be available through May 26, 2005.
About US LEC
Based in Charlotte, NC, US LEC is a leading telecommunications carrier providing integrated voice, data and Internet services to medium and large businesses and enterprise organizations throughout 15 Eastern states and the District of Columbia. US LEC services include local and long distance calling services, Voice over Internet Protocol (VoIP) service, advanced data services such as Frame Relay, Multi-Link Frame Relay and ATM, dedicated and dial-up Internet services, managed data solutions, data center services and Web hosting. US LEC also offers selected voice services in 27 additional states and provides enhanced data services, selected Internet services and MegaPOP® (local dial-up Internet access for ISPs) nationwide. For more information about US LEC, visit www.uslec.com .
Except for the historical information contained herein, this report contains forward-looking statements, subject to uncertainties and risks, including the demand for US LEC's services, the ability of the Company to introduce additional products, the ability of the Company to successfully attract and retain personnel, competition in existing and potential additional markets, uncertainties regarding its dealings with ILECs and other telecommunications carriers and facilities providers, regulatory uncertainties, the possibility of adverse decisions related to reciprocal compensation and access charges owing to the Company, as well as the Company's ability to begin operations in additional markets. These and other applicable risks are summarized in the "Caution Regarding Forward-Looking Statements" and in Exhibit 99.1 "Risk Factors" and elsewhere in the Company's Annual Report on Form 10-K for the period ended December 31, 2004, and in subsequent reports, which are on file with the Securities and Exchange Commission.
US LEC is a registered service mark of US LEC Corp. US LEC and Design® is a registered service mark and trademark of US LEC Corp. StarNet(TM), Fastnet(SM) and MegaPOP® are service marks of US LEC Corp.
US LEC Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In Thousands, Except Per Share Data)
(Unaudited)
Three months ended
March 31,
2005 2004
Revenue $93,516 $85,186
Network Expenses (excluding
depreciation and amortization shown
below) 45,784 41,450
Depreciation and Amortization 12,931 12,485
Selling, General and Administrative
Expenses 35,868 32,416
Loss from Operations (1,067) (1,165)
Net Interest Expense 3,712 2,152
Net Loss (4,779) (3,317)
Preferred Stock Dividends (3,974) (3,744)
Preferred Stock Accretion of
Issuance Costs (152) (143)
Net Loss Attributable to Common
Stockholders $(8,905) $(7,204)
Net Loss Attributable to Common
Stockholders Per Common Share
Basic and Diluted $(0.29) $(0.24)
Weighted Average Number of Shares
Outstanding
Basic and Diluted 30,255 29,751
EBITDA consists of earnings (loss) before interest income and expense,
income taxes, depreciation and amortization. EBITDA as used by the
Company may be different than similarly used measures by other companies
and is not a measure of financial performance under GAAP. Management
believes EBITDA is a useful measure of the Company's liquidity and is
used by investors and analysts to evaluate companies in our industry.
EBITDA is reconciled to net cash provided by operating activities as
follows:
Three months ended
March 31,
2005 2004
Loss from Operations $(1,067) $(1,165)
Depreciation and Amortization 12,931 12,485
EBITDA 11,864 11,320
Changes in Working Capital (2,070) (2,169)
Net Interest Expense (3,712) (2,152)
Miscellaneous Other (124) (125)
Net Cash Provided by Operating
Activities $5,958 $6,874
US LEC Corp. and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands, Except Per Share Data)
(Unaudited)
March 31, December 31,
2005 2004
Assets
Cash and cash equivalents $43,860 $48,232
Restricted cash 169 169
Accounts receivable, net 64,422 60,745
Property and equipment, net 151,812 158,617
Deferred income taxes 1,527 1,507
Other assets 27,313 29,041
Total Assets $289,103 $298,311
Liabilities and Stockholders'
Deficiency
Accounts payable $15,971 $21,466
Notes Payable - 980
Deferred revenue 13,522 13,573
Accrued network costs 29,725 28,730
Accrued expenses 27,934 26,913
Deferred income taxes 1,527 1,507
Long-term debt 149,325 149,288
Total Liabilities 238,004 242,457
Series A Redeemable Convertible
Preferred Stock 265,284 261,158
STOCKHOLDERS' DEFICIENCY
Common Stock - Class A 303 303
Additional paid-in capital 92,392 92,368
Accumulated Deficit (306,880) (297,975)
Total Stockholders' Deficiency (214,185) (205,304)
Total Liabilities, Convertible
Preferred Stock and Stockholders'
Deficiency $289,103 $298,311
US LEC Corp. and Subsidiaries
Quarterly Statistical Highlights
(Unaudited)
March 31, Dec. 31, Sept. 30, June 30, March 31,
2005 2004 2004 2004 2004
Revenue (in 000s):
Total revenue $93,516 $92,100 $87,262 $91,633 $85,186
End-customer
revenue (1) $79,119 $74,816 $72,953 $69,425 $66,807
Data revenue $28,391 $26,062 $23,449 $22,132 $20,596
Customers:
Total Customers 38,071 38,273 36,672 36,045 35,951
Business Class
Customers 23,420 22,324 20,631 19,397 18,244
Business Class
Customers Purchasing
Data Services 14,007 13,294 12,048 11,037 10,283
Shared Hosting/Dial Up
Customers 14,651 15,949 16,041 16,648 17,707
Active Channels (2):
Voice 439,032 426,422 404,169 381,905 358,338
Data 327,153 303,802 284,830 273,009 257,186
Total active channels 766,185 730,224 688,999 654,914 615,524
Statistical Data:
Central Offices 27 27 27 27 27
Number of employees 1,078 1,065 1,034 1,054 1,030
Number of sales and
sales support employees 471 460 451 458 438
(1) Includes local, long distance and data revenue from end-customers.
(2) Shared hosting and Dial-Up Internet Access are not included in
Active Channels.
Media Contact: Marisa Puthoff, Edelman Public Relations, 404-262-3000, or marisa.puthoff@edelman.com ; Corporate Contact: Paul Wilson, US LEC, 704-319-6875, or pwilson@uslec.com ; Investor Contact: James Stawski, US LEC, 704-319-1189, or jstawski@uslec.com
--------------------------------------------------------------------------------
Source: US LEC Corp.
Source: PR Newswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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