PAETEC Holding Corp. (NASDAQ GS: PAET) announced today that it has signed a definitive agreement to acquire Allworx Corp., a privately held company, in a $25 million all-cash acquisition. Allworx develops, designs, markets, and sells a complete phone and network system. Upon the closing of this acquisition, PAETEC will add a subsidiary with manufacturing, distribution, and software and digital hardware engineering services that are designed to benefit small and medium-sized businesses. The transaction is subject to customary closing conditions and is expected to be completed in October 2007. Read the rest of this entry »
Level 3 Communications, Inc. (NASDAQ: LVLT) filed a proposal with the Federal Communications Commission (FCC) suggesting a possible resolution to the special access regulation proceeding currently pending before the FCC. Level 3’s proposed solution would enable the FCC to undertake a comprehensive review of the competitive marketplace and establish new rules to address concerns over current special access services. Read the rest of this entry »
TelePacific Communications, a leading provider of business telecommunications network solutions, today announced that the company has expanded its service territory to include Reno, Nevada. The expansion means TelePacific now provides service to every major metropolitan area in Nevada and California. Read the rest of this entry »
Telarus, Inc., premier telecom master agent has entered into a strategic partnership with BandTel to provide SIP-based services to its growing base of 1,000 sales agents and 2,000 VAR partners. This new relationship will make BandTel the flagship SIP provider in Telarus’ vast buffet of commercial telecom products. Read the rest of this entry »
TelePacific Communications has been named one of Inc. Magazine’s 2007 “Fastest Growing Private Companies in America.” The rankings are based on TelePacific’s impressive 294.5% revenue growth from 2003 through 2006.TelePacific ranked highly on several category lists, including:
- 39 in the Top 100 Companies nationwide by Dollars of Growth;
- 51 in the Top Companies in Telecommunications by Percent of Growth; and
- 67 in the Top Companies in the Los Angeles area by Percent of Growth.
The U.S. Chamber of Commerce’s Business Civic Leadership Center (BCLC) today named PAETEC, headquartered in Fairport, NY, as a finalist for a Corporate Citizenship Award in the category of Corporate Stewardship, Small/Midsize Business.
“The businesses being nominated for the Corporate Stewardship Award are models of business citizenship at its finest,” said U.S. Chamber President and CEO Thomas J. Donohue. “PAETEC has earned this recognition for its dedication and attention to the needs of its customers, investors, employees, and community.” Read the rest of this entry »
- Revenue of $274.5 million, which represented an 89% increase over second quarter 2006 revenue of $145.6 million;
- Adjusted EBITDA* of $52.5 million, which represented a 109% increase over second quarter 2006 adjusted EBITDA of $25.1 million;
- Net income of $6.0 million compared to a $<5.8> million net loss in second quarter 2006;
- Free cash flow* of $31.5 million, which represented the 18th consecutive quarter in which PAETEC Holding or its predecessor generated positive free cash flow;
- Ended the quarter with a cash balance of $84.5 million;
- An increase of 141% in the number of access line equivalents in service, from 1.10 million as of June 30, 2006 to 2.65 million as of June 30, 2007; and
- Successful completion on July 10, 2007 of amendments to PAETEC’s existing bank credit facility and a $300 million senior note offering priced at the end of the quarter.