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Paetec reports $16.5 million loss for Q2

/ Source: WHEC-TV

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Paetec Holding Corp.on Wednesday reported a $16.5 million second quarter net loss on revenues of $395.2 million. The results compare with a net loss of $14.7 million on revenues of $405.3 million in the second quarter of 2008.

In the second quarter, lower operating, interest, and depreciation expenses were offset by a drop in revenue, the company said. Red ink for the quarter reflects a one-time $10.3 million expense related to the company's early repayment of some $300 million in debt.

"We're pleased with this solid quarter given the difficult economic environment," Paetec chairman and CEO Arunas Chesonis said in a statement. "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."

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