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Mpower tops lowered expectations

Mpower Communications Corp. easily beat the Street’s diminished expectations for the third-quarter, including 206 percent jump in revenues.
Mpower logged $45.9 million in revenues, up more than 200 percent from a year ago and nearly 50 percent from the second quarter. The company reported a loss of $1.60 a share.
Analysts expected Mpower to report a loss of $1.70 a share for the quarter compared with a loss of 51 cents a year ago, according to First Call Corp.
“We had a strong third quarter vs. the revised estimates,” said Rolla Huff, president and CEO. “The pace of expansion came with challenges.”
The company took a $12 million one-time charge in the quarter associated with network optimization costs. It also recognized a one-time gain of $6.2 million resulting from a settlement of disputes and the collection of switched access charges from major carriers.
The company has expanded into 42 markets, but has decided to stop its expansion to new markets, including the Northeast and Northwest,
Mpower stock (NASDAQ: MPWR) was unchanged in mid-afternoon trading, at $6.59.
Huff said speculation over Mpower imminent demise was unfounded. Many people expected the company-which has some $660 million in cash-to run out of money this summer, he said.
“I think there was a collective sigh of relief on the conference call,” Huff said. “We will continue to stay focused on our core strategy.”
Huff and Mpower top officials plan to begin a series of visits to analysts and institutional investors on Wednesday.

Mpower tops lowered expectations

Mpower Communications Corp. easily beat the Street’s diminished expectations for the third-quarter, including 206 percent jump in revenues. Mpower logged $45.9 million in revenues, up more than 200 percent from a year ago and nearly 50 percent from the second quarter. The company reported a loss of $1.60 a share.

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