McLeodUSA, one of the nation's largest CLECs, reported quarterly revenue of $225.9 million, compared to $259.4 million in Q1 2002 and $230.0 million in Q4 2002. Reported net loss for the quarter was $84.1 million, compared to a net loss of $186.4 million for the same period last year. The company said the slightly lower quarterly revenue was due to efforts to eliminate unprofitable customers. Some highlights:
- McLeodUSA ended the quarter with $115.5 million of cash on hand. Total capital expenditures for the first quarter of 2003 were $14 million.
Gross margin in the first quarter of 2003 was $88.5 million or 39.2% of revenue, as compared to $93.2 million or 40.5% of revenue in the fourth quarter of 2002.
UNE-L platform mix increased to 56% versus 52% at the end of the prior quarter as the company continued to migrate customers on-switch in order to further reduce cost and streamline operations.
At the end of the quarter, McLeod's network consisted of 38 ATM switches, 46 voice switches, 567 collocations and 433 DSLAMs. It had 3,720 employees.
