Corvis Corporation reported Q2 revenue of $142.1 million, including $141.4 million in services revenues from its Broadwing Communications business and $0.7 million in revenues for optical transport equipment delivered to Qwest Communications and the U.S. Government. Reported net loss for the quarter was ($38.1) million, or ($0.08) loss per share, for the current quarter as compared with a reported net loss of ($45.8) million, or ($0.11) loss per share, for Q2 2003.
The company said it has received all necessary approvals required for the final closing of the Focal acquisition and expects to close the acquisition on or about September 1, 2004.
Cash, cash equivalents and investments were $451.9 million at June 30, 2004. This compares to $497.1 million at March 31, 2004, which included proceeds of $225.0 million resulting from the company's private placement of convertible notes and warrants. http://www.corvis.com
- In March 2004, Corvis Corporation agreed to acquire Chicago-based competitive local exchange carrier (CLEC) Focal Communications for $210 million. Focal Communications, which operates in 23 Tier 1 markets across the U.S., claims 4,000 enterprise and wholesale/carrier customers for its CLEC services. Focal also has its own metro fiber footprint in nine Tier 1 national markets. Corvis owns Broadwing Communications, which operates an ultra-long haul, all-optical network and national IP backbone. The Focal acquisition is expected to expand the reach of Broadwing's 18,500-mile nationwide all-optical network into targeted local markets.
