Paetec Q3 net loss widens

US-based provider of integrated communications services Paetec Holding has posted a net loss of $355.8 million for the third quarter of 2008, compared to a net loss of $5.1 million for the third quarter of 2007.

Total revenue for the third quarter of 2008 increased 43% to $406.1 million from $283.9 million for the third quarter of 2007. Adjusted EBITDA increased 7.4% to $57.8 million over adjusted EBITDA of $53.8 million for the third quarter of 2007.

For the first nine months of 2008, the company posted a net loss of $373.46 million, compared to a net loss of $4.97 million for the same period of 2007. The company's total revenues for the first nine months of 2008 increased to $1.17 billion from $752.37 million in the corresponding period of 2007.

Keith Wilson, CFO of Paetec, said: Our third quarter results came in as expected, and we are reaffirming our guidance for the remainder of 2008. With the drawdown of our revolver, we currently have a cash position of over $130 million, we are generating significant free cash flow, and we do not have any substantial term debt due until 2013. We remain very comfortable in terms of our overall financial strength.

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