US LEC cuts EBITDA loss in fourth quarter

US LEC cut its EBITDA (earnings before interest, taxes, depreciation and amortization) loss in fourth quarter 2001 to $991,000, a $2.3 million dollar sequential improvement year over year.

However, the carrier posted a net loss for the quarter of $17.2 million, or 66 cents per share, on revenues of $51.5 million, an improvement over the net loss of $58.5 million ($2.12 per share) posted in the same quarter a year ago. Revenues increased 12% increase over fourth quarter 2000. For the fiscal year that ended Dec. 31, 2001, US LEC reported a net loss of $76.7 million, or $2.83 per share, in line with the consensus estimate of analysts polled by Thomson Financial-First Call.

At the end of the quarter the carrier had total assets of $333.3 million, including $80.5 million in cash and cash equivalents. The company’s debt stands at $150 million. US LEC is funded into 2003, according to executive vice president and chief financial officer Michael Robinson.

--Glenn Bischoff, senior writer