McLeodUSA posts $46.6 million third-quarter operating loss

By Caroline Salls

Pittsburgh, Nov. 9 - McLeodUSA Inc. reported a $46.6 million operating loss for the third quarter on $154.4 million in total revenues, according to a company news release.

The operating loss was greatly improved over the $340.4 million operating loss recorded in the third quarter of 2004 on revenues of $159.7 million in the second quarter of 2005 and $168.1 million in the third quarter of 2004.

Adjusted EBITDA for the third quarter of 2005 was $3.9 million, compared to $13.8 million for the second quarter and $11.5 million for the second quarter of 2004.

The net loss for the third quarter was $63.9 million, down from a second-quarter net loss of $268 million and a third-quarter 2004 net loss of $352.8 million.

The company ended the quarter with $17.1 million of cash on hand and $16.4 million of restricted cash. Total capital expenditures for the third quarter of 2005 were $6.7 million.

McLeodUSA, a Cedar Rapids, Iowa-based integrated communications services company, filed for bankruptcy on Oct. 28 in the U.S. Bankruptcy Court for the Northern District of Illinois. Its Chapter 11 case number is 05-63230.

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