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RCN loses $75.45 million in third quarter on sales of $121.36 million
By Jeff Pines
Washington, Nov. 16 - RCN Corp. recorded a $75.45 million loss in the third quarter on sales of $121.36 million, according to its quarterly report filed with the Securities and Exchange Commission Tuesday.
In 2003's third quarter, the company lost $110.53 million on sales of $114.99 million.
The operating loss for the third quarter was $45.3 million compared with an $81.88 million third quarter operating loss in 2003.
For the nine months ended Sept. 30, the Princeton, N.J.-based telecommunications provider lost $206.89 million on sales of $363.9 million. For the nine months ended Sept. 30, 2003, the company lost $204.61 million on sales of $347 million.
Cash on Sept. 30 was $28 million compared with $18.4 million on Dec. 31.
RCN filed for bankruptcy on Aug. 5 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 04-13638.
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