PAETEC Holding Corp. finished the first quarter of 2010 with $390.1 million in revenue, which is down 2.3 percent or $9.2 million from the first quarter of 2009.
The Perinton-based communications company announced its first quarter results this morning.
Losses for the first quarter are also up, from $3.3 million in 2009 to $9.5 million in 2010 with Chairman and CEO Arunas Chesonis optimistic.
His company just announced Wednesday that it had broken into Fortune magazine’s list of 1000 of America’s largest corporations, based on annual revenue which, for PAETEC, was $1.58 billion in 2009. The company's projected 2010 revenue is between $1.59 billion and $1.63 billion.
“We are pleased to announce that PAETEC is a Fortune 1000 member,” Chesonis said. “PAETEC achieved this milestone through a decade of hard work, operational excellence, and disciplined management. Solid access line additions and continued strengthening of the customer profile were clear highlights for this quarter and position PAETEC to take advantage of an improving economy.”
The company also reported a free cash flow of $36.1 million, representing the 29th consecutive quarter in which PAETEC or its predecessor generated positive free cash flow; net cash provided by operating activities of $7.8 million; and a cash balance of $144.3 million as of March 31.
