(Source: Datamonitor)
US-based broadband services provider RCN Corporation has posted a net loss of $9.6 million for the first quarter ended March 31, 2009, compared to a net loss of $26.2 in the first quarter of 2008.
Revenues for the first quarter of 2009 increased to $189.2 million from $179.8 million in the same period of 2008.
Michael Sicoli, CFO of RCN, said: "RCN's careful planning and execution paid off in the first quarter, resulting in year-over-year customer, revenue and EBITDA gains. We remain comfortable with our liquidity position, which as of March 31 includes over $71 million in cash and short-term investments, no significant debt maturities until 2014 and leverage levels that remain below our 2009 covenant threshold.
"We continue to manage costs closely, while maintaining investments in selected growth projects, and to execute against our objectives of moderate revenue and EBITDA growth and positive free cash flow in 2009."
A service of YellowBrix, Inc.
