CTC Communications Group Reports Preliminary March Operating Results; Record Operating Results Continue in March Quarter.Business/Technology Editors WALTHAM, Mass.--(BUSINESS WIRE)--April 13, 2000 March 2000 Quarter Preliminary Highlights -- 45,000+ Access Lines Added net of Churn -- 575 Customer Locations on ICN ICN International Council of Nurses. Network - 115% of Objective -- $200 Million Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". Offering CTC CTC - Cornell Theory Center Communications Group (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CPTL CPTL Compagnie des Pétroles Total Libye (Total SA Group Affiliates) CPTL Center for Trade Policy and Law (Carleton University; Ottawa, Canada) )--a rapidly expanding provider of state-of-the-art integrated communications solutions for medium-to-large enterprises in the Northeast United States - today reported preliminary results for the fourth fiscal quarter ended March 31, 2000. For the quarter ended March 31, 2000, the Company added a record 45,000+ access line equivalents (ALEs), net of churn, which is the largest increase in any quarter. This brings total ALEs in service as of March 31, 2000 to over 314,000. Access line churn for the Company remained at less than one percent. The Company ended the quarter with 575 customer locations on its Integrated Communications Network (ICN) which was 115% of objective. Demand for converged services on the ICN network continues extremely strong and the Company currently has over 400 orders queued for installation. On March 29, 2000, the Company announced $200 million in equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. from Bain Capital Inc., Thomas H. Lee Partners  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . Thomas H. , L.P. and CSFB CSFB Credit Suisse First Boston CSFB Cyclically Shifted Filter Bank Private Equity to fund strategic marketing and technology initiatives that form the cornerstones of CTC's accelerated business plan. "This has been yet another highly rewarding and productive quarter for CTC," said Robert J. Fabbricatore, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Operating results continue at record levels and demand for converged services on our ICN network continues at a record pace. We exceeded our March quarter objective of 500 customer locations on the network and are ramping on-net provisioning up rapidly. This continued industry-leading performance coupled with a fully funded accelerated growth plan is a strong foundation for the Company's continued positive growth into the future. The Company has scheduled an investor conference call on Tuesday April 18, 2000 at 1:00 PM EST EST electroshock therapy. EST abbr. electroshock therapy to discuss these preliminary results and other strategic initiatives. The conference call number is 800-865-4460 and will be replayed for 48 hours, following the conference call. The replay telephone number is 877-375-5694 and will be available through end of day April 20, 2000. About CTC Communications CTC is a rapidly growing, full-service Integrated Communications Provider (ICP (1) (Internet Cache Protocol) A protocol used by one proxy server to query another for a cached Web page without having to go to the Internet to retrieve it. See CARP and proxy server. ) delivering converged voice, data, Internet and video solutions to medium and larger business customers in the most robust telecommunications region in the world--the Washington D.C. to Boston corridor. Recently designated by Bloomberg Personal Finance Magazine as one of the top "one hundred fastest growing U.S. technology companies," CTC was serving more than 12,000 customers with 269,000+ access lines as of December 31, 1999. Central to the Company's performance and future growth is its Cisco-powered IP+ATM Integrated Communications Network (ICN) named IntelliNET(SM), which is deployed across 8 contiguous northeast states. CTC markets its full portfolio of services through its over 400 member sales and service representatives located in 30 branch offices throughout the New England States, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New Jersey, Pennsylvania and Maryland. The Company, through its dedicated commitment to exceptional customer service, has achieved an industry-leading market share in the northeast and an industry-leading line retention rate in excess of 99 percent. CTC can be found on the worldwide web at www.ctcnet.com The statements in this press release that relate to future plans, events or performance are forward-looking statements that involve risk and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements including estimated revenue and operating results and ICN network demand. Readers are, accordingly, cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Additional information about these risks and uncertainties is set forth in the Company's most recent report on Form 10-Q. CTC undertakes no obligation to release publicly the results of any revisions to these forward-looking statements that may be made to reflect results, events or circumstances after the date hereof. |
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