Despite the telecom slowdown, US LEC Corp (CLEC) says that first quarter 2002 net revenues increased 42 percent to $53.9 million compared to $38.1 million for first quarter 2001.

US LEC also says earnings before interest, taxation, depreciation and amortization (EBITDA) increased to $727,000 compared to a 2001 first quarter loss of $5.3 million.

In a prepared statement company Chief Executive Officer Frank Jules says: “The first quarter of 2002 marks a major accomplishment for US LEC. In achieving positive EBITDA, we’ve demonstrated that our business plan and our execution are the best in the competitive carrier space. US LEC has met the same challenges that have been faced by all of the competitive carriers and has established itself as not only a survivor, but as one of the clear winners.”

Shares of US LEC stock ranged in price from $2.16 to $6.90 during the last 52 weeks, and recently traded near $3.25. The company’s market capitalization totals $83.4 million.

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