US LEC, based in part on a big increase in data services revenue, cut its loss for the fourth quarter and for all of 2002, the company announced this morning.
For the year, US LEC (Nasdaq: CLEC), a regional telecommunications provider, lost $63.6 million, or $2.40 per share, compared to a $76.7 million loss in 2001. In the fourth quarter, US LEC lost $11.6 million, down from $17.2 million a year ago.
Revenues for the year increased to $246.8 million, up 38 percent from 2001. Fourth quarter revenues were $70.2 million, up from $51.5 million in 2001.
Customer growth topped 10,000, a one-year increase of more than 50 percent.
A driver in revenue was data service, which generated $8.2 million in the fourth quarter. That was 155 percent higher than a year earlier.
US LEC: www.uslec.com