Aug 27, 2010 10:04 AM PDT
Gaining 13.07% ($0.40) this morning in early trading is PAETEC Holding Corp., (PAET) http://www.paetec.com/ currently trading on the Nasdaq in the $3.46 range. PAET has a new market cap of $501 million. PAET has a 3-Month average daily trading volume of 601,244 shares and it topped 1,685,475 shares traded three hours into today's session.
PAET management today gave new full year guidance for the Company's the fiscal year ending December 31, 2009 noting, "Continued strong cash flow and new sales have provided stability for PAETEC and we are pleased to guide investors for the remainder of 2009."
And just to keep investors informed, PAET Chairman and CEO Arunas A. Chesonis said, "We anticipate addressing 2009 full year guidance during our third quarter earnings call in November and providing full year guidance for 2010 during our fourth quarter and fiscal year-end earnings call the early part of next year."
Now that's staying in touch.
PAET management said FY09 adjusted EBITDA is $245-255 million FY09 revenues are $1.575-1.585 billion. PAET's revenue and adjusted EBITDA expectations for the full year 2009 assume, among other matters, that there is no further significant decline in economic conditions and that there are no significant changes in the competitive or regulatory environments.
PAET offers network services, including local telephone services and domestic and international long distance services; and data services comprising broadband Internet access services and virtual private network services, as well as related services, which include Internet Protocol (IP) traffic classification, network storage, PC back-up, and virtual NXX services. As of March 1, 2009, PAET had 170,213 digital T1 transmission lines for approximately 47,000 business customers; and broadband network and facilities spanned approximately 19,100 local route miles. The company also operated 120 switching facilities that provide traditional voice and Internet Protocol capabilities and had approximately 4,560,000 access line equivalents in service.
At $3.46, PAET is pennies off its 52-week high of $3.55 set on 05-11-09 and is above its 52-week low of $0.76 set on 10-10-08. At $3.46, PAET is ahead of both its 50-day and 200-day moving averages. PAET has trailing twelve month revenues of $1.6 billion. PAET is widely held by institutions. Its shares out versus float ratio is close enough to parity not to raise any red flags about stability.
The market never ceases to amaze me: a $3.46 stock with $1.6 billion in revenues in a calendar year. Amazing.
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