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MGC revenues, losses climb

Tuesday, Oct. 26, 1999 | 10:41 a.m.

Quarterly revenues climbed 30 percent while operating losses rose for Las Vegas-based MGC Communications Inc.

MGC on Monday reported revenues for the third quarter that ended Sept. 30 of $15 million, a 30 percent increase over second quarter 1999 revenues of $11.5 million and more than 300 percent ahead of the $4.9 million recorded in the third quarter of 1998.

Analysts said the company continued to operate above projections and company officials called the third quarter a milestone as MGC continued to roll out its Voice Over Digital Subscriber Line technology in Las Vegas. The DSL product will be introduced and sold in other markets by the first quarter of 2000 and MGC is in the process of bulking up its sales force.

As a result of the company's continued network expansion in 13 markets, the company reported a loss of $8 million for the quarter compared with a $5.2 million loss in the third quarter of 1998.

"The key highlight of the quarter can be summed up in one word -- execution," MGC Chairman Maurice Gallagher said in a conference call today.

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