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Press Release -- March 22nd, 2010
Source: Deltacom
Tags: Colocation, Construction, Equipment, Ethernet, Exchange, Expansion, Merger

ITC^DELTACOM ANNOUNCES FOURTH QUARTER AND FULL YEAR 2009 RESULTS

HUNTSVILLE, Ala., March 22 /PRNewswire-FirstCall/ -- ITC^DeltaCom, Inc. (OTC Bulletin Board: ITCD), a leading provider of integrated communications services to customers in the southeastern United States, today announced its operating and financial results for the quarter and year ended December 31, 2009.

For the quarter ended December 31, 2009, ITC^DeltaCom reported total operating revenues of $112.3 million, a net loss of $3.5 million, and adjusted EBITDA* of $19.9 million. For the year ended December 31, 2009, ITC^DeltaCom reported total operating revenues of $469.3 million, a net loss of $11.0 million, and adjusted EBITDA of $88.1 million.

"Entering 2009, it was anticipated that many of our customers would experience hardships related to the recession. In fact, elevated levels of business downsizings, closures and cost cutting efforts did occur across the Company's customer base in 2009 as compared to historical standards," said Richard E. Fish, ITC^DeltaCom's Chief Financial Officer. "Despite the difficult economic environment, we are pleased that we improved our adjusted EBITDA, generated over $31.4 million of adjusted unlevered free cash flow in 2009 and ended the year with cash and cash equivalents of $67.8 million."

Among its operating highlights for the fourth quarter and year, ITC^DeltaCom:

  • increased cash flows provided by operating activities by $6.2 million, or 9.9%, to $68.9 million for 2009 from $62.7 million for 2008;
  • increased adjusted unlevered free cash flow,** as defined by ITC^DeltaCom, by $12.1 million, or 62.7%, to $31.4 million for 2009 from $19.3 million for 2008, reflecting an increase of $4.0 million in adjusted EBITDA, as defined by ITC^DeltaCom, and a decrease in capital expenditures of $8.1 million;
  • invested $56.7 million in network and other property and equipment in 2009, representing a decrease of $8.1 million from $64.8 million in 2008, which included an investment in the fourth quarter of 2008 of $15.4 million in its $20 million network upgrade that it completed in 2009;
  • experienced a decrease in the number of its facilities-based retail business lines in service (including UNE-T and other UNE lines) of approximately 2,100 net lines and a decrease in its non-facilities based lines of approximately 11,000 lines, resulting in an increase in the percentage of facilities-based retail business lines in service from 86% to 88%;
  • reduced its cost of services and equipment as a percentage of total operating revenues to 45.3% for 2009 from 46.8% for 2008 by eliminating excess costs from its network;
  • reduced its selling, operations and administration expense by $11.5 million, or 6.3%, to $171.6 million for 2009 from $183.1 million for 2008;
  • recorded a net loss of $11.0 million for 2009 compared to a net loss of $22.9 million for 2008; and
  • increased adjusted EBITDA by $4.0 million, or 4.8%, to $88.1 million for 2009 from $84.1 million for 2008.

"We expect certain revenue challenges will continue into 2010," said Randall E. Curran, ITC^DeltaCom's Chief Executive Officer. "In the fourth quarter of 2009, to position the Company for future revenue growth, we began making investments in personnel, additional products that increase efficiencies for our customers, and programs that improve customer experience and increase market awareness of the value proposition we offer."

Additional information about ITC^DeltaCom's business and operating results is contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009 filed with the Securities and Exchange Commission.

------------------------------------

*  Adjusted EBITDA is defined by ITC^DeltaCom as net income (loss) before interest income and expense, net, provision for income taxes, depreciation and amortization, stock-based compensation, non-cash loss on extinguishment of debt, debt issue cost write-off, prepayment penalties on debt, equity commitment fees, restructuring expenses, asset impairment loss and other income or loss, all as disclosed in the consolidated statements of operations and comprehensive loss.  Adjusted EBITDA is not a measurement of financial performance under generally accepted accounting principles.  For information about management's reasons for providing data with respect to adjusted EBITDA, the limitations associated with the use of adjusted EBITDA and a quantitative reconciliation of adjusted EBITDA to net loss, as net loss is calculated in accordance with generally accepted accounting principles, see the accompanying tables captioned "Adjusted EBITDA Reconciliation."

**  Adjusted unlevered free cash flow is defined by ITC^DeltaCom as adjusted EBITDA (as defined above) less capital expenditures (including equipment purchased through capital leases) and changes in accounts payable – construction, all as disclosed in the consolidated statements of cash flows.  Adjusted unlevered free cash flow is not a measurement of financial performance under generally accepted accounting principles.  For information about management's reasons for providing data with respect to adjusted unlevered free cash flow, the limitations associated with the use of adjusted unlevered free cash flow, and a quantitative reconciliation of adjusted unlevered free cash flow to net cash provided by operating activities, as net cash provided by operating activities is calculated in accordance with generally accepted accounting principles, see the accompanying tables captioned "Adjusted Unlevered Free Cash Flow Reconciliation."

---------------------------------------------------------------------------------------------------

ABOUT ITC^DELTACOM, INC.

ITC^DeltaCom, Inc., headquartered in Huntsville, Alabama, provides, through its operating subsidiaries, integrated telecommunications and technology services to businesses and other communications providers in the southeastern United States. ITC^DeltaCom has a fiber optic network spanning approximately 12,161 route miles, and offers a comprehensive suite of data and voice communications services, including high-speed or broadband data communications (which consist of Ethernet and Internet access connectivity), local exchange, long-distance and conference calling, and mobile data and voice services. ITC^DeltaCom is one of the largest competitive telecommunications providers in its primary eight-state region. For more information about ITC^DeltaCom, visit ITC^DeltaCom's web site at http://www.deltacom.com.

FORWARD-LOOKING STATEMENTS

Except for the historical and present factual information contained herein, this release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this release, the words "anticipate," "believe," "estimate," "expect," "intend," "plan" and similar expressions as they relate to ITC^DeltaCom, Inc. or its management are intended to identify these forward-looking statements. All statements by the Company regarding its expected financial position, revenues, liquidity, cash flow and other operating results, balance sheet improvement, business strategy, financing plans, forecasted trends related to the markets in which it operates, legal proceedings and similar matters are forward-looking statements. The Company's actual results could be materially different from its expectations because of various risks. These risks, some of which are discussed under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2009, and in the Company's subsequent SEC reports, include the Company's dependence on new product development, rapid technological and market changes, the Company's dependence upon rights of way and other third-party agreements, debt service and other cash requirements, liquidity constraints and risks related to future growth and rapid expansion. Other important risk factors that could cause actual events or results to differ from those contained or implied in the forward-looking statements include, without limitation, customer attrition, delays or difficulties in deployment and implementation of colocation arrangements and facilities, appeals of or failures by third parties to comply with rulings of governmental entities, inability to meet installation schedules, general economic and business conditions, failure to maintain underlying service/vendor arrangements, competition, adverse changes in the regulatory or legislative environment, and various other factors beyond the Company's control. ITC^DeltaCom disclaims any responsibility to update these forward-looking statements.

    
    
    
    
                              ITC^DeltaCom, Inc.
                             Financial Highlights
                 (In thousands, except share and per share data)
    
                                                  Year Ended December 31,
                                               --------------------------
                                                 2009              2008
                                               --------         ---------
    
    OPERATING REVENUES:
        Integrated communications services     $394,156         $413,981
        Wholesale services                       59,401           65,798
        Equipment sales and related services     15,767           18,084
                                               --------        ---------
    TOTAL OPERATING REVENUES                    469,324          497,863
                                               --------        ---------
    COSTS AND EXPENSES:
        Cost of services and equipment,
         excluding depreciation and
         amortization                           212,630          232,899
        Selling, operations and
         administration expense                 171,579          183,123
        Depreciation and amortization            69,064           73,514
    
            Total operating expenses            453,273          489,536
                                               --------        ---------
    OPERATING INCOME                             16,051            8,327
                                               --------        ---------
    OTHER (EXPENSE) INCOME:
        Interest expense                        (27,441)         (32,538)
        Interest income                              46            1,233
        Other income                                369               81
                                               --------        ---------
            Total other expense, net            (27,026)         (31,224)
                                               --------        ---------
    LOSS BEFORE INCOME TAXES                    (10,975)         (22,897)
    
    INCOME TAX EXPENSE                                -                -
    
    NET LOSS                                    (10,975)         (22,897)
    PREFERRED STOCK DIVIDENDS AND
     ACCRETION                                        -           (7,073)
                                               --------        ---------
    NET LOSS APPLICABLE TO COMMON
     STOCKHOLDERS                              $(10,975)        $(29,970)
                                               ========        =========
    BASIC AND DILUTED NET LOSS PER
     COMMON SHARE                                $(0.14)          $(0.38)
                                               ========        =========
    BASIC AND DILUTED WEIGHTED AVERAGE
     COMMON SHARES OUTSTANDING               81,091,458       79,892,779
                                             ==========      ===========
    COMPREHENSIVE LOSS
    NET LOSS                                   $(10,975)        $(22,897)
    OTHER COMPREHENSIVE LOSS:
        Change in unrealized gains (losses) on
         derivative instrument designated as cash
         flow hedging instrument, net of tax      5,610           (1,369)
                                               --------        ---------
    COMPREHENSIVE LOSS                          $(5,365)        $(24,266)
                                               ========        =========
    
    
    
    
                                 ITC^DeltaCom, Inc.
                                Quarterly Highlights
                                    (Unaudited)
                                  (In thousands)
    
                                            Three Months Ended
                            --------------------------------------------------
                            Dec 31,  Sept 30,    June 30,   March 31,  Dec 31,
                             2009      2009        2009        2009     2008
                            ------   -------     -------    --------   -------
    Integrated communications
     services revenues:
      Long distance
       and access         $14,007   $15,375     $15,529     $16,021  $16,312
      Business local,
       data and internet   80,352    82,293      84,524      86,055   86,445
                          -------   -------     -------     -------  -------
    Total integrated
     communications
     services revenues     94,359    97,668     100,053     102,076  102,757
                          -------   -------     -------     -------  -------
    Wholesale services revenues:
      Broadband transport  12,327    12,284      12,237      12,664   12,983
      Local interconnection   127       181         308         740    1,034
      Directory assistance
       and operator services  925       986       1,019       1,029    1,093
      Other                 1,215     1,113       1,061       1,185    1,122
                          -------   -------     -------     -------  -------
    Total wholesale services
     revenues              14,594    14,564      14,625      15,618   16,232
                          -------   -------     -------     -------  -------
    Equipment sales and related
     services revenues      3,394     4,167       3,925       4,281    3,826
                          -------   -------     -------     -------  -------
    Total operating
     revenues             112,347   116,399     118,603     121,975  122,815
                          -------   -------     -------     -------  -------
    COSTS AND EXPENSES:
      Cost of services and
       equipment, excluding
       depreciation and
       amortization        48,899    52,627      54,627      56,477   58,824
      Selling, Operations  
       and administration
       expense             44,714    41,378      41,817      43,670   45,158
      Depreciation and
       amortization        17,819    17,110      17,216      16,919   17,035
                          -------   -------     -------     -------  -------
    Total operating
     expenses             111,432   111,115     113,660     117,066  121,017
                          -------   -------     -------     -------  -------
    OPERATING INCOME         $915    $5,284      $4,943      $4,909   $1,798
                          =======   =======     =======     =======   ======
    
    
    
    
                                  ITC^DeltaCom, Inc.
                          Quarterly Highlights (continued)
                                   (Unaudited)
    
                         Dec. 31,   Sept 30,   June 30,   March 31,   Dec. 31,
                           2009       2009      2009        2009       2008
                         -------    -------    -------    --------    -------
    Retail business
     voice lines in
     service(1)
      UNE-T and Other
       UNE lines(2)      367,403    369,752    372,413     369,787    369,496
      Increase from
       previous quarter     (0.6)%     (0.7)%      0.7%        0.1%       0.2%
    
      Resale and UNEP
       lines(3)           51,602     53,456     56,022      59,017     62,629
      (Decrease) from
       previous quarter     (3.5)%     (4.6)%     (5.1)%      (5.8)%    (5.5)%
    
    Total retail business
     voice lines in
     service             419,005    423,208    428,435     428,804    432,125
                         -------    -------    -------     -------    -------
    
    Wholesale voice
     lines in service(4)   8,004      6,969      8,625      12,489     26,151
       Increase (decrease)
        from previous
        quarter             14.9%     (19.2)%    (30.9)%     (52.2)%   (31.5)%
    
    Total business voice lines
     in service(5)       427,009    430,177    437,060     441,293    458,276
                         =======    =======    =======     =======    =======
    
    Number of employees(6) 1,398      1,437      1,452       1,511      1,565
    
    
    
    (1) Lines in service include only voice lines in service.  Conversion of 
        data services provided to customers to a voice line equivalent is not 
        included.
    (2) Facilities-based service offering in which ITC^DeltaCom provides local
        transport through its owned and operated switching facilities.
    (3) Resale service offerings in which ITC^DeltaCom provides local and 
        mobile services. 
    (4) Represents primary rate interface circuits provided as part of 
        ITC^DeltaCom's local interconnection services for Internet service 
        providers. 
    (5) Reported net of lines disconnected or canceled.
    (6) Includes full-time and part-time employees.
    
    
    
                                   ITC^DeltaCom, Inc.
                      Balance Sheet and Other Financial Highlights
                                    (In thousands)
    
                                                     Year Ended December 31,
    Balance Sheet Data (at period end):              2009               2008
                                                     -----------------------
    
      Cash and cash equivalents (unrestricted)    $67,786            $56,683
      Working capital                              40,371             33,902
      Total assets                                368,494            382,661
      Long-term liabilities                       303,747            307,880
      Stockholders' deficit                       (16,724)           (12,401)
     Total liabilities and stockholders' deficit  368,494            382,661
    
    
    
                                                     Year Ended December 31,
    Other Financial Data:                            2009               2008
                                                   ------             ------
    
      Capital expenditures(1)                     $56,679            $64,776
      Cash flows provided by operating activities  68,902             62,660
      Cash flows (used in) investing activities   (54,655)           (69,517)
      Cash flows  provided by (used in)
       financing activities                        (3,144)             6,035
      Adjusted EBITDA(2)                           88,084             84,068
      Adjusted unlevered free cash flow(3)         31,405             19,292
    
    
    
                                          Three Months Ended
                         -----------------------------------------------------
                         Dec. 31,   Sept 30,   June 30,   March 31,  Dec. 31,
                           2009       2009       2009        2009      2008
                         --------   --------   --------   ---------  --------
    Other Financial Data:                     (Unaudited)
    ---------------------
    Capital
     expenditures(1)      $24,570    $10,315    $13,465      $8,329   $29,843
    Cash flows (used in)
      provided by:
     Operating activities  15,579     14,622     21,430      17,271    10,685
     Investing activities (24,683)   (10,385)   (12,795)     (6,792)   (9,593)
     Financing activities    (573)      (576)      (581)     (1,414)    2,918
    
    Adjusted EBITDA(2)     19,936     23,094     22,697      22,357    19,269
    
     Adjusted unlevered
      free cash flow(3)    (4,634)    12,779      9,232      14,028   (10,574)
    
    
    
                               ITC^DeltaCom, Inc.
              Balance Sheet and Other Financial Highlights (continued)
                                (In thousands)
    
    Notes:
    (1) Includes equipment purchased through capital leases and changes in 
        accrued capital related costs.
    (2) Adjusted EBITDA is defined by ITC^DeltaCom as net income (loss) before
        interest income and expense, net, provision for income taxes, 
        depreciation and amortization, stock-based compensation, non-cash loss
        on extinguishment of debt, debt issue cost write-off, prepayment 
        penalties on debt, equity commitment fees, restructuring expenses, 
        asset impairment loss and other income or loss, all as disclosed in 
        the consolidated statements of operations and comprehensive loss.  
        Adjusted EBITDA is not a measurement of financial performance under 
        generally accepted accounting principles.  For information about 
        management’s reasons for providing data with respect to adjusted 
        EBITDA and a quantitative reconciliation of adjusted EBITDA to net 
        loss, as net loss is calculated in accordance with generally accepted 
        accounting principles, see the accompanying tables captioned "Adjusted
        EBITDA Reconciliation."
    (3) Adjusted unlevered free cash flow is defined by ITC^DeltaCom as 
        adjusted EBITDA, as defined above in Note (2), less capital 
        expenditures (including equipment purchased through capital leases) 
        and changes in accounts payable–construction, all as disclosed in the 
        consolidated statements of cash flows.  Adjusted unlevered free cash 
        flow is not a measurement of financial performance under generally 
        accepted accounting principles.  For information about management’s 
        reasons for providing data with respect to adjusted unlevered free 
        cash flow and for a quantitative reconciliation of adjusted unlevered 
        free cash flow to net cash provided by operating activities, as net 
        cash provided by operating activities is calculated in accordance with
        generally accepted accounting principles, see the accompanying tables 
        captioned “Adjusted Unlevered Free Cash Flow Reconciliation.”
    
    
    
    
    
    
    
                                      ITC^DeltaCom, Inc.
                               Adjusted EBITDA Reconciliation
                                       (In thousands)
                                        (Unaudited)
    
    Adjusted EBITDA is defined by ITC^DeltaCom as net income (loss) before 
    interest income and expense, net, provision for income taxes, depreciation
    and amortization, stock-based compensation, non-cash loss on 
    extinguishment of debt, debt issue cost write-off, prepayment penalties on
    debt, equity commitment fees, restructuring expenses, asset impairment 
    loss and other income or loss, all as disclosed in the consolidated 
    statements of operations and comprehensive loss.  Not all of these 
    adjustments are applicable in every period. Adjusted EBITDA is not a 
    financial measurement under generally accepted accounting principles 
    ("GAAP").    See "Management's Discussion and Analysis of Financial 
    Condition and Results of Operations—Overview—Adjusted EBITDA" in our 
    Annual Report on Form 10-K for our 2009 fiscal year for additional 
    information regarding management's reasons for including adjusted EBITDA 
    data and for material limitations with respect to the usefulness of this 
    measure. The following tables present adjusted EBITDA amounts for the 
    fiscal years and fiscal quarters indicated and also sets forth a 
    quantitative reconciliation of adjusted EBITDA to net loss, as net loss is
    calculated in accordance with GAAP (in thousands):
    
                                                   Year Ended December 31,
                                                   -----------------------
                                                      2009        2008
                                                    --------    ---------
    Net loss                                       $(10,975)   $(22,897)
    Add: non-EBITDA items included in net loss:
      Interest income and expense, net               27,395      31,305
      Depreciation and amortization                  69,064      73,514
      Stock-based compensation                        2,969       2,227
      Other (income)                                   (369)        (81)
                                                  ---------    --------  
    Adjusted EBITDA                                 $88,084     $84,068
                                                  =========    ========
    
    
                                           Three Months Ended
                        ------------------------------------------------------
                        Dec. 31,   Sept 30,    June 30,    March 31,  Dec. 31,
                         2009       2009        2009         2009       2008
                       --------    -------     -------     --------   --------
                                             (Unaudited)
    Net loss            $(3,516)   $(2,117)    $(2,746)    $(2,596)   $(6,848)
    Add: non-EBITDA
     items included in
     net loss:
      Interest income
       and expense, net   4,889      7,444       7,538       7,524      8,367
       Depreciation and
       amortization      17,819     17,110      17,216      16,919     17,035
      Stock-based
       compensation       1,202        700         538         529        436
      Other (income) loss  (458)       (43)        151         (19)       279
                       --------    -------     -------     -------    -------
    Adjusted EBITDA     $19,936    $23,094     $22,697     $22,357    $19,269
                       ========    =======     =======     =======    =======
    
    
    
                                   ITC^DeltaCom, Inc.
                   Adjusted Unlevered Free Cash Flow Reconciliation
                                   (In thousands)
                                    (Unaudited)

Adjusted unlevered free cash flow is defined by ITC^DeltaCom as adjusted EBITDA (as defined above) less capital expenditures (including equipment purchased through capital leases) and changes in accounts payable–construction, all as disclosed in the consolidated statements of cash flows.  Adjusted unlevered free cash flow is not a measurement of financial performance under GAAP.  ITC^DeltaCom has included data with respect to adjusted unlevered free cash flow because its management considers adjusted unlevered free cash flow to be a useful, supplemental indicator of its operating performance. When measured over time, adjusted unlevered free cash flow provides supplemental information to investors concerning the growth rate in ITC^DeltaCom's operating results and its ability to generate cash flows to satisfy mandatory debt service requirements and make other mandatory, non-discretionary expenditures.  ITC^DeltaCom's management believes that consideration of adjusted unlevered free cash flow should be supplemental, however, because adjusted unlevered free cash flow has limitations as an analytical financial measure, including the following:

  • adjusted unlevered free cash flow does not reflect ITC^DeltaCom's cash expenditures for changes in current operating assets and liabilities;
  • adjusted unlevered free cash flow does not reflect ITC^DeltaCom's cash expenditures for interest expense or accrued restructuring and merger costs, prepayment penalties on debt paid in cash, equity commitment fees, changes in restricted cash balances, or proceeds from sales of fixed assets;
  • ITC^DeltaCom does not pay income taxes due to net operating losses and, therefore, generates greater adjusted unlevered free cash flow than a comparable business that does pay income taxes; and
  • adjusted unlevered free cash flow may be calculated in a different manner by other companies in ITC^DeltaCom's industry, which limits its usefulness as a comparative measure.

ITC^DeltaCom's management compensates for these limitations by relying primarily on ITC^DeltaCom's results under GAAP to evaluate its operating performance and by considering independently the economic effects of the foregoing items that are not reflected in adjusted unlevered free cash flow. As a result of these limitations, adjusted unlevered free cash flow should not be considered as a measure of liquidity nor as an alternative to net cash provided by operating activities, cash used in investing activities, cash provided by (used in) financing activities or change in cash and cash equivalents, as calculated in accordance with GAAP. The following tables present adjusted unlevered free cash flow amounts for the fiscal years and fiscal quarters indicated and also set forth a quantitative reconciliation of adjusted unlevered free cash flow to net cash provided by operating activities, as net cash provided by operating activities is calculated in accordance with GAAP (in thousands):

    
    
                                                              Year Ended
                                                              December 31,
                                                              ------------
                                                            2009       2008
                                                          -------   ---------
    Net cash provided by operating activities             $68,902    $62,660
    Adjustments to reconcile adjusted unlevered free cash
     flow to net cash provided by operating activities
       Elements included in net cash provided by   
        (used in) operating activities not included in 
        adjusted unlevered free cash flow:
       Total changes in current operating assets  
        and liabilities                                      (598)    (3,401)
       Provision for bad debts                             (5,255)    (4,055)
       Interest expense excluding amortization of Debt 
        issuance costs and debt discount, net of interest 
        income                                             24,976     28,864
       Other loss                                              59          -
                                                           ------     ------
    Adjusted EBITDA                                        88,084     84,068
    Less:
        Capital expenditures                              (57,739)   (61,952)
        Change in accounts payable–construction             1,060     (2,824)
                                                           ------     ------
    Adjusted unlevered free cash flow                     $31,405    $19,292
                                                           ======     ======
    
    
    
    
                                       ITC^DeltaCom, Inc.
                        Adjusted Unlevered Free Cash Flow Reconciliation
                                         (In thousands)
                                           (Unaudited)
    
                                           Three Months Ended
                          ----------------------------------------------------
                          Dec. 31,   Sept 30,   June 30,   March 31,  Dec. 31,
                           2009        2009      2009        2009       2008
                          -------    -------    -------    --------   --------
                                             (Unaudited)
    Net cash provided by
     operating activities $15,579    $14,622    $21,430    $17,271    $10,685
                          =======    =======    =======    =======    =======
    Adjustments to
     reconcile adjusted
     unlevered free cash
     flow to net cash
     provided by operating
     activities
      Elements included
       in net cash provided
       by (used in) operating
       activities not
       included in adjusted
       unlevered free cash
       flow:
      Total changes in
       current operating
       assets and
       liabilities          1,369      2,858      (4,671)      (154)    2,025
      Provision for bad
        debts              (1,300)    (1,225)     (1,050)    (1,680)   (1,200)
      Interest expense
       excluding amortization
       of debt issuance
       costs and debt
       discount, net of
       interest income      4,288      6,839       6,932      6,917     7,759
       Other loss               -          -          56          3         -
    
    Adjusted EBITDA        19,936     23,094      22,697     22,357    19,269
    Less:
     Capital expenditures (24,716)   (10,437)    (12,490)   (10,096)  (22,063)
     Change in accounts
      payable–construction    146        122        (975)     1,767    (7,780)
                          -------    -------     -------    -------   -------
    Adjusted unlevered
     free cash flow       $(4,634)   $12,779      $9,232    $14,028  $(10,574)
                          =======    =======     =======    =======    =======
    
Investor Contact:
Richard E. Fish
Chief Financial Officer
256-382-3827
Richard.fish@deltacom.com

SOURCE ITC^DeltaCom, Inc.

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