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October 28, 1999

RCN Misses Estimates but Share Price Climbs

By CBR Staff Writer

RCN Corp reported a wider than expected third-quarter loss yesterday as revenues at the telephony services company as revenues grew 4.8% from the second quarter. Net losses at the company came in at $96.2m, or $1.26 per share, compared to a loss of $67.9m, or $0.98 per share for the previous quarter. The second quarter had included a $0.01 charge. Revenue for the period was $85.2m, 4.8% upon the previous quarter.

Consensus analyst estimates had projected the company would lose $1.18 per share in the third quarter, according to First Call Corp. Despite missing the analyst numbers the company saw its shares close up 3.38% at $45.875 yesterday. RCN offers local and long distance phone, cable television and internet services to residential customers using its own backbone network which extends from Boston to Washington DC. It is also building out operations from as well as San Francisco to San Diego. The Princeton, New Jersey-based company said it had 194,547 connections in the third quarter while its fiber network was extended to pass 550,771 homes, up 29% from the second quarter.

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