-- 3Q07 revenues of Ps$607.6 million increased 28% from 3Q06 and 7%
from 2Q07 -- Adjusted EBITDA(1) was Ps$181.0 million in the
quarter, 53% more than 3Q06 and 11% over 2Q07 -- EBITDA of Ps$176.8
million increased 55% from 3Q06 and 11% from 2Q07 -- Lines in
service at 321,003 increased 26% from 3Q06 and 7% from 2Q07 --
Total number of customers (voice, data and TV) was 228,605, 23%
more than 3Q06 and 10% over 2Q07 MEXICO CITY, Oct. 31
/PRNewswire-FirstCall/ -- Maxcom Telecomunicaciones S.A.B. de C.V.
(NYSE: MXT; BMV: MAXCOM CPO) today announced its Third Quarter 2007
unaudited results. LINES: The number of voice lines in service at
the end of 3Q07 increased 26% to 321,003 lines, from 255,174 lines
at the end of 3Q06, and 7% when compared to 299,744 lines in
service at the end of 2Q07. During 3Q07, 29,306 new voice lines
were installed, 3% above the 28,551 lines installed during 3Q06.
When compared to 2Q07, the number of installations decreased 3%
from 30,343 lines. During the quarter, the monthly churn rate for
voice lines was 1.7%, above the 1.6% monthly average churn
experienced during 3Q06 and 2Q07. Data equivalent lines (at 64Kbps)
increased 226% to 125,960 at the end of 3Q07 from 38,640 at the end
of 3Q06, and 105% when compared to 61,586 equivalent lines at the
end of 2Q07. The increase was mainly driven by installations to
residential customers. During the third quarter, we launched our
paid TV service in the city of Puebla. As of September 30, 2007, we
had already installed 3,340 TV sets for 2,755 subscribers.
CUSTOMERS: The number of total customers (voice, data and TV) grew
23% to 228,605 at the end of 3Q07, from 185,979 at the end of 3Q06,
and 10% when compared to 207,309 customers at the end of 2Q07.
REVENUES: Revenues during 3Q07 increased 28% to Ps$607.6 million,
from Ps$476.2 million reported in 3Q06. Voice revenues in the
quarter increased 33% to Ps$478.2 million, from Ps$359.0 million
during 3Q06, and were primarily driven by a 26% increase in voice
lines and a higher average revenue per line (ARPU). The ARPU
increase was mainly attributed to an increase in public telephony
services. Data revenues in 3Q07 were Ps$31.4 million, a 66%
increase when compared to Ps$18.9 million in 3Q06, driven by the
increase in data equivalent lines. Wholesale revenues in 3Q07 were
even at Ps$98.0 million, when compared to Ps$98.2 million recorded
in 3Q06. 3Q07 revenues represented a 7% increase from the Ps$569.9
million reported in 2Q07. Voice revenues in 3Q07 increased 8% from
Ps$442.6 million in 2Q07, while data revenues increased to Ps$31.4
million, and were 23% higher than those reported in 2Q07 at Ps$25.5
million. During 3Q07, revenues from Wholesale customers decreased
4% from Ps$101.7 million recorded in 2Q07. COST OF NETWORK
OPERATIONS: Cost of Network Operations in 3Q07 was Ps$249.7
million, 27% above the cost of Ps$196.0 million in 3Q06. With
outbound traffic decreasing 15%, the cost per minute increased as a
result of higher operating costs in our public phones due to a
larger number of public phones in service, along with higher long
distance termination charges and higher minutes to cellular phones.
The Ps$53.7 million increase in the Cost of Network Operations was
generated by: (i) Ps$48.8 million, or 30% increase in network
operating services, as a result of Ps$22.3 million higher operating
costs related to public telephones, Ps$15.7 million higher calling
party pays interconnection fees, Ps$5.4 million higher leases of
circuits and ports, Ps$4.3 million higher long distance
interconnection fees, Ps$1.4 million higher cost for paid TV
operations, and Ps$0.2 higher Internet services costs, partially
offset by Ps$0.5 million decrease in other services costs, such as
CATV and cellular operations; (ii) Ps$4.2 million, or 14% increase
in technical expenses; and, (iii) Ps$0.7 million, or 16%, increase
in installation expenses and cost of disconnected lines. Cost of
Network Operations increased 3% on a quarter-over-quarter basis
when compared to Ps$242.2 million in 2Q07. The Ps$7.5 million
increase in Cost of Network Operations was generated by: (i) Ps$6.5
million, or 3% increase in Network operating services, as a result
of Ps$2.9 million higher leases of circuits and ports, Ps$2.0
million higher cost of operation of public telephones, Ps$1.5
million higher calling party pays interconnection fees, Ps$1.4
million higher cost for paid TV operations, and Ps$0.8 million
higher Internet services costs; partially offset by Ps$1.1 million
lower long distance interconnection fees, and Ps$1.0 million lower
other services cost, such as CATV and cellular operations; (ii)
Ps$1.3 million, or 4%, increase in technical expenses; and, (iii)
Ps$0.3 million, or 5%, decrease in installation expenses and cost
of disconnected lines. SG&A: SG&A expenses were Ps$181.2
million in 3Q07, 9% above Ps$165.9 million in 3Q06. The Ps$15.3
million increase was mainly driven by: (i) higher salaries, wages
and benefits of Ps$14.3 million as a result of larger headcount;
(ii) Ps$7.2 million higher general and corporate expenses; (iii)
Ps$1.3 million higher sales commissions; and, (iv) Ps$0.1 million
higher compensation charges related to stock options plans. These
increases were partially offset by: (i) lower external advisors
expenses of Ps$4.0 million; (ii) Ps$2.4 million lower advertising
and promotion expenses; (iii) lower bad debt reserve of Ps$0.9
million; and, (iv) lower maintenance expenses of Ps$0.3 million.
When compared to 2Q07, SG&A expenses in 3Q07 increased 8% from
Ps$167.9 million. The Ps$13.2 million increase was generated by:
(i) higher salaries, wages and benefits of Ps$12.6 million; (ii)
higher general and corporate expenses of Ps$3.1 million; (iii)
Ps$1.4 million higher external advisors expense; (iv) Ps$0.9
million higher sales commissions; and, (v) higher compensation
charges related to stock options plans of Ps$0.7 million. These
increases were partially offset by: (i) Ps$3.5 million decline in
advertising and promotion expenses; (ii) lower bad debt reserve of
Ps$1.3 million; and, (iii) lower maintenance expenses of Ps$0.7
million. SG&A expenses in 3Q07, before the effect of the
non-cash stock option compensation charge, were Ps$177.0 million,
9% above Ps$161.8 million in 3Q06, and 5% above Ps$167.9 million in
2Q07. Adjusted EBITDA: Adjusted EBITDA for 3Q07 was Ps$181.0
million, 53% higher than Ps$118.4 million in 3Q06, and 11% higher
than Ps$163.3 million in 2Q07. Adjusted EBITDA as a percentage of
revenues was 30% for 3Q07, five percentage points higher than the
25% achieved in 3Q06 and one percentage point higher than the 29%
in 2Q07. EBITDA: EBITDA for 3Q07 was Ps$176.8 million, 55% higher
than Ps$114.3 million in 3Q06, and 11% higher than Ps$159.8 million
in 2Q07. EBITDA as a percentage of revenues was 29% in 3Q07, five
percentage points higher than 24% in 3Q06 and one percentage point
higher than 28% in 2Q07. OPERATING INCOME: Operating income for
3Q07 was Ps$72.4 million, 215% higher than Ps$23.0 million in 3Q06,
and 31% higher than Ps$55.2 million in 2Q07. NET INCOME: Net income
for 3Q07 was negative Ps$7.6 million, which compared favorably to
negative Ps$27.4 million in 3Q06. Net income during 2Q07 was even
at Ps$0.2 million. The main drivers for the negative net income of
this reporting quarter were non-cash items related to a loss in net
monetary position and deferred taxes in the amount of Ps$32.1
million and Ps$38.8 million, respectively. CAPITAL EXPENDITURES:
Capital expenditures in 3Q07 totaled Ps$252.1 million, 53% above
Ps$165.1 million recorded in 3Q06, and 36% below Ps$394.5 million
spent in 2Q07. Year-to-date capital expenditures as of September
2007 were Ps$861.1 million, 48% above Ps$583.0 million invested
during the nine-month period ended September 2006. CASH POSITION:
Maxcom's cash position at the end of 3Q07 was Ps$245.8 million in
cash and temporary investments, including Ps$15.0 million in
restricted cash, compared to Ps$183.0 million at the end of 3Q06,
which included Ps$11.0 million in restricted cash. Cash and
temporary investments at the end of 2Q07 were Ps$157.9 million,
including Ps$2.7 million in restricted cash. FINANCING: On July 18,
2007, the Company obtained an unsecured credit facility of Ps$70.0
million from IXE Banco, S.A., which is renewable on a monthly
basis. The monthly payable interest rate is estimated using EIIR
plus 2.4 percentage points. This unsecured credit was paid on
September 6, 2007. Proceeds were for working capital. On August 2,
2007 the Company obtained a long-term credit facility of Ps$107.0
million for 5 years from Banco Mercantil del Norte, S.A. The
monthly payable interest rate on this facility is estimated using
EIIR plus 2.0 percentage points. Proceeds were used to pay our paid
TV infrastructure. On September 5, 2007 Maxcom executed a
supplemental offering of its debt instruments denominated "Senior
Secured Notes" in compliance with Rule 144A and Regulation S of the
Securities Act of 1933, in the amount of US$25,000,000.00 (twenty
five million dollars 00/100 U.S. currency). Proceeds were used for
capital expenditures. SUBSEQUENT EVENTS: On October 19, 2007, the
Company made its global initial public offering of 14,141,516
American Depositary Shares (ADSs) in the United States and
19,515,152 Ordinary Participation Certificates (CPOs) in Mexico (in
both cases including the primary and secondary portions as well as
the exercise of the over allotment). Approximately 14% of the ADSs
and the CPOs were sold by existing Maxcom shareholders. Each ADS
represents seven CPOs, while each CPO represents three Series "A"
common shares. After giving effect to this offering, the Company
has 789,818,829 Series "A" shares outstanding, and 835,171,473 on a
fully diluted basis. The ADSs, trading under symbol "MXT" on the
New York Stock Exchange (NYSE), were initially priced at US$17.50
per ADS. The CPOs, trading under symbol "MAXCOM CPO" in the Mexican
Stock Exchange (BMV), were initially priced at Ps$27.10. The
over-allotment option was fully exercised for both the ADSs and
CPOs. Maxcom's initial public offering resulted in gross proceeds
of approximately US$253.8 million. Morgan Stanley & Co.
Incorporated was the sole book-runner and global coordinator for
the initial public offering, while IXE Casa de Bolsa, S.A. de C.V.,
IXE Grupo Financiero was the Mexican lead underwriter for the
Mexican tranche of the offering. Maxcom Telecomunicaciones, S.A.B.
de C.V., headquartered in Mexico City, Mexico, is a
facilities-based telecommunications provider using a "smart- build"
approach to deliver last-mile connectivity to micro, small and
medium- sized businesses and residential customers in the Mexican
territory. Maxcom launched commercial operations in May 1999 and is
currently offering local, long distance, data, value-added, CATV
and IP-based services on a full basis in greater metropolitan
Mexico City, Puebla, Queretaro and Toluca, and on a selected basis
in several cities in Mexico. The information contained in this
press release is the exclusive responsibility of Maxcom
Telecomunicaciones, S.A.B. de C.V. and has not been reviewed by the
Mexican National Banking and Securities Commission (CNBV) or any
other authority. The registration of the CPOs described in this
press release before the National Registry of Securities (Registro
Nacional de Valores) held by the CNBV does not imply a
certification of the investment quality of the securities or of
Maxcom's solvency. The ADSs may not be publicly offered or traded
in Mexico. The trading of these securities by an investor will be
made under such investor's own responsibility. This document may
include forward-looking statements that involve risks and
uncertainties that are detailed from time to time in the U.S.
Securities and Exchange Commission filings of the Company. Words
such as "estimate," "project," "plan," "believe," "expect,"
"anticipate," "intend," and similar expressions may identify such
forward-looking statements. The Company wants to caution readers
that any forward-looking statements in this document or made by the
company's management involves risks and uncertainties that may
change based on various important factors not under the Company's
control. These forward-looking statements represent the Company's
judgment as of the date of this document. The Company disclaims,
however, any intent or obligation to update these forward-looking
statements. (1) We define Adjusted EBITDA as net income (loss)
excluding depreciation and amortization, total integral cost of
financing, other (income) expenses, special items, tax and stock
option plan expense. Adjusted EBITDA has material limitations that
impair its value as a measure of a company's overall profitability
since it does not address certain ongoing costs of our business
that could significantly affect profitability such as financial
expenses and income taxes, depreciation or capital expenditures and
associated charges. Adjusted EBITDA is not a recognized financial
measure under Mexican GAAP or U.S. GAAP and do not purport to be an
alternative to net income as a measure of operating performance or
to cash flows from operating activity as a measure of liquidity. We
believe Adjusted EBITDA can be useful to facilitate comparisons of
operating performance between periods and with other companies
because it excludes the effect of stock option plan expense, which
is a non-cash compensation item. You should review EBITDA and
Adjusted EBITDA, along with consolidated financial statements, when
trying to understand our operating performance. However, companies
define EBITDA and Adjusted EBITDA in different ways and caution
must be used in comparing these measurements to other companies.
MAXCOM TELECOMUNICACIONES, S.A.B. DE C.V. CONSOLIDATED BALANCE
SHEET In thousands of Mexican pesos ("Ps") in purchasing power as
of September 30, 2007 and thousands of U.S. dollars ("$") September
30, 2006 Pesos US Dollars ASSETS CURRENT ASSETS: Cash and cash
equivalents Ps 171,994 $15,750 Restricted Cash - - 171,994 15,750
Accounts receivable: Customers, net of allowance 308,888 28,286
Value added tax refundable 91,875 8,413 Other sundry debtors 33,052
3,027 433,815 39,726 Inventory 37,893 3,470 Prepaid expenses 81,186
7,434 Total current assets 724,888 66,380 Restricted Cash Long Term
11,023 1,009 Frequency rights, Net 87,827 8,043 Telephone network
systems & Equipment, Net 2,822,937 258,504 Pre-operating
expenses, Net 103,525 9,480 Intangible Assets, Net 315,300 28,873
Retirement obligations 15,378 1,408 Deposits 5,255 481 Other assets
12,310 1,128 Total assets Ps 4,098,443 $375,306 LIABILITIES CURRENT
LIABILITIES: Interest Payable Accrued expenses and other accounts
payable 436,010 39,928 Bank Financing 96,311 8,819 Senior notes,
net 191,507 17,537 Notes payables 122,712 11,237 Commercial paper
155,883 14,275 Customers deposits 1,769 162 Payroll and other taxes
payable 19,602 1,795 Total current liabilities 1,023,794 93,753
LONG-TERM LIABILITIES: Senior notes, net 442,399 40,512 Bank
Financing 41,299 3,782 Notes payable 278,949 25,544 Other accounts
payable 24,537 2,247 Deferred taxes 23,541 2,156 Pensions and
Postretirement Obligations 20,762 1,901 Other long term liabilities
- - Hedging Valuation 12,196 1,117 Total liabilities Ps 1,867,477
$171,012 SHAREHOLDERS' EQUITY Capital stock 3,273,891 299,799
Premium on capital stock 245,896 22,517 Accumulated deficit
(1,254,443) (114,873) Net loss for the period (34,378) (3,149)
Total shareholders' equity (deficit) Ps 2,230,966 $204,294 Total
liabilities and equity Ps 4,098,443 $375,306 MAXCOM
TELECOMUNICACIONES, S.A.B. DE C.V. CONSOLIDATED BALANCE SHEET In
thousands of Mexican pesos ("Ps") in purchasing power as of
September 30, 2007 and thousands of U.S. dollars ("$") June 30,
2007 Pesos US Dollars ASSETS CURRENT ASSETS: Cash and cash
equivalents Ps 155,191 $14,211 Restricted Cash 2,742 251 157,933
14,462 Accounts receivable: Customers, net of allowance 437,534
40,066 Value added tax refundable 192,414 17,620 Other sundry
debtors 62,540 5,726 692,488 63,412 Inventory 33,364 3,055 Prepaid
expenses 54,718 5,011 Total current assets 938,503 85,940
Restricted Cash Long Term - - Frequency rights, Net 83,133 7,612
Telephone network systems & Equipment, Net 3,607,503 330,348
Pre-operating expenses, Net 77,370 7,085 Intangible Assets, Net
322,945 29,573 Retirement obligations 14,746 1,350 Deposits 5,391
494 Other assets 13,534 1,242 Total assets Ps 5,063,125 $463,644
LIABILITIES CURRENT LIABILITIES: Interest Payable Accrued expenses
and other accounts payable 659,124 60,357 Bank Financing - - Senior
notes, net - - Notes payables 10,221 936 Commercial paper - -
Customers deposits 1,499 137 Payroll and other taxes payable 34,681
3,176 Total current liabilities 705,525 64,606 LONG-TERM
LIABILITIES: Senior notes, net 1,927,105 176,469 Bank Financing - -
Notes payable 10,912 999 Other accounts payable 22,600 2,070
Deferred taxes 127,815 11,704 Pensions and Postretirement
Obligations 24,130 2,210 Other long term liabilities 9,704 889
Hedging Valuation 4,510 413 Total liabilities Ps 2,832,301 $259,360
SHAREHOLDERS' EQUITY Capital stock 3,276,031 299,995 Premium on
capital stock 255,105 23,361 Accumulated deficit (1,283,252)
(117,511) Net loss for the period (17,060) (1,561) Total
shareholders' equity (deficit) Ps 2,230,824 $204,284 Total
liabilities and equity Ps 5,063,125 $463,644 MAXCOM
TELECOMUNICACIONES, S.A.B. DE C.V. CONSOLIDATED BALANCE SHEET In
thousands of Mexican pesos ("Ps") in purchasing power as of
September 30, 2007 and thousands of U.S. dollars ("$") September
30, 2007 Pesos US Dollars ASSETS CURRENT ASSETS: Cash and cash
equivalents Ps 230,727 $21,128 Restricted Cash 15,050 1,378 245,777
22,506 Accounts receivable: Customers, net of allowance 534,760
48,969 Value added tax refundable 190,890 17,480 Other sundry
debtors 45,852 4,199 771,502 70,648 Inventory 27,839 2,549 Prepaid
expenses 53,785 4,925 Total current assets 1,098,903 100,628
Restricted Cash Long Term - - Frequency rights, Net 81,221 7,437
Telephone network systems & Equipment, Net 3,774,662 345,656
Pre-operating expenses, Net 69,980 6,408 Intangible Assets, Net
325,896 29,843 Retirement obligations 14,522 1,330 Deposits 6,421
588 Other assets 20,675 1,892 Total assets Ps 5,392,280 $493,782
LIABILITIES CURRENT LIABILITIES: Interest Payable Accrued expenses
and other accounts payable 489,558 44,830 Bank Financing - - Senior
notes, net - - Notes payables 8,266 757 Commercial paper - -
Customers deposits 1,910 175 Payroll and other taxes payable 30,547
2,797 Total current liabilities 530,281 48,559 LONG-TERM
LIABILITIES: Senior notes, net 2,257,742 206,747 Bank Financing
107,000 9,798 Notes payable 9,223 845 Other accounts payable 24,357
2,230 Deferred taxes 158,607 14,524 Pensions and Postretirement
Obligations 25,166 2,305 Other long term liabilities 52,415 4,800
Hedging Valuation - - Total liabilities Ps 3,164,791 $289,808
SHAREHOLDERS' EQUITY Capital stock 3,276,031 299,995 Premium on
capital stock 259,371 23,751 Accumulated deficit (1,283,252)
(117,511) Net loss for the period (24,661) (2,261) Total
shareholders' equity (deficit) Ps 2,227,489 $203,974 Total
liabilities and equity Ps 5,392,280 $493,782 NOTES TO FINANCIAL
STATEMENTS: Financial statements are reported in period-end pesos
as of September 30, 2007 to adjust for the inter-period effect of
inflation. For readers' convenience, all Peso amounts were
converted to U.S. dollars at the exchange rate of Ps.10.9203 per
US$1.00. MAXCOM TELECOMUNICACIONES, S.A.B. DE C.V. CONSOLIDATED
STATEMENT OF OPERATIONS 2006 AND 2007 QUARTERLY PERIODS In
thousands of Mexican pesos ("Ps") in purchasing power as of
September 30, 2007 and thousands of U.S. dollars ("$") July 1 to
September 30, 2006 US Pesos Dollars % Voice 359,008 32,875 75% Data
18,938 1,735 4% Wholesale 98,212 8,993 21% TOTAL REVENUES Ps
476,158 $43,603 100% Network operating services 161,248 14,766 34%
Technical expenses 30,618 2,804 6% Installation expenses 4,113 377
1% Cost of Network Operation 195,979 17,947 41% GROSS PROFIT
280,179 25,656 59% SG&A 165,923 15,194 35% EBITDA 114,256
10,462 24% Depreciation and amortization 91,260 8,357 Operating
Income (Loss) 22,996 2,105 Comprehensive (Income) Cost of
Financing: *Interest expense 30,015 2,748 **Interest (income) loss,
net (4,156) (381) Special item - - Exchange (income) loss, net
(8,622) (789) Gain on net monetary position (10,618) (972) 6,619
606 Other (income) expense (33) (3) INCOME (LOSS) BEFORE TAXES
16,410 1,502 Provisions for: Asset Tax - - Income Tax & Profit
Sharing 43,785 4,010 Total Provisions 43,785 4,010 NET INCOME
(LOSS) Ps (27,375) $(2,508) *Adjusted EBITDA 118,421 10,844 % of
revenue Adjusted EBITDA 24.9% 24.9% MAXCOM TELECOMUNICACIONES,
S.A.B. DE C.V. CONSOLIDATED STATEMENT OF OPERATIONS 2006 AND 2007
QUARTERLY PERIODS In thousands of Mexican pesos ("Ps") in
purchasing power as of September 30, 2007 and thousands of U.S.
dollars ("$") April 1 to June 30, 2007 US Pesos Dollars % Voice
442,624 40,532 78% Data 25,538 2,338 4% Wholesale 101,748 9,317 18%
TOTAL REVENUES Ps 569,910 $52,187 100% Network operating services
203,523 18,637 36% Technical expenses 33,595 3,077 6% Installation
expenses 5,046 462 1% Cost of Network Operation 242,164 22,176 42%
GROSS PROFIT 327,746 30,011 58% SG&A 167,924 15,377 29% EBITDA
159,822 14,634 28% Depreciation and amortization 104,637 9,581
Operating Income (Loss) 55,185 5,053 Comprehensive (Income) Cost of
Financing: *Interest expense 49,530 4,536 **Interest (income) loss,
net (10,870) (996) Special item - - Exchange (income) loss, net
(40,862) (3,742) Gain on net monetary position 5,953 545 3,751 343
Other (income) expense 3,335 305 INCOME (LOSS) BEFORE TAXES 48,099
4,405 Provisions for: Asset Tax 7,626 699 Income Tax & Profit
Sharing 40,257 3,686 Total Provisions 47,883 4,385 NET INCOME
(LOSS) Ps 216 $20 *Adjusted EBITDA 163,323 14,956 % of revenue
Adjusted EBITDA 28.7% 28.7% MAXCOM TELECOMUNICACIONES, S.A.B. DE
C.V. CONSOLIDATED STATEMENT OF OPERATIONS 2006 AND 2007 QUARTERLY
PERIODS In thousands of Mexican pesos ("Ps") in purchasing power as
of September 30, 2007 and thousands of U.S. dollars ("$") July 1 to
September 30, 2007 US Pesos Dollars % Voice 478,206 43,791 79% Data
31,412 2,877 5% Wholesale 98,019 8,976 16% TOTAL REVENUES Ps
607,637 $55,644 100% Network operating services 210,041 19,234 35%
Technical expenses 34,856 3,191 6% Installation expenses 4,778 438
1% Cost of Network Operation 249,675 22,863 41% GROSS PROFIT
357,962 32,781 59% SG&A 181,180 16,592 30% EBITDA 176,782
16,189 29% Depreciation and amortization 104,410 9,562 Operating
Income (Loss) 72,372 6,627 Comprehensive (Income) Cost of
Financing: *Interest expense 58,446 5,352 **Interest (income) loss,
net (7,325) (670) Special item - - Exchange (income) loss, net
13,251 1,214 Gain on net monetary position (32,135) (2,942) 32,237
2,954 Other (income) expense 5,553 509 INCOME (LOSS) BEFORE TAXES
34,582 3,164 Provisions for: Asset Tax 3,427 314 Income Tax &
Profit Sharing 38,756 3,550 Total Provisions 42,183 3,864 NET
INCOME (LOSS) Ps (7,601) $(700) *Adjusted EBITDA 180,985 16,573 %
of revenue Adjusted EBITDA 29.8% 29.8% NOTES TO FINANCIAL
STATEMENTS: * Interest related to Senior Notes, Banks and Vendor
Financing ** Interest Income net Financial statements are reported
in period-end pesos as of September 30, 2007 to adjust for the
inter-period effect of inflation. For readers' convenience, all
Peso amounts were converted to U.S. dollars at the exchange rate of
Ps.10.9203 per US$1.00. DATASOURCE: Maxcom Telecomunicaciones,
S.A.B. de C.V. CONTACT: Jose-Antonio Solbes, Maxcom
Telecomunicaciones, +011-52-55-1163-1005, ; or Lucia Domville,
+1-646-284-9416, Web site: http://www.maxcom.com/
Copyright