Local voice and data equivalent lines on network of 341,000 compared with 192k at end of Q3
Total local voice and data equivalent lines of 595,000 compared with 580k at end of Q3
Total revenue of $114.6 million compared with 2 analysts avg est of $110.6M (beat)
EBITDA of $16.0 million
Net income of $2.0 million, or $0.07 per share on a diluted basis compared with analysts est of $0.12 (miss)
Cash balance of $46.3 million; total debt of $5.3 million compared with $42.3M; total debt of $5.9M at end of Q3


YEAR END HIGHLIGHTS

Total revenue of $462.7 million compared with analysts est of $458.7M (beat)
EBITDA of $86.9 million
Net income of $26.1 million, or $0.89 per share on a diluted basis compared with analysts est of $0.95 (miss)
Cash flow from operations of $72.0 million


GUIDANCE

Q1 2006
Total Revenue $118-$120M, vs. analysts estimates of $110.3M
EBITDA before Option Expense $13-$15M


Full Year 2006
Total Revenue $445-$455M, vs. estimates of $444.8M
EBITDA before Option Expense $60-$70 mm
Capital Expenditures (including Software) increased to $25-$30M because of timing of cap ex that didn't occur in 2005 (from the conference call)

I've listened to the conference call, and will write up my notes this weekend.

Overall, the big miss was on the earnings, and that's what hit today. From what they've said in the past and confirmed on the conference call, I think that the company is really hitting on most, if not all, cylinders. 2006, especially the first half, will be a difficult year because of comparisons with 2005. But operationally and strategically, the company is poised for a terrific run once we work through this.

Arch