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URL:  https://boards.fool.com/message-from-the-ceo-16069486.aspx

Subject:  message from the ceo Date:  11/7/2001  7:05 PM
Author:  Entropic2 Number:  659 of 684

TO: All RCN Employees

FROM: David McCourt, Chairman & CEO

DATE: November 7, 2001

RE: Third Quarter Results Update

This morning we had our quarterly conference call with Wall Street analysts. I wanted to share with you the news we reported to them.

Over the last quarter, RCN has been very successful on three important fronts:

We have reduced spending by making smarter decisions.

We have improved our profit margin by running a more efficient company.

And, as a result of buying back debt, which I wrote to you about last month, we have a much stronger balance sheet.

These are goals we set for ourselves at the beginning of the year and Wall Street recognizes that we are meeting them. They could not have been achieved without hard work, focus, and determination on the part of all employees. So even though this has been a difficult year for our stock price and for the economy, the company pushed hard to achieve our goals, and we have had success in achieving them.

We need to continue to pursue these goals. Reducing costs and improving efficiency have to be long-term trends, not short-term events. That's the sign of a growing, healthy company.

We've proven we can reduce costs in a strategic way. Now we have to expand our focus to include building a company around the customer. That is a critical part of what I call “the main thing:”

· Getting more customers on our network
· Reducing churn
· Reducing costs

Over the next few weeks you'll see positive changes that will help us become a customer-centric company. Jeff White and his team continue to look at our operations and customer service to see where we can continue to improve our performance so that RCN becomes known for the best customer service in the industry. And Bob Currey and I will be spending more time getting ideas from all of you on how we can increase our revenue – in other words, how can we sell more quality services to more customers over our network.

When we get aligned around those goals, churn will go down and more customers will be signing up. We should make it our goal that the only customers who drop our service are those who move out of our service area.

We believe Wall Street is impressed with our discipline on spending. Let's keep impressing them. Let's move together to build a culture that remains fixed on the needs of the customer. It's a recipe for success not just for the next quarter, but for the long-term future of our company.
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