WESTBOROUGH, Mass.-Arch Communications Group Inc. announced revenues of $181 million for the first quarter ended March 31, compared with revenues of $94 million reported for first-quarter 1999.
Arch reported a net loss of $63.1 million, or $1.14 per common share, compared with a net loss of $49.6 million, or $7.02 per common share, reported for the same quarter the previous year.
The quarterly results reflect Arch’s acquisition of MobileMedia Corp. on June 3, 1999.
C. Edward Baker, chairman and chief executive officer of Arch, said the company made significant progress during the quarter toward completing its merger with Paging Network Inc.
“In addition to regulatory approvals from both the U.S. Department of Justice and the Federal Communications Commission, we received unanimous approval from our bank group for a new $1.3 billion credit facility that will become effective upon merger closing,” Baker said.
