Maxcom Telecommunications 6K Maxcom Reports Results for the Third Quarter of 2014 | MXMTY 24 Oct 14

Exhibit 99.1

	Third Quarter 2014 Results

MAXCOM REPORTS RESULTS FOR THE THIRD QUARTER OF 2014

Mexico City, October 23^th, 2014. –Maxcom Telecomunicaciones, S.A.B. de C.V. (“Maxcom”, or “the Company”) (NYSE: MXT) (BMV: MAXCOM CPO), one of the leading integrated telecommunications companies in Mexico, announced today its unaudited financial and operating results for the quarter ended September 30^th, 2014.

NOTE: The monetary amounts in this report have been presented in accordance to International Financial Reporting Standards (IFRS). Amounts are expressed in millions of current Mexican Pesos.

Business Management: Operative Highlights

Total company Revenue Generating Units or RGUs, decreased by 3% to 628,545 in 3Q14 compared to the same period of the last year. The Company registered RGU net connections of minus 17,576 during the year. The difference mainly due by disconnection of approximately 34 thousand RGUs with low ARPU during the 4Q13.

As a result of the disconnections mentioned, total company customer base decreased by 10% to reach 256,691 customers.

When compared to the same period of last year, voice RGUs decreased 8% reaching 346,186. Voice RGUs include residential voice, commercial voice, public telephone lines and wholesale lines.

Data residential RGUs increased by 12% to reach 167,195 compared to 149,377 in 3Q13.

The number of coin operated public phones totaled 33,841, presenting a decrease of 6% in comparison to those in 3Q13.

The total mobile RGUs base reached 42,555 units which is 4% less than the number registered in 3Q13.

Pay TV number of RGUs reached 69,703 which represent a decrease of 6% with respect to the figure recorded in 3Q13.

The residential RGU per customer rate, had a marginally increase at 1.9 with respect at the same ratio of 3Q13.

The commercial RGU per customer rate went from 26.5 in the 3Q13 to 35.0 at the end of the 3Q14.

3Q14		Concept	3Q13
	253,904	Residential Customers		282,087
	199,223	Voice		237,511
	165,596	Data		147,553
	29,318	Mobile		29,830
	69,527	TV		66,659

	487,402	Residential RGUs		514,569
	208,015	Voice		247,115
	167,195	Data		149,377
	42,489	Mobile		44,030
	69,703	TV		74,047
	1.9	RGU per Residential Customer		1.8

	2,787	Commercial Customers		3,000
	2,484	Voice		2,698
	1,318	Data		1,382
	11	Mobile		14
	180	Other		180

	98,314	Commercial RGUs		79,636
	95,342	Voice		76,532
	2,628	Data		2,756
	66	Mobile		72
	278	Other		276
	35.3	RGU per Commercial Customer		26.5

	33,841	Public Telephony RGUs		35,831

	8,988	Wholesale RGUs		16,085

	628,545	Total RGUs		646,121

	346,186	Voice RGUs (voice lines in service)		375,563
	256,691	Total Number of Customers		285,087

	Third Quarter 2014 Results

Business Management: Revenues and Expenses

Revenues

Reported revenues for the third quarter of 2014 amounted Ps.707 million, presenting an increase of 10% compared to the same quarter of last year. This increase is supported by the performance of the wholesale business unit.

	3Q14		3Q13		D%
Residential	Ps.	223	Ps.	220		1	%
Commercial		164		174		(6	)%
Public Telephony		32		39		(18	)%
Wholesale		285		205		39	%
Other Revenue		3		4		(25	)%
Total	Ps.	707	Ps.	642		10	%

Total Maxcom revenues for the nine months ended on September 30^th reach the figure of Ps.2,030 million, which represent an increase of 9% with respect to revenues of Ps.1,860 million recorded cumulatively in the same period of 2013.

	9M14		Weight %			9M13		Weight %			D%
Residential	Ps.	670		33	%	Ps.	722		38	%		(7	)%
Commercial		509		25	%		498		27	%		2	%
Public Telephony		97		5	%		112		6	%		(13	)%
Wholesale		742		36	%		516		28	%		44	%
Other Revenue		12		1	%		12		1	%		-
Total	Ps.	2,030		100	%	Ps.	1,860		100	%		9	%

Residential

This segment represented 32% of total revenues during 3Q14, a lower participation than the obtained during 3Q13, of 34%. Compared to 3Q13, revenues in this business unit had an increase of 1% (Ps.3 million), the increase was mainly due to additional mobile revenue.

For the nine months ended on September 30^th, 2014, revenues for the residential business totaled Ps.670 million, a decrease of 7% in comparison with the Ps.722 million registered in the same period of 2013.

The average revenue per unit (“ARPU”) for the residential business was Ps.153 in the 3Q14, 3% higher than ARPU of Ps.148 registered in 3Q13.

The rate of RGU per customer marginally increased to 1.9 during the 3Q14 with respect at the 3Q13.

Commercial

Revenues of the commercial segment represented 23% of total revenues during the 3Q14, compared to 27% recorded in the 3Q13. Revenues reached Ps.164 million, a decrease of 6% in comparison with Ps.174 million registered during 3Q13. The variances is explained by the sale and lease of capacity on the 3Q13, which not was possible to repeat on this quarter.

	Third Quarter 2014 Results

For the nine months ended on September 30^th, 2014, revenues for the commercial business were Ps.509 million, representing an increase of 2% in comparison with the Ps.498 million registered in the same period of 2013.

Commercial business ARPU during 3Q14 was Ps.577, below than Ps.765 recorded in 3Q13.

The number of RGUs per commercial customer increased 32% to 35.0 RGUs per customer when compared to 26.5 reached in 3Q13.

Public Telephony

The public telephony income represented 5% of total revenues in 3Q14. Revenues reached Ps.32 million, a decrease of 18% (Ps.7 million) in comparison to Ps.39 million obtained in the same period in 2013. The decrease in revenues is attributed to a reduction in network usage, as well as a minor number of telephones in operation.

For the nine months of 2014, the revenues from public telephony were Ps.97 million, which compares with the Ps.112 million of the same period of 2013 represents a decrease of 13%.

Wholesale

In 3Q14, wholesale revenues increased by 39% (Ps.80 million) reaching Ps.285 million, compared to Ps.205 million registered during the same period in the previous year. The growth in this business unit was due to the increase in the international traffic carried through our network.

In cumulative way, for the nine months of 2014 income of wholesale business unit registered Ps.742 million, representing an increase of 44% in comparison with the income of Ps.516 million recognized in the same period of the previous year.

Other Revenues

Other revenue concept contributed marginally and reached Ps.3 million, almost the same figure of 3Q13. These revenues during the nine months of 2014 reached Ps.12 million, same amount recording at September 2013.

Network Operation Cost

Network Operation Costs in 3Q14 increased by 34% or Ps.94 million to reach Ps.374 million in comparison to Ps.280 million in 3Q13. This increase was mainly due to additional Ps.95 million incurred in interconnection costs and technical expenses, partially offset by Ps.1 million decrease in installation expenses.

For the period of 9 months ended on September 30^th, 2014, the total network operation costs amounted Ps.1,071 million, compared to Ps.793 million in the same period of the last year; a variation of 35%. In both cases, quarterly and cumulative, the variation mainly derived from the important increase in the international traffic termination costs related to the wholesale business.

SG&A

SG&A expenses were Ps.181 million in 3Q14 a 3% or Ps.6 million increase in comparison to the Ps.175 million reported in the same period of 2013. In the nine months of 2014 expenses amounted to Ps.525 million, slightly increase of 1% in comparison with the Ps. 520 million of the previous year.

	Third Quarter 2014 Results

EBITDA and Adjusted EBITDA

EDITDA for 3Q14 was Ps.153 million, below the Ps.188 million registered in the same period last year. EBITDA Margin was 22% during the period, lesser that the 29% registered in 3Q13. For the nine months ended on September 30^th, 2014, EBITDA amounted to Ps.435 million, a 21% decrease in comparison to the Ps.548 million recorded in the same period of 2013. EBITDA margin for the nine months of 2014 was 21%, lower than the 29% of the same period 2013.

Adjusted EBITDA for 3Q14 was Ps.153 million, 14% or Ps.25 million below than the Ps.178 million registered in the same period last year. Adjusted EBITDA Margin was 22% during the period, lower than the 28% registered in the same period of 2013.

Operating Income (Loss)

The Company registered an operating income for 3Q14 of Ps.42 million, an increase in comparison to an operating loss of Ps.5 million reported in the same period of 2013. For the nine months ended on September 30^th, 2014 the company reported an operating income of Ps.111 million, above at the operating loss of Ps.11 million reported in the same period previous year.

Comprehensive Financial Result

During the quarter, the Company registered a net financing cost of Ps.99 million, in comparison with a loss of Ps.85 million registered in the same period of 2013. The variation of Ps.14 million is mainly explained by the offset between less interest expenses generated by the restructured debt and an important exchange rate loss in this quarter. It´s worth to mention that this exchange rate loss do not represent cash disbursement.

	3Q14			3Q13		DPs.			D%
Interest Expense		45			78		(33	)		(42	)%
Interest (Income)		(3	)		-		(3	)		-
Valuation Effects – Net		7			-		7			-
Exchange Rate (Gain) Loss – Net		50			7		43			614	%
Total		99			85		14			16	%

For the nine months ended on September 30^th, 2014, comprehensive financial loss for the Company reached Ps.212 million, compared to the Ps.254 million recorded in the same period of 2013.

Taxes

At the end of the 3Q14, the Company did not recorded taxes.

Net Income

The Company posted a net loss during 3Q14 of Ps.56 million, in comparison to the net loss of Ps.91 million reported in the same period of 2013, the effect is a lower loss of 38%. For the nine months ended on September 30^th, 2014, the Company registered a net accumulated loss of Ps.101 million in comparison to the net loss of Ps.266 million recorded in the same period of 2013.

	Third Quarter 2014 Results

Liquidity and Capital Sources

	Third Quarter Ended			Third Quarter Ended
Millions of Pesos	September 30, 2014			September 30, 2013
Resources from Operations and Working Capital		35			126
CAPEX		(200	)		(144	)
Free Cash Flow		(165	)		(18	)
Financing Activities		1			(13	)
Cash and Financial Instruments at the Start of the Period		1,795			116
Cash and Financial Instruments at the End of the Period		1,631			85

	Nine Months Ended			Nine Months Ended
Millions of Pesos	September 30, 2014			September 30, 2013
Resources from Operations and Working Capital		126			296
CAPEX		(425	)		(370	)
Free Cash Flow		(299	)		(74	)
Financing Activities		(22	)		12
Cash and Financial Instruments at the Start of the Period		1,954			147
Cash and Financial Instruments at the End of the Period		1,633			85

Capital Expenditures

The Capital Expenditures during the period totaled Ps.200 million, an increase of 39% or Ps.56 million of the amount invested in 3Q13. Capital Expenditures were primarily used to increase and improve the capacity our fiber optics transport network and the internet infrastructure, and to renew our operation systems.

For the nine months ended on September 30^th, 2014 capital expenditures reached Ps.425 million, above of the Ps.370 million recorded in the same period of 2013.

Indebtedness

At September 30^th, 2014 the Company reported its Indebtedness level at Ps.2,407 million. The Company’s leverage ratio measured by Debt to EBITDA is at 4.76 times and the Net Debt to EBITDA is at 1.53 times during this period.

Comparative leverage ratios:

		3Q14				2Q14				3Q13
Net Debt/EBITDA LTM			1.53				0.93				3.34

Additional Information

We expect that the growth of the Company continues for be capable to generate the results and the flows that permit to have a sustainable balance that endorse the commitment with bondholders and with the public investor.

	Third Quarter 2014 Results

About MAXCOM

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, paid TV and IP-based services on a full basis in greater metropolitan Mexico City, Puebla, Tehuacan, San Luis, and Queretaro, 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 securities described in this press release before the National Registry of Securities (Registro Nacional de Valores) held by the CNBV, shall it be the case, does not imply a certification of the investment quality of the securities or of MAXCOM’s solvency. The trading of these securities by an investor will be made under such investor’s own responsibility.

For more information contact:

Rodrigo Wright

México, D.F., México

(52 55) 4770-1170

rodrigo.wright@maxcom.com

This document may include forward-looking statements that involve risks and uncertainties. Such forward-looking statements are subject to risks, uncertainties and other factors, including those detailed from time to time in Maxcom’s U.S. Securities and Exchange Commission filings, which could cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” and similar expressions may identify such forward-looking statements. Maxcom cautions readers that any forward-looking statement in this press release or made by the company’s management involves risks and uncertainties that may change based on various important factors not under Maxcom’s control. These forward-looking statements represent Maxcom’s judgment as of the date of this press release. Maxcom disclaims any intent or obligation to update these forward-looking statements.

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	Third Quarter 2014 Results

MAXCOM TELECOMUNICACIONES, S.A.B. DE C.V. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENT FINANCIAL POSITION IFRS

Thousand of Mexican Pesos (''Ps.'')

	As of September 30,			As of September 30,			vs 3Q 2013
	2014			2013			Var $			Var %
ASSETS:
CURRENT ASSETS:
Cash and financial instruments	Ps.	1,632,033		Ps.	85,248		Ps.	1,546,785			1,814	%
		1,632,033			85,248			1,546,785			1,814	%
Accounts receivable:
Customers, net of allowance		640,943			663,438			(22,495	)		(3	)%
Value added tax refundable		153,592			89,248			64,344			72	%
Other sundry debtors		47,801			74,702			(26,901	)		(36	)%
		842,336			827,388			14,948			2	%

Inventory		26,796			15,318			11,478			75	%
Prepaid expenses		13,917			23,966			(10,049	)		(42	)%
Total current assets		2,515,082			951,920			1,563,162			164	%


Frequency rights, net		4,603			15,133			(10,530	)		(70	)%
Telephone network systems and equipment, net		2,985,775			3,836,226			(850,451	)		(22	)%
Intangible assets, net		87,126			99,541			(12,415	)		(12	)%
Deposits		8,712			8,542			170			2	%
Deferred taxes		8,794			9,793			(999	)		(10	)%
Other assets		2,151			2,151			-			-

Total assets	Ps.	5,612,243		Ps.	4,923,306		Ps.	688,937			14	%

LIABILITIES
CURRENT LIABILITIES:
Senior notes		-			2,301,844			(2,301,844	)		(100	)%
Interest payable		43,080			226,496			(183,416	)		(81	)%
Accounts payable and accrued expenses		303,512			272,992			30,520			11	%
Notes payable		-			4,125			(4,125	)		(100	)%
Customers deposits		2,331			2,278			53			2	%
Hedging valuation		1,994			-			1,994			100	%
Payroll and other taxes payable		30,225			7,615			22,610			297	%
Total current liabilities		381,142			2,815,350			(2,434,208	)		(86	)%

LONG-TERM LIABILITIES:
Senior notes		2,013,279			-			2,013,279			100	%
Notes payable		-			4,321			(4,321	)		(100	)%
Other accounts payable		35,696			24,854			10,842			44	%
Pensions and post-retirement obligations		5,430			5,503			(73	)		(1	)%
Other long term liabilities		58,174			157,633			(99,459	)		(63	)%
Long Term Liabilities		2,112,579			192,311			1,920,268			999	%
Total liabilities	Ps.	2,493,721		Ps.	3,007,661		Ps.	(513,940	)		(17	)%

SHAREHOLDERS' EQUITY
Capital stock		7,082,904			4,828,481			2,254,423			47	%
Premium on capital stock		40,033			5,404			34,629			641	%
Accumulated deficit		(3,903,422	)		(2,652,693	)		(1,250,729	)		(47	)%
Net profit (loss) for the period		(100,993	)		(265,547	)		164,554			62	%
Total shareholders' equity	Ps.	3,118,522		Ps.	1,915,645		Ps.	1,202,877			63	%

Total liabitilies and equity	Ps.	5,612,243		Ps.	4,923,306		Ps.	688,937			14	%

	Third Quarter 2014 Results

MAXCOM TELECOMUNICACIONES, S.A.B. DE C.V. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME IFRS

Thousand of Mexican Pesos (''Ps.'')

	3 month ended September 30,												vs 3M 2013						9 months ended September 30,												vs 9M 2013
	2014			%			2013			%			$ var			% var			2014			%			2013			%			$ var			% var

TOTAL REVENUES	Ps.	707,235			100	%	Ps.	642,136			100	%	Ps.	65,099			10	%	Ps.	2,030,361			100	%	Ps.	1,860,156			100	%	Ps.	170,205			9	%

Network operating services		330,373			47	%		250,905			39	%		79,468			32	%		948,151			47	%		692,557			37	%		255,594			37	%
Technical expenses		42,568			6	%		27,346			4	%		15,222			56	%		120,685			6	%		93,969			5	%		26,716			28	%
Installation expenses		667			0	%		1,548			0	%		(881	)		(57	)%		1,687			0	%		6,194			0	%		(4,507	)		(73	)%
Cost of network operation		373,608			53	%		279,799			44	%		93,809			34	%		1,070,523			53	%		792,720			43	%		277,803			35	%

GROSS PROFIT		333,627			47	%		362,337			56	%		(28,710	)		(8	)%		959,838			47	%		1,067,436			57	%		(107,598	)		(10	)%

Selling, general and administrative expenses		180,508			26	%		174,714			27	%		5,794			3	%		525,236			26	%		519,723			28	%		5,513			1	%

EBITDA		153,119			22	%		187,623			29	%		(34,504	)		(18	)%		434,602			21	%		547,713			29	%		(113,111	)		(21	)%

Depreciation and amortization		88,714						155,155						(66,441	)		(43	)%		272,682						427,293						(154,611	)		(36	)%
Other (Income) Expense		22,043						20,310						1,733			9	%		51,043						83,478						(32,435	)		(39	)%
Reorganization		-						17,500						(17,500	)		100	%		-						48,215						(48,215	)		100	%

Operating income (loss)		42,362						(5,342	)					47,704			893	%		110,877						(11,273	)					122,150			1,084	%

Comprehensive (income) cost of financing:
Interest expense		44,767						78,963						(34,196	)		(43	)%		112,367						221,232						(108,865	)		(49	)%
Interest (income) loss, net		(3,110	)					(303	)					(2,807	)		(926	)%		(21,093	)					(5,619	)					(15,474	)		(275	)%
Valuation effects, net		7,197						-						7,197			100	%		57,506						9,341						48,165			516	%
Exchange (income) loss, net		49,719						6,837						42,882			627	%		63,090						29,320						33,770			115	%
		98,573						85,497						13,076			15	%		211,870						254,274						(42,404	)		(17	)%

INCOME (LOSS) BEFORE TAXES		(56,211	)					(90,839	)					34,628			38	%		(100,993	)					(265,547	)					164,554			62	%

Taxes:
Income tax		-						-						-			-			-						-						-			-
Defered Income Tax		-						-						-			-			-						-						-			-
Total tax		-						-						-			-			-						-						-			-

NET INCOME (LOSS)	Ps.	(56,211	)				Ps.	(90,839	)				Ps.	34,628			38	%	Ps.	(100,993	)				Ps.	(265,547	)				Ps.	164,554			62	%

Weighted average basic shares		3,057,503						789,819												3,057,503						789,819
Weighted average fully diluted		3,060,503						-												3,060,503						-

Earnings per share basic		(0.02	)					(0.12	)											(0.03	)					(0.34	)
Earnings per share diluted		(0.02	)					-												(0.03	)					-

	Third Quarter 2014 Results

MAXCOM TELECOMUNICACIONES, S.A.B. DE C.V. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY IFRS

Thousand of Mexican Pesos (''Ps.'')

			Additional							Total
	Capital		paid-in					Repurchase		shareholders'
	stock		capital		Deficit			of shares		equity

Balances as of December 31, 2012	Ps.	4,814,428	Ps.	3,592	Ps.	(2,652,693	)	Ps.	-	Ps.	2,165,327

Reclassification of additional paid-in capital		14,053		-		-			-		14,053

Stock option plan		-		1,812		-			-		1,812

Comprehensive net loss		-		-		(265,547	)		-		(265,547	)

Balances as of September 30, 2013	Ps.	4,828,481	Ps.	5,404	Ps.	(2,918,240	)	Ps.	-	Ps.	1,915,645

			Additional							Total
	Capital		paid-in					Repurchase		shareholders'
	stock		capital		Deficit			of shares		equity

Balances as of December 31, 2013	Ps.	7,028,634	Ps.	40,033	Ps.	(3,903,422	)	Ps.	-	Ps.	3,165,245

Increased in capital Stock		54,270		-		-			-		54,270

Stock option plan		-		-		-			-		-

Comprehensive net loss		-		-		(100,993	)		-		(100,993	)

Balances as of September 30, 2014	Ps.	7,082,904	Ps.	40,033	Ps.	(4,004,415	)	Ps.	-	Ps.	3,118,522

	Third Quarter 2014 Results

MAXCOM TELECOMUNICACIONES, S.A.B. DE C.V. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOW IFRS

Thousand of Mexican Pesos (''Ps.'')

	3 months ended September 30,						vs 2013						9 months ended September 30,						vs 2013
	2014			2013			$ var			% var			2014			2013			$ var			% var

Operating Activities:
Income before taxes	Ps.	(56,211	)	Ps.	(90,839	)	Ps.	34,628			38	%	Ps.	(100,993	)	Ps.	(265,547	)	Ps.	164,554			62	%

Items without cash flow		228,620			230,767			(2,147	)		(1	)%		549,050			667,303			(118,253	)		(18	)%
Cash flow from income/loss before taxes		172,409			139,928			32,481			23	%		448,057			401,756			46,301			12	%

Cash flow from:
Accounts receivables		(16,323	)		31,197			(47,520	)		(152	)%		(42,081	)		(2,633	)		(39,448	)		(1,498	)%
Inventory		2,215			1,882			333			18	%		(10,099	)		3,003			(13,102	)		(436	)%
Accounts payables		(66,691	)		(41,510	)		(25,181	)		(61	)%		(66,497	)		(42,621	)		(23,876	)		(56	)%
Other assets and liabilities		(55,415	)		(4,858	)		(50,557	)		(1,041	)%		(203,741	)		(62,863	)		(140,878	)		(224	)%
Cash flow from operation activities		(136,214	)		(13,289	)		(122,925	)		(925	)%		(322,418	)		(105,114	)		(217,304	)		(207	)%

Net cash flow from operating activities		36,195			126,639			(90,444	)		(71	)%		125,639			296,642			(171,003	)		(58	)%

Cash flow from:
Telephone network systems and equipment, net		(200,393	)		(144,261	)		(56,132	)		(39	)%		(425,439	)		(369,757	)		(55,682	)		(15	)%
Cash flow from capital expeditures		(200,393	)		(144,261	)		(56,132	)		(39	)%		(425,439	)		(369,757	)		(55,682	)		(15	)%

Cash in excess/(required) to be used in financing activities		(164,198	)		(17,622	)		(146,576	)		(832	)%		(299,800	)		(73,115	)		(226,685	)		(310	)%

Cash flow from :

Vendor financing		-			(3,282	)		3,282			100	%		(8,348	)		(2,215	)		(6,133	)		(277	)%
Capital stock		1,003			981			22			100	%		54,270			14,053			40,217			100	%
Additional paid in capital		-			-			-			-			-			9			(9	)		(100	)%
Other financing activities		-			(11,049	)		11,049			100	%		(67,781	)		-			(67,781	)		NA
Cash flow from financing activities		1,003			(13,350	)		14,353			108	%		(21,859	)		11,847			(33,706	)		(285	)%

Increase (decrease) in cash and temporary investments		(163,195	)		(30,972	)		(132,223	)		(427	)%		(321,659	)		(61,268	)		(260,391	)		(425	)%

Cash and financial instruments at beginning of the period		1,795,228			116,220			1,679,008			1,445	%		1,953,692			146,516			1,807,176			1,233	%
Cash and cash equivalents at the end of the period	Ps.	1,632,033		Ps.	85,248		Ps.	1,546,785			1,814	%	Ps.	1,632,033		Ps.	85,248		Ps.	1,546,785			1,814	%

Maxcom Telecommunications (MXMTY) Inactive 6-KMaxcom Reports Results for the Third Quarter of 2014