SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report June 18, 2002
(Date of earliest event reported) (June 17, 2002)
CTC COMMUNICATIONS GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-27505 04-3469590
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
220 Bear Hill Rd., Waltham, Massachusetts 02451
(Address of principal executive offices) (Zip Code)
(781) 466-8080
(Registrant's telephone number including area code)
(Former name or former address if changed since last report)
Item 5. Other Events
On June 17, 2002, the Registrant issued the following press release:
CTC Communications Now Certified for Local Dial Tone Services in
Syracuse, New York
- -The Company Activates Local Dial Tone for Syracuse Businesses on its
Packet-Based PowerPath(R) Network and is Migrating Existing Customers to Its
Company Owned Fiber Facilities-
Waltham, MA, June 17, 2002-CTC Communications Group Inc. (CTC)(Nasdaq NM:
CPTL) announced it is now providing customers local dial tone services
through access to its high-speed fiber via the Company's packet-based
PowerPath(R) Network for customers in the Syracuse, New York area.
Robert J. Fabbricatore, Chairman of the Board and Chief Executive Officer of
CTC, reported that Syracuse, joins Rhode Island, Maine, Massachusetts, New
Hampshire Buffalo and Albany New York, as the latest market in which CTC is
offering packet-based local dial tone services. He stated that the Company
is nearing completion of its fiber installations progressively throughout
its footprint in the Northeast and Mid-Atlantic States. As completed, the
Company adds local dial tone services in its targeted markets and expects
that deployment will be completed by this fall.
Mr. Fabbricatore commented, "With the activation of local dial tone services
in Syracuse, CTC now has substantial coverage of all major upstate New York
markets with Company owned fiber facilities and a full portfolio of on-net
products for medium and larger business customers."
Fabbricatore continued, "CTC will be actively engaged in providing local
dial tone services this summer in New Jersey and Metro New York as we
continue to execute the strategy of reaching out to customers with our own
fiber facilities and migrating CTC local dial tone services to our
PowerPath(R) Network. CTC customers save an average of 25% by using our
local dial tone services rather than purchasing the same services from an
incumbent phone company. Our customers are also able to lower costs on other
network expenses due in part to our truly integrated solution for their
local dial tone, toll calling, data services and Internet access."
Fabbricatore concluded, "As CTC executes on customer migration from our
off-net platform to the PowerPath(R) Network, CTC has been able to improve
margins on billing revenue from 20% to over 60% and continue to build on our
positive EBITDA performance for the month of March. This strategy
incorporates the benefits of CTC's packet based network infrastructure and
our business plan and by adding our dedicated customer care professionals
and knowledgeable Account Executives it makes it apparent why more medium
and larger sized customers are electing to do business with CTC."
About CTC Communications
CTC is a rapidly growing "next generation" Integrated Communications Carrier
utilizing advanced technology and providing its customers with converged
voice, data, Internet and video services on a broadband, packet-based
network, called the PowerPath(R) Network. The Company serves medium and
larger business customers from Virginia to Maine, which includes the most
robust telecommunications region in the world-the Washington D.C. to Boston
corridor. CTC was managing more than 607,000 access lines as of March 31,
2002.
CTC's Cisco Powered IP+ATM packet network and its 450 member sales and
service teams, provide contiguous marketing and technology coverage
throughout the Northeast and Mid-Atlantic States. The Company, through its
dedicated commitment to exceptional customer service, has achieved an
industry-leading market share in the Northeast. CTC can be found on the
worldwide web at www.ctcnet.com.
The statements in this press release that relate to future plans, events or
performance are forward-looking statements that involve risk and
uncertainties that could cause actual results to differ materially from
those reflected in the forward-looking statements including the provision of
local dial tone voice services, reduced costs to customers and reduced
Company operating costs, migration of customer's on-net and improved margins
and achieve forecasted numbers and become a successful and profitable
organization. Readers are, accordingly, cautioned not to place undue
reliance on these forward-looking statements. Additional information about
these risks and uncertainties is set forth in the Company's most recent
report on Forms 10-K and 10-Q. CTC undertakes no obligation to release
publicly the results of any revisions to these forward-looking statements
that may be made to reflect results, events or circumstances after the date
hereof.
# # #
Finance Contact: John Pittenger Media Contact:Alan Russell
CTC COMMUNICATIONS CTC COMMUNICATIONS
781-466-1302 (t) 781-522-8731 (t)
pitt@ctcnet.com arussell@ctcnet.com
www.ctcnet.com www.ctcnet.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized on June 18, 2002.
CTC COMMUNICATIONS GROUP, INC.
By: /s/ John D. Pittenger
John D. Pittenger,
Executive Vice President, Finance and Administration