UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): June 13, 2003
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McLEODUSA INCORPORATED
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(Exact Name of Registrant as Specified in Charter)
DELAWARE 0-20763 42-1407240
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(State or Other Jurisdiction of (Commission File Number) (IRS Employer Identification No.)
Incorporation)
McLeodUSA Technology Park, 6400 C Street SW, P.O. Box 3177,
Cedar Rapids, IA 52406-3177
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (319) 364-0000
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ITEM 5. Other Events.
On June 11, 2003, McLeodUSA issued a press release relating to the receipt of
formal notice from Nasdaq that McLeodUSA has regained compliance with the
minimum bid price requirement under the Nasdaq Marketplace Rules. A copy of the
press release is attached hereto as Exhibit 99.1 and is incorporated in its
entirety herein by reference.
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
99.1 Press Release, dated June 11, 2003
SIGNATURE
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.
Date: June 13, 2003 McLEODUSA INCORPORATED
By: /s/ G. Kenneth Burckhardt
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G. Kenneth Burckhardt
Chief Financial Officer
Exhibit Index
Exhibit
No. Exhibits
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99.1 Press Release, dated June 11, 2003
Exhibit 99.1
[GRAPHIC OMITTED]MCLEODUSA(R)
FOR IMMEDIATE RELEASE
McLeodUSA Regains Compliance
with NASDAQ Listing Requirements
CEDAR RAPIDS, Iowa - June 11, 2003 - McLeodUSA Incorporated (Nasdaq: MCLD), one
of the nation's largest independent competitive telecommunications services
providers, today announced that the Company has regained compliance with the
listing requirements to trade its stock on The Nasdaq SmallCap Market(R). In a
letter received today, Nasdaq formally notified the Company that it had regained
compliance and that Nasdaq considers the matter closed.
Since June 6, 2002, the Company's stock has traded on Nasdaq stock markets under
compliance grace periods provided under Nasdaq rules.
McLeodUSA Incorporated common stock trades on the Nasdaq SmallCap Market under
the symbol "MCLD."
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About McLeodUSA
McLeodUSA provides integrated communications services, including local services,
in 25 Midwest, Southwest, Northwest and Rocky Mountain states. The Company is a
facilities-based telecommunications provider with, as of March 31, 2003, 38 ATM
switches, 46 voice switches, 567 collocations, 433 DSLAMs and 3,720 employees.
As of April 16, 2002, Forstmann Little & Co. became a 58% shareholder in the
Company. Visit the Company's Web site at www.mcleodusa.com.
Some of the statements in this press release include statements about our future
expectations. Statements that are not historical facts are "forward-looking
statements" for the purpose of the safe harbor provided by Section 21E of the
Exchange Act and Section 27A of the Securities Act. Such statements may include
projections of financial and operational results and goals, including revenue,
EBITDA, profitability, savings and cash. These forward-looking statements are
subject to known as well as unknown risks and uncertainties that may cause
actual results to differ materially from our expectations. Our expectations are
based on various factors and assumptions and reflect only our predictions.
Factors that could cause actual results to differ materially from the
forward-looking statement include technological, regulatory, public policy or
other developments in our industry, availability and adequacy of capital
resources, current and future economic conditions, the existence of strategic
alliances, our ability to generate cash, our ability to implement process and
network improvements, our ability to attract and retain customers, our ability
to migrate traffic to appropriate platforms and changes in the competitive
climate in which we operate. These and other risks are described in more detail
in our most recent Annual Report on Form 10-K and Form 10-K/A both filed with
the SEC. The Company undertakes no obligation to update publicly any
forward-looking statements, whether as a result of future events, new
information or otherwise.
Contact:
McLeodUSA Incorporated, Cedar Rapids, IA
Investor Contact: Bryce E. Nemitz
Press Contact: Bruce A. Tiemann
Phone: 319/790-7800
mcleodusa_ir@mcleodusa.com