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They also went up against the giant, AT&T to gain full access to the interconnective services. While all this was going on, MCI stock price went below $1, had a negative net worth of $27.5 million, and an operating deficit of $87.3 million. MCI sold more common stock that enabled them to continue to do business.
MCI experienced a significant turn in 1976 when Execunet began producing considerable revenues. It was the first time MCI was able to start paying the interest on their loans and made their first $100,000 in profit. Even during this small success, the FCC was able to restrict who MCI could sell Execunet service to, but the move did not deter MCI in their growth efforts...
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