Local and long-distance services provider Z-Tel (ZTEL) was down 27% in late afternoon after posting a first-quarter loss of 60 cents a share, compared to Thomson Financial/First Call estimates of 56 cents and the year-ago figure of 48 cents.

Revenue increased to $75 million from $69.1 million in the fourth quarter.

The company projected revenue for the current quarter would be between $74 and $77 million.