SECURITIES AND EXCHANGE COMMISSION

FORM 6-K

REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

FOR THE MONTH OF MARCH

COMMISSION FILE NUMBER: 333-11910

MAXCOM TELECOMUNICACIONES, S.A. DE C.V.

MAXCOM TELECOMMUNICATIONS, INC.

(Translation of Registrant’s name into English)

GUILLERMO GONZALEZ CAMARENA NO. 2000
COLONIA CENTRO DE CIUDAD DE SANTA FE

MEXICO, DF 01210
(Address of Registrant’s principal executive offices)

     Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F þ      Form 40-F o

     Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):

Yes o      No þ

     Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):

Yes o      No þ

     Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o      No þ

     If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):                    

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, thereto duly authorized.

	MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
	By:	/s/ Gonzalo Alarcon
		Name:	Gonzalo Alarcon
Date: March 22, 2005		Title:	General Counsel

March 22, 2005

MAXCOM TELECOMUNICACIONES 4^th QUARTER 2004 AND FULL YEAR 2004 RESULTS

•	Revenues increased 6% over 4Q03 and 4% over 3Q04

•	Full year revenues increased 8% over 2003

•	EBITDA grew 7% over 4Q03 and 16% over 3Q04

•	2004 EBITDA at Ps$187.4 million, a 70% increase over 2003

•	Lines in service increased 20% over 4Q03 and 6% over 3Q04

•	Customers grew 19% over 4Q03 and 8% over 3Q04

LINES:

The number of lines in service at the end of 4Q04 increased 20% to 164,403 lines, from 137,544 lines at the end of 4Q03, and 6% when compared to 154,968 lines in service at the end of 3Q04. Out of the total outstanding lines at the end of 4Q04, 10,220 lines, or 6%, were from Wholesale customers, which compares to 6,850 lines, or 5%, at the end of 4Q03, and 11,320 lines, or 7%, at the end of 3Q04. During September 2004 we initiated the deployment of public telephones within areas where we already have coverage. Out of the total lines in service at the end of 4Q04, 492 lines were from public telephones.

During 4Q04 line construction was higher at 29,243 lines, from 1,232 constructed lines in the same period of 2003; and more than twice when compared to 12,816 constructed lines during 3Q04. On a full year basis, line construction increased five fold from 9,367 in 2003 to 52,918 in 2004.

During 4Q04, 19,260 new lines were installed, almost twice the 9,694 lines installed during 4Q03. When compared to 3Q04, the number of installations increased 31% from 14,655 lines.

During 4Q04, the monthly churn rate was 2.0%, lower than the 2.4% monthly average churn during 4Q03. When compared to 3Q04, churn rate remained at 2.0%. Voluntary churn in 4Q04 resulted in the disconnection of 2,787 lines, a rate of 0.6%, similar to the rate registered in 3Q04 with 2,717 disconnected lines. Involuntary churn resulted in the disconnection of 6,028 lines, a rate of 1.3%, which is in line with 5,588 disconnected lines in 3Q04.

Full year churn for 2004 at 2.0% improved when compared to 2.6% in 2003. Voluntary churn during 2004 resulted in the disconnection of 10,265 lines, a rate of 0.8%, which is higher than 0.7% registered in 2003 and equivalent to 10,740 disconnected lines. Involuntary churn for 2004 resulted in the disconnection of 23,145 lines, a rate of 1.8%, which compares favorably to 29,502 disconnected lines, or 1.9%, during 2003.

CUSTOMERS:

Total customers grew 19% to 120,562 at the end of 4Q04, from 101,137 at the end of 4Q03, and 8% when compared to 111,444 customers at the end of 3Q04.

The growth in number of customers by region was distributed as follows: (i) in Mexico City customers increased by 16% from 4Q03 and 7% from 3Q04; (ii) in Puebla customers grew 18% from 4Q03 and 7% from 3Q04; and, (iii) in Queretaro, the number of customers increased 106% from 4Q03 and 35% from 3Q04.

The change in the number of customers by category was the following: (i) business customers increased by 5% from 4Q03 and 2% from 3Q04; and, (ii) residential customers increased by 20% from 4Q03 and 8% from 3Q04.

REVENUES:

Revenues for 4Q04 increased 6% to Ps$236.1 million, from Ps$223.7 million reported in 4Q03. Voice revenues for 4Q04 increased 15% to Ps$190.3 million, from Ps$165.2 million during 4Q03, driven by an 18% increase in voice lines together with a 1% increase in ARPU. Data revenues for 4Q04 were Ps$10.3 million and contributed with 4% of total revenues. Data revenues in 4Q03 were Ps$31.1 million when we recognized non-recurring revenues of Ps$24.6 from one single customer (See “Maxcom Telecomunicaciones 4th quarter 2003 and full

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year 2003 results” released on April 16, 2004). Wholesale revenues for 4Q04 were Ps$35.6 million, a 30% increase from Ps$27.4 million in 4Q03.

Revenues for 4Q04 increased 4% to Ps$236.1 million, from Ps$226.9 million in 3Q04. Voice revenues for 4Q04 increased 3% to Ps$190.3 million, from Ps$184.3 million during 3Q04. Data revenues in 4Q04 decreased 12% to Ps$10.3 million, from Ps$11.7 million during 3Q04. During 4Q04, revenues from Wholesale customers increased 15% to Ps$35.6 million, from Ps$30.9 million in 3Q04.

On a full year basis, Revenues increased 8% to Ps$868.2 million, from Ps$805.4 million in 2003. Voice revenues for 2004 increased to Ps$715.5 million, from Ps$668.9 million in 2003. Data revenues for 2004 decreased 11% to Ps$41.8 million, from Ps$47.1 million in 2003. During 2004 revenues from Wholesale customers increased 24% to Ps$110.9 million, from Ps$89.4 million in 2003.

COST OF NETWORK OPERATION:

Cost of Network Operation in 4Q04 was Ps$78.1 million, a 2% decrease when compared to Ps$79.9 million in 4Q03. Over the same period, outbound traffic grew 18%, showing an improvement on a cost per minute basis. The Ps$1.8 million decrease in Cost of Network Operation was generated by: (i) Ps$4.1 million, or 8%, increase in network operating services, mainly driven by Ps$4.1 million higher calling party pays interconnection charges; Ps$1.2 million higher cost of circuits; and, Ps$0.6 million higher AsistelMax, lease of ports and other services cost, which were partially offset by Ps$1.8 million lower long distance interconnection; (ii) Ps$1.9 million higher Technical expenses, basically as a result of Ps$1.3 million higher maintenance expenses; (iii) Ps$6.4 million decrease related to the sale of telecommunications equipment to one single customer under a lease of capacity agreement (see “Maxcom Telecomunicaciones 4^th Quarter 2003 and full year 2003 results” released on April 16, 2004); and, (iv) Ps$1.4 million, or 29%, decrease in installation expenses and cost of disconnected lines.

Cost of Network Operation decreased 4% quarter-over-quarter when compared to Ps$81.2 million in 3Q04. Network operating services decreased Ps$3.3 million, or 6%, mainly driven by (i) Ps$3.6 million lower long distance reselling cost as a result of better routing of long distance traffic; (ii) Ps$0.8 million lower leases of circuits and ports; (iii) Ps$0.1 lower AsistelMax and other services cost, which were partially offset by Ps$1.2 million higher calling party pays charges as a result of increased traffic. Technical expenses remained at Ps$20.9 million, and installation expenses and cost of disconnected lines increased 81% to Ps$3.6 million, basically as a result of a higher number of lines with billed installation charges. On a traffic-related cost basis, the cost per minute improved as outbound traffic increased 4%.

On a full year basis, the Cost of Network Operation increased 6% over 2003 when compared to Ps$306.4 million in 2004. While network operating services increased Ps$15.2 million, or 8%, and installation expenses and cost of disconnected lines decreased Ps$15.2 million, or 57%, technical expenses increased Ps$17.0 million, or 27%. On cost per minute basis, there was an improvement when compared to the previous year, as outbound traffic grew 17% while the Cost of Network Operation increased 6%.

Gross margin at 67% in 4Q04 showed an improvement from 64% reported in 4Q03 and 64% reported in 3Q04.

Full year gross margin improved to 65% from 64% in 2003.

SG&A:

SG&A expenses were Ps$103.5 million in 4Q04, an 11% increase from Ps$92.8 million in 4Q03. The increase was mainly driven by: (i) higher sales commissions of Ps$4.6 million; (ii) higher general and insurance expenses of Ps$4.3 million; (iii) higher advertising of Ps$3.5; (iv) higher bad debt reserve of Ps$3.8 million; and, (v) higher consulting fees of Ps$0.5 million. Higher expenses were partially offset by: (i) lower salaries, wages and benefits of Ps$3.6 million; and, (ii) lower leases and maintenance expenses of Ps$2.3 million.

SG&A expenses in 4Q04 increased 5%, from Ps$98.5 million in 3Q04. This variation was mainly driven by: (i) higher consulting fees of Ps$2.0 million; (ii) higher general and insurance expenses of Ps$2.1 million; (iii) higher sales commissions of Ps$1.9 million; and, (iv) higher leases and maintenance of Ps$0.4 million. Higher expenses were partially offset by: (i) lower bad debt reserve of Ps$0.9 million; (ii) lower salaries, wages and benefits of Ps$0.3 million; and, (iii) lower advertising expenses of Ps$0.2 million.

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March 22, 2005

On a full year basis, SG&A expenses in 2004 decreased 8%, from Ps$405.5 million in 2003. This variation was mainly driven by: (i) restructuring cost in 2003 of Ps$28.9 million; (ii) lower bad debt reserve of Ps$12.9 million; (iii) lower external advisors fees of Ps$2.4 million; (iv) lower salaries, wages and benefits of Ps$2.2 million; and, (v) lower leases and maintenance Ps$1.9 million. Lower expenses were partially offset by: (i) higher advertising of Ps$10.1 million; (ii) higher general, administrative expenses and insurance costs of Ps$4.3 million; and, (iii) higher external sales commissions of Ps$2.8 million.

EBITDA:

EBITDA for 4Q04 increased 7% to Ps$54.6 million, from Ps$51.0 million reported in 4Q03. When compared to 3Q04, EBITDA grew 16% from Ps$47.1 million.

Full year EBITDA for 2004 improved 70% to Ps$187.4 million, from Ps$110.5 million in 2003.

EBITDA margin of 23% remained at the same level of 4Q03, but showed an improvement from 21% in 3Q04.

This is the 7^th consecutive quarter that Maxcom reports positive EBITDA. On a full year basis, EBITDA margin improved to 22% in 2004 from 14% in 2003.

CAPITAL EXPENDITURES:

Capital Expenditures for 4Q04 were Ps$139.8 million, four times the Ps$27.4 million reported in 4Q03, and a 33% increase when compared to Ps$104.9 million in 3Q04.

Full year Capital Expenditures for 2004 were Ps$329.0 million, 167% higher when compared to Ps$123.0 million in 2003.

CASH POSITION:

Maxcom’s cash position at the end of 4Q04 was Ps$65.7 million in Cash and Cash Equivalents, including Ps$5.5 million of restricted cash in connection with a banking financing obtained in 2004, compared to Ps$43.9 million at the end of 4Q03. Cash and Cash Equivalents at the end of 3Q04 were Ps$42.3 million.

CAPITALIZATION AND LOCAL FINANCING:

On October 6, 2004, Maxcom announced the expiration of the exchange offer for its Senior Notes due 2007. The exchange offer closed on October 8, 2004. With the completion of this transaction, Maxcom’s indebtedness was substantially reduced by 71% to $52,825,668 from $179,213,590. The Company also significantly improved its debt profile by extending its maturity dates.

The improved capital structure allowed Maxcom to access funds in the local markets and in local currency with the closing of its first bank facility in November 2004. Currently, Maxcom is actively working with several local banks to increase the availability of resources to fund its capital expenditures.

RECENT ACCOUNTING PRONOUNCEMENTS:

The provisions of Statement C-15 “Impairment of the Value of Long-Lived Assets and their disposal” (“Bulletin C-15”), issued by the Mexican Institute of Public Accountants (“MIPA”), went into effect on January 1, 2004. Bulletin C-15 establishes general criteria for the identification and, if applicable, recognition of losses from impairment or decrease of value of long-lived tangible and intangible assets, including goodwill. We performed a preliminary valuation to determine the fair value of our long-lived assets at January 31, 2004 upon adoption of Bulletin C-15. The result of the preliminary valuation was that a Ps$56.9 million impairment loss was recorded in the Income Statement on January 1, 2004. The preliminary valuation identified our point-to-point and point-to-multipoint microwave concessions (which expire in 2018) as our most representative asset based on our strategy in place during January 2004, and therefore the financial projections used for the valuation were limited to a 15 year period.

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March 22, 2005

A final valuation to determine the fair value of our long-lived assets at January 31, 2004 was performed in 4Q04 based on our strategy in place at the end of the year. The final valuation identified our National Telephony Concession (which expires in 2027) as our most representative asset. The National Telephony Concession had no cost and thus a zero book value as disclosed in the notes to our consolidated financial statements. The life of the Telephony Concession was utilized as the period over which to include financial projections to determine the fair value of our long-lived assets, resulting in no impairment of our long-lived assets; and, therefore, the impairment loss of Ps$56.9 million recorded in January 2004 was reversed in 4Q04.

The tables on pages 9 and 10 show our 2004 consolidated financial statements for 1Q04, 2Q04 and 3Q04 as reported and table on page 11 shows selected balance sheet items for the same periods on a proforma basis to exclude the effect the impairment recorded in 1Q04.

# # #

Maxcom Telecomunicaciones, S.A. 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 and Internet & Data services in greater metropolitan Mexico City, Puebla and Queretaro. The information contained in this press release is the exclusive responsibility of Maxcom Telecomunicaciones, S.A. de C.V. and has not been reviewed by the National Banking and Securities Commission of Mexico (CNBV). The registration of the securities described in this press release before the Special Section of the National Registry of Securities (Registro Nacional de Valores) held by the CNBV does not imply a certification of the investment quality of the securities or of Maxcom’s solvency. The securities described in this press release have not been registered before the Securities Section of the National Registry of Securities held by the CNBV and therefore can not be publicly offered or traded in Mexico. The trading of these securities by a Mexican investor will be made under such investor’s own responsibility.

For more information contact:

This document may include forward-looking statements that involve risks and uncertainties that are detailed from time to time in the U.S. Securities and Exchange Commission filings of the Company. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” and similar expressions may identify such forward-looking statements. The Company wants to caution readers that any forward-looking statements in this document or made by the company’s management involves risks and uncertainties that may change based on various important factors not under the Company’s control. These forward- looking statements represent the Company’s judgment as of the date of this document. The company disclaims, however, any intent or obligation to update these forward-looking statements.

(Tables and Financial Statements to follow)

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March 22, 2005

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CONSOLIDATED BALANCE SHEET

(Thousands of Mexican pesos “Ps” with purchasing power as of December 31, 2004 and thousands of US Dollars “$”)

CONSOLIDATED STATEMENT OF OPERATIONS

YEAR 2003 AND 2004 QUARTERLY PERIODS

(Thousands of Mexican pesos “Ps” with purchasing power as of December 31, 2004 and thousands of US Dollars “$”)

Financial statements are reported in period-end pesos as of December 31, 2004 to adjust for the inter-period effect of inflation.

For readers’ convenience, all Peso amounts were converted to U.S. dollars at the exchange rate of Ps$11.2648 per US$1.00.

March 22, 2005

MAXCOM TELECOMUNICACIONES, S.A. DE C.V.

CONSOLIDATED STATEMENT OF OPERATIONS

YEAR 2003 AND 2004 PERIODS

(Thousands of Mexican pesos “Ps” with purchasing power as of December 31, 2004 and thousands of US Dollars “$”)

Financial statements are reported in period-end pesos as of December 31, 2004 to adjust for the inter-period effect of inflation.

For readers’ convenience, all Peso amounts were converted to U.S. dollars at the exchange rate of Ps$11.2648 per US$1.00.

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CONSOLIDATED BALANCE SHEET

(Thousands of Mexican pesos “Ps” with purchasing power as of December 31, 2004 and thousands of US Dollars “$”)