Exhibit 99.1

Investor Contact:

Kurt Abkemeier

Cbeyond, Inc.

Vice President, Finance and Treasurer

(678) 370-2887

CBEYOND REPORTS FOURTH QUARTER 2010 RESULTS

Customers Increased by 14 Percent and

Adjusted EBITDA Increased by 16 Percent in 2010

ATLANTA (March 2, 2011) — Cbeyond, Inc. (NASDAQ: CBEY), (“Cbeyond”), a managed services provider that delivers integrated packages of communications and IT services to small sized businesses, today announced its results for the fourth quarter and year ended December 31, 2010.

Recent financial and operating highlights include:

Financial Overview and Key Operating Metrics

Financial and operating metrics, which include non-GAAP financial measures, for the three and twelve months ended December 31, 2009 and 2010, include:

-MORE-

CBEY Reports Fourth Quarter 2010 Results

Page 2

March 2, 2011

Management Comments

“2010 was a successful year for Cbeyond, and we are proud of the many accomplishments we achieved that have positioned us well for 2011,” said Jim Geiger, chief executive officer of Cbeyond. “Our acquisitions in the cloud services space brought us high margin product additions in a high growth sector and a top notch technical platform, while expanding our reach to all small businesses in the U.S. and globally, for that matter. In addition, we launched our Ethernet conversion project to bring higher bandwidth to our customers while significantly lowering our operating costs.”

Geiger added, “Our operating and financial results included customer growth of 14% and growth in adjusted EBITDA of 16% for the year. While the lingering effects of the challenging economy on the small business sector have resulted in continued pressure on ARPU, the reduction in Core Managed Services customer churn to 1.3% in the fourth quarter of 2010 is an encouraging sign of economic improvement as well as customer satisfaction with our services. Looking forward to 2011, Cbeyond will be making investments in our future growth and profitability by strengthening our distribution channels, especially in the cloud services area, and by completing the bulk of our Ethernet circuit conversions.”

Fourth Quarter Financial and Business Summary

Revenues and ARPU

Cbeyond reported revenues of $116.2 million for the fourth quarter of 2010, an increase of 7.9% from the fourth quarter of 2009, including approximately $1.8 million of revenues generated through the Cloud Services acquisitions. ARPU for the Core Managed Services was $680 in the fourth quarter of 2010, compared with $695 in the third quarter of 2010, and $727 in the fourth quarter of 2009. The sequential decline in ARPU from the third quarter of 2010 resulted primarily from the lower prices offered to attract new customers, certain existing customers who converted to the new lower-priced packages recently introduced, customer reductions in the number of additional lines and services with incremental charges, and decreased adoption of the Company’s mobile services. Cbeyond believes these factors are related to the effects of the economic recession on its customers and continued competitive pressures.

Cost of Service and Gross Margin

Cbeyond’s gross margin was 66.9% in the fourth quarter of 2010, compared with 68.0% in the third quarter of 2010 and 66.8% in the fourth quarter of 2009. The fourth quarter included elevated transitional costs related to the Ethernet initiative currently under way as T-1 circuits are converted to Ethernet circuits.

Adjusted EBITDA, Income Taxes and Net Loss

Total adjusted EBITDA for the fourth quarter of 2010 was $18.0 million, as compared with total adjusted EBITDA of $19.0 million in the fourth quarter of 2009. Total adjusted EBITDA for the fourth quarter of 2010 included adjusted EBITDA losses from Core Managed Services Emerging Markets of ($3.2) million. In comparison, Core Managed Services Emerging Markets accounted for ($3.5) million of adjusted EBITDA losses for the fourth quarter of 2009. Total adjusted EBITDA included the impact of negative results from these early stage markets which were entered to drive longer term growth in the business (see Selected

-MORE-

CBEY Reports Fourth Quarter 2010 Results

Page 3

March 2, 2011

Quarterly Financial Data and Operating Metrics, pages 7-9). Cbeyond reported a net loss of ($2.0) million for the fourth quarter of 2010 compared with net income of $0.9 million for the fourth quarter of 2009.

Cash and Cash Equivalents

Cash and cash equivalents amounted to $26.4 million at the end of the fourth quarter of 2010, as compared with $51.8 million at the end of the third quarter of 2010. Cash and cash equivalents decreased primarily due to a payment of approximately $31 million to complete the Company’s cloud services acquisitions. The impact of this payment was partially offset by positive cash flow from operations in the quarter.

Capital Expenditures

Capital expenditures were $18.4 million during the fourth quarter of 2010, compared with $16.0 million in the third quarter of 2010 and $14.5 million in the fourth quarter of 2009. Capital expenditures in the fourth quarter of 2010 increased from the third quarter of 2010 due to increased amounts related to the Ethernet initiative.

Business Outlook for 2011

Cbeyond provides the following guidance for 2011:

The revenue guidance assumes the ongoing impact of the sluggish economy and competitive pressures on the small business sector, resulting in continued decreases in ARPU levels throughout 2011 consistent with prior periods, but generally stable levels of customer churn consistent with recent churn trends. Cbeyond’s adjusted EBITDA guidance reflects Cbeyond’s continued investment in expanding distribution channels for cloud services, enhancing products and features for its customers, and reducing costs through initiatives such as the Ethernet project, to offset some of the downward pressure on ARPU. The Company expects that capital expenditures will be elevated during 2011, primarily due to the Ethernet initiative that began during the second half of 2010 and is expected to continue through the first half of 2012. As a result, Cbeyond expects to post break-even to positive free cash flow in 2011.

Conference Call

Cbeyond will hold a conference call to discuss this press release Wednesday, March 2, 2011, at 5:00 p.m. EST. A live broadcast of the conference call will be available on-line at www.cbeyond.net. To listen to the live call, please go to the web site at least 10 minutes early to register, download, and install any necessary audio software. The conference call will also be available by dialing (877) 303-9219 (for domestic U.S. callers) and (760) 666-3559 (for international callers). For those who cannot listen to the live broadcast, an on-line replay will be available shortly after the call and continue to be available for one year.

About Cbeyond

Cbeyond, Inc. (NASDAQ: CBEY) is a leading provider of IT and communications services to nearly 57,000 small businesses throughout the United States. Recently named as the sixth fastest growing technology company by Forbes magazine, and added to Standard & Poor’s Small Cap S&P 600 Index, Cbeyond offers more than 30 productivity-enhancing applications including local and long-distance voice, broadband Internet, mobile, BlackBerry(R), broadband laptop access, voicemail, email, web hosting, fax-to-email, data backup, file-sharing and virtual private networking. Cbeyond delivers these services over a 100 percent private all IP network. For more information on Cbeyond, visit www.cbeyond.net.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements identified by words such as “expectations,” “guidance,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” “projects” and similar expressions. Such statements are based upon the current beliefs and expectations of Cbeyond’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that might cause future results to differ include, but are not limited to, the following: finalization of operating data, the significant reduction in economic activity, which particularly affects our

-MORE-

CBEY Reports Fourth Quarter 2010 Results

Page 4

March 2, 2011

target market of small businesses; the risk that we may be unable to continue to experience revenue growth at historical or anticipated levels; changes in business climate or other factors affecting our customer base; the risk of unexpected increases in customer churn levels; changes in federal or state regulation or decisions by regulatory bodies that affect Cbeyond; periods of economic downturn or unusual volatility in the capital markets or other negat89+ive macroeconomic conditions that could harm our business, including our access to capital markets and the impact on certain of our customers to meet their payment obligations; the timing of the initiation, progress or cancellation of significant contracts or arrangements; the mix and timing of services sold in a particular period; our ability to recruit and maintain experienced management and personnel; rapid technological change and the timing and amount of start-up costs incurred in connection with the introduction of new services or the entrance into new markets; our ability to maintain or attract sufficient customers in existing or new markets; our ability to respond to increasing competition; our ability to manage the growth of our operations; changes in estimates of taxable income or utilization of deferred tax assets which could significantly affect the Company’s effective tax rate; pending regulatory action relating to our compliance with customer proprietary network information; the risk that the anticipated benefits, growth prospects and synergies expected from our acquisitions may not be fully realized or may take longer to realize than expected; the possibility that economic benefits of future opportunities in an emerging industry may never materialize, including unexpected variations in market growth and demand for the acquired products and technologies; delays, disruptions, costs and challenges associated with integrating acquired companies into our existing business, including changing relationships with customers, employees or suppliers; unfamiliarity with the economic characteristics of new geographic markets; ongoing personnel and logistical challenges of managing a larger organization; our ability to retain and motivate key employees from the acquired companies; external events outside of our control, including extreme weather, natural disasters, pandemics or terrorist attacks that could adversely affect our target markets; and general economic and business conditions. You are advised to consult any further disclosures we make on related subjects in the reports we file with the SEC, including the “Risk Factors” in our most recent annual report on Form 10-K, together with updates that may occur in our quarterly reports on Form 10-Q and Current Reports on Form 8-K. Such disclosure covers certain risks, uncertainties and possibly inaccurate assumptions that could cause our actual results to differ materially from expected and historical results. We undertake no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

Key Operating Metrics and Non-GAAP Financial Measures

In this press release, the Company uses several key operating metrics and non-GAAP financial measures. The Company defines each of these metrics and provides a reconciliation of non-GAAP financial measures to the most directly comparable generally accepted accounting principles in the United States, or GAAP, financial measure. These financial measures and operating metrics are a supplement to GAAP financial information and should not be considered as an alternative to, or more meaningful than, net income, cash flow or operating income as determined in accordance with GAAP.

Adjusted EBITDA is not a substitute for operating income, net income, or cash flow from operating activities as determined in accordance with GAAP, as a measure of performance or liquidity. The Company defines adjusted EBITDA as net income before interest, income taxes, depreciation and amortization expenses, excluding, when applicable, non-cash share-based compensation, public offering expenses, or acquisition-related transaction costs, purchase accounting adjustments, loss on disposal of property and equipment and other non-operating income or expense. Information relating to total adjusted EBITDA is provided so that investors have the same data that management employs in assessing the overall operation of the Company’s business.

Total adjusted EBITDA allows the chief operating decision maker to assess the performance of the Company’s business on a consolidated basis that corresponds to the measure used to assess the ability of its operating segments to produce operating cash flow to fund working capital needs, to service debt obligations and to fund capital expenditures. In particular, total adjusted EBITDA permits a comparative assessment of the Company’s operating performance, relative to a performance based on GAAP results, while isolating the effects of depreciation and amortization, which may vary among segments without any correlation to their underlying operating performance, and of non-cash share-based compensation, which is a non-cash expense that varies widely among similar companies.

-MORE-

CBEY Reports Fourth Quarter 2010 Results

Page 5

March 2, 2011

CBEYOND, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

-MORE-

CBEY Reports Fourth Quarter 2010 Results

Page 6

March 2, 2011

CBEYOND, INC. AND SUBSIDIARY

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

-MORE-

CBEY Reports Fourth Quarter 2010 Results

Page 7

March 2, 2011

CBEYOND, INC. AND SUBSIDIARY

Selected Quarterly Financial Data and Operating Metrics

(Dollars in thousands, except for Other Operating Data)

(Unaudited)

-MORE-

CBEY Reports Fourth Quarter 2010 Results

Page 8

March 2, 2011

(1) Calculated for each period as the average of monthly churn, which is defined for a given month as the number of customer locations disconnected in that month divided by the number of customer locations on the Company’s network at the beginning of that month.

(2) Calculated as the revenue for a period divided by the average of the number of customer locations at the beginning of the period and the number of customer locations at the end of the period, divided by the number of months in the period.

-MORE-

CBEYOND, INC. AND SUBSIDIARY

Reconciliation of Non-GAAP Financial Measure to GAAP Financial Measure

(In thousands)

(Unaudited)