News Out
NetNation Posts Tenth Consecutive Record Quarter - Revenues Up 112% From Q2/98
Business Wire - August 31, 1999 08:28
VANCOUVER, British Columbia--(BUSINESS WIRE)--August 31, 1999-- NetNation Communications Inc. (OTC BB: NNCI), a leading provider of Web hosting and E-commerce solutions, announced today second quarter results for operations ended June 30, 1999. NetNation continues to maintain record quarterly revenues, with 1999 second quarter sales of US$484,749 (C$727,123) representing an increase of over 112% from US$228,115 (C$342,173) in the comparable period last year. Net loss for the quarter was US$273,900 (C$410,850) compared to US$101,423 (C$152,135) for the same period in the previous year. (The equivalent Canadian dollar amounts are shown for convenience only).
During the second quarter, the Company's customer base increased by 33% from the first quarter of the year. "Our marketing incentives attracted a record number of new accounts," stated David Talmor, NetNation Chairman and CEO. "Our success in attracting more business resulted in greater advertising expenses which were absorbed in this second quarter. Furthermore, the resultant growth in our business has necessitated the hiring of qualified personnel, expansion into, and renovation of, our new premises, and additions to our technological infrastructure. We also experienced additional costs involved in maintaining our status as a public company and steps associated with becoming a reporting issuer."
NetNation entered into a number of strategic partnerships during the quarter to enhance its popular Web hosting and E-commerce packages. Companies which NetNation teamed with included Miva Corporation, SoftQuad Software, E-xact Transactions, and Allaire Corporation (NASDAQ: ALLR). Also during the period, NetNation was selected as an official registrar of Internet domain names.
NetNation Communications Inc. (www.netnation.com) is an international Web hosting and E-commerce solutions provider. With over 30,000 domain names registered for clients in nearly 100 countries, the Company has established a leading position in the global Web hosting marketplace. NetNation has been consistently ranked among the top 10 Web hosts in the world by leading industry evaluators, HostIndex (www.hostindex.com) and TopHosts (www.tophosts.com), and has been selected by ICANN as an official registrar of Internet domain names. With this designation, NetNation joins an elite group of companies that includes Network Solutions (NASDAQ: NSOL), America Online (NYSE: AOL), AT&T (NYSE: T) and France Telecom (NYSE: FTE).
CONTACT: NetNation Communications Inc.
John Gomez, 604/688-8946
Media and Investor Relations
gomez@netnation.com c |
