To All: PSINet Doubles Customer Count Again
Tuesday April 8 8:26 AM EDT
Named First Choice Among Dedicated Commercial Internet Service
Providers
HERNDON, Va., April 8 /PRNewswire/ -- Psinet Inc , the first commercial Internet Service
Provider, today announced that it provided service to over 20,900 corporate customers during the
first quarter, more than doubling the number in the first quarter of 1996.
biz.yahoo.com
Net additions to PSINet's corporate customer count in the first quarter of 1997 were 3,100 --
continuing the rapid growth in its customer base. In addition, 340 customers upgraded their service
during the quarter, more than double that of the first quarter of 1996. The number of PSINet's
wholesale ISP contracts reached 33, an increase of 50% since the end of 1996. The company's
PSIWeb service hosted 3,200 customers globally during the first quarter of 1997, almost three times
the customers hosted in the first quarter of 1996, and a 26% increase over the previous quarter.
"The number of our corporate accounts continues to show significant and consistent growth,
including a healthy increase in the adoption of our value-added services," said William L. Schrader,
PSINet chairman, president, chief executive officer and founder. The company reported its first
quarter 1997 annualized retention rate as 91.5% for its fall line of corporate services, compared to
88.3% in the first quarter of 1996, and 90.6% last quarter.
1Q 96 2Q 96 3Q 96 4Q 96 1Q 97
Corporate Accounts 10,300 12,370 15,060 17,800 20,900
PSINet ranked first among all dedicated commercial Internet Service Providers, and third overall, in
a recent survey conducted by Network World. The study surveyed corporations to determine which
providers are being used currently for Internet services or are under consideration. "Our strategy of
providing reliable quality services to corporations in support of their increasing reliance on the
Internet is being well received by the marketplace, as demonstrated by the results of this survey,"
said Schrader.
PSINet said that the sale of its software subsidiary, InterCon Systems Corporation, was completed
in mid-February, when the company received $20.5 million in cash in connection with the sale and
the repayment of intercompany debt. "Our cash position remains strong," said Edward D. Postal,
PSINet vice president and chief financial officer, "and the sale of the software business further refines
PSINet's focus on what we do so well -- corporate Internet services."
PSINet will release its financial operating results for the first quarter of 1997 (quarter-end results) on
April 22, 1997.
PSINet is the leading provider of turn-key corporate Internet and intranet access, managed security
services, electronic commerce solutions, and web hosting services throughout the United States and
abroad. PSINet manages one of the world's largest and most advanced fast-packet networks,
which provides state-of-the-art, high speed Internet access ranging from dedicated high-speed
circuits to ISDN to high-speed modem dial-up. PSINet stands behind its state-of-the-art network
with the industry's first commercial service guarantee, employing automatic back-up systems and
crediting service for outages of as little one percent of a business day.
Headquartered in Herndon, VA, PSINet has offices and subsidiaries throughout the U.S., Canada,
Japan, and the U.K. For more information contact PSINet by phone at 703-904-4100, by e-mail at
info@psi.com or by accessing their Web site at psi.net.
* All brands, products and service names mentioned are trademarks or registered service marks of
their respective owners.
** The annualized retention rate measures the number of customers retained by calculating 1 minus
the number of customers lost during a quarter, divided by the total customers served at the end of
that quarter, and then annualized by multiplying by four, or: Annualized retention rate equals 1 - ((lost
accounts/total accounts) X 4). The retention rate also equals 1 - annualized churn rate. SOURCE
PSINet Inc. |
