ITXC Corp. (ITXC) 119 3/4 +12 1/8: Provider of high quality
Internet-based voice and fax services records a Q4 loss of $0.17 per share,
three cents narrower than the First Call estimate, vs year-ago loss of
$0.35.....
And some more:
ITXC Reports Record Fourth Quarter Revenues and
Minutes; Revenue Grew 70% from Previous Quarter
Business Wire - February 07, 2000 17:25
PRINCETON, N.J.--(BUSINESS WIRE)--Feb. 7, 2000--ITXC Corp. (NASDAQ: ITXC) today
reported revenues totaling $11,109,000 for the fourth quarter ended December 31, 1999, over 10 times
the revenues of $1,057,000 for the fourth quarter of 1998 and a 70% increase over the prior quarter.
The Company's net loss for the fourth quarter of 1999 was $6,049,000, as compared to a net loss
applicable to common stockholders of $2,900,000 for the fourth quarter of 1998 and a net loss applicable
to common stockholders of $6,619,000 for the third quarter of 1999.
The Company's net loss per diluted share was $0.17, on 35.8 million weighted average shares, for the
fourth quarter of 1999, as compared with a pro forma net loss per diluted share of $0.14, on 20.1 million
weighted average shares, for the fourth quarter of 1998 and a pro forma net loss per diluted share of
$0.22, on 28.5 million weighted average shares, for the third quarter of 1999.
For the year ended December 31, 1999, the Company's revenues were $25,411,000, as compared with
$1,891,000 for the year ended December 31, 1998. The Company's net loss applicable to common
stockholders for the year ended December 31, 1999 was $20,438,000, as compared to a net loss
applicable to common stockholders of $7,222,000 for the comparable period in 1998.
The Company's pro forma net loss per diluted share was $0.69, on 28.5 million weighted average shares,
for the year ended December 31, 1999, as compared with a pro forma net loss per diluted share of $0.45,
on 16.2 million weighted average shares, for the year ended December 31, 1998.
The pro forma per share amounts assume the conversion of the Company's preferred stock to common
stock, which occurred upon consummation of the Company's IPO on October 1, 1999.
ITXC introduced its WWeXchange(R) Service over ITXC.net(TM) in April 1998. Accordingly, 1998
figures reflect the initial deployment of the Company's services.
The Company carried 71 million minutes of traffic over ITXC.net during the fourth quarter of 1999
compared with 4.1 million minutes during the comparable 1998 quarter and 42.5 million minutes during the
quarter ended September 30, 1999. For the year ended December 31, 1999, ITXC carried over 150.0
million minutes of traffic compared with 4.8 million minutes during the year ended December 31, 1998.
On October 1, 1999, the Company sold a total of 7.2 million shares of common stock in its initial public
offering at a price of $12.00 per share through a syndicate of underwriters led by Lehman Brothers,
CIBC World Markets and First Analysis Securities Corporation generating net proceeds of $78.4 million.
"We have used some of the proceeds of our public offering to speed our network buildout," said ITXC
Chairman and CEO Tom Evslin. "Since the economics of using the Internet for the transport of
international calls is so favorable, we can generally fill capacity as fast as it comes online. That has
certainly been our experience this quarter.
"I'm particularly pleased with our performance during the fourth quarter. A combination of high volume,
seasonal factors and favorable pricing resulted in a substantial increase in our revenues. The improved
margins accomplished with this revenue increase demonstrate the strength of our business model.
"Up until December, all of ITXC's traffic came from wholesale phone-to-phone service. In December
we announced our first web-to-phone wholesale customer and that business has grown rapidly. ITXC.net
is a cost-effective way to transport phone-to-phone calls; it is essential for transporting web-to-phone
calls which must be carried over the public Internet since that is where they originate."
ITXC is a leading global provider of high quality Internet-based voice and fax services. It has developed
and deployed ITXC.net, an actively-managed network overlaid on the Internet which has 185 points of
presence in 112 cities and 47 countries.
Its WWeXchange(R) Service provides international carriers, ISPs and Internet telephony service
providers with international call completion over the Internet and enables them to offer their own
customers phone-to-phone global voice services.
ITXC's Borderlesss800 Service(sm) extends toll-free calling beyond national borders. Key carrier
affiliates include China Telecom, Ameritech, Bell Atlantic, Global Telesystems (GTS) and Korea
Telecom, among others.
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