$18 7/8. Thrunet Announces Growth in Subscriber Base
PR Newswire - April 17, 2000 14:41
SEOUL, South Korea and NEW YORK, April 17 /PRNewswire/ -- Korea Thrunet Co., Ltd. (Nasdaq: KOREA) today announced that its paying subscriber base at the end of March 2000 was 231,014. This growth represents a net increase of 44,477 subscribers in March alone, 23% increase over February, which is the largest monthly increase in the Company's history. Based on figures as of April 12th, Korea Thrunet has further increased its subscriber base to over 250,000.
Korea Thrunet has added new subscribers at an average rate of over 32,000 new subscribers per month during the first quarter of 2000. During February and March, the Company was affected by a limited supply of cable modems that was the main reason for a subscriber backlog which today remains at a level of approximately 130,000 customers. Despite the delays created by the modem shortage, the Company was able to add a significant number of new customers. However, the Company has provided one free month of service for those customers having to wait longer than one month, which will affect its revenues during the quarter in which those subscribers initiate their service.
Korea Thrunet announced that it is discussing a long-term cooperation contract with Motorola with respect to the supply of a range of equipment, including cable modems. Korea Thrunet is the largest buyer of cable modems from Motorola in Korea and one of the largest in Asia.
The other development being witnessed by Korea Thrunet is the significant increase in residential as opposed to commercial subscribers, which was 188,977 residential to 61,955 commercial subscribers as of April 12th 2000. At the end of 1999, the number of commercial subscribers was 71,413, and the number of residential subscribers was 63,327.
Korea Thrunet Co. Ltd is the leading provider of high-speed Internet services in Korea, with 231,014 end users as of March 31, 2000. Thrunet service features "always-on" Internet access at speeds up to 100 times faster than traditional dial-up Internet access, with compelling multimedia content ranging from on-demand music videos and Internet telephony to multimedia bulletin board and multimedia chatting services. Korea Thrunet also provides facilities-based data communications services to more than 130 corporate customers in Korea, including several major telecommunications carriers such as SK Telecom Co Ltd. and Shinsegi Telecomm Inc. Founded in July 1996, Korea Thrunet's principal offices are located at 1338-5, Seocho-2 dong, Seocho-ku, Seoul, Korea 137-072.
SOURCE Korea Thrunet Co., Ltd.
/CONTACT: Thomas Sung of Korea Thrunet Co. Ltd, Korea - 822-3488-8059
fax, 822-3488-8700, Thomas@corp.thrunet.com; or Mami Ogawa of Thomson
Financial Investor Relations, New York - 212-701-1824, fax, 212-344-5929,
mami.ogawa@thomsonir.com/
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Growth is good, but want to see the financials.
Jack |
