WorldPort Announces Second Quarter Results
BUFFALO GROVE, Ill.--(BUSINESS WIRE)--August 14, 2000--WorldPort Communications, Inc. announced today results for the second quarter ended June 30, 2000, as the company continues to pursue its new business strategy, focusing on the delivery of Internet solutions for the European marketplace. Net loss for the three months ended June 30, 2000 was $1.595 million or $.05 per share, compared with a loss of $31.323 million or $1.32 per share for the quarter ended June 30, 1999.
These results reflect the impact of recent capital expenditures of $4.747 million for the new business plan, including construction costs for the company's new 61,000 sq. ft. Dublin based Web hosting SuperCentre, which is expected to be operational by the end of the summer.
``Our second quarter results reflect the significant progress achieved thus far this year towards the successful implementation of our new business strategy,'' said Michael E. Heisley, CEO for WorldPort. ``In just the last four months we have made significant strides, including hiring a new management team with extensive experience in telecommunications, web hosting, and Internet Solutions to manage operations and sales throughout Europe.''
WorldPort intends to use the $300 million in net proceeds from the sale of its assets during the first quarter of 2000 to fund future capital expenditures in pursuit of its new business plan. The company anticipates that approximately $100 million in capital expenditures will be required during the second half of 2000 for activities crucial to its business plan, including the completion of the SuperCentre. WorldPort believes that its currently available cash resources will be sufficient to fund these capital expenditures as well as any operating losses expected to be incurred.
Chris |
