Rande
Alert..one to watch
Heavy buying in USIX...@ 2 5/8
now a little sell off..
Tuesday February 13, 5:06 pm Eastern Time
Press Release
USi Reports 2000 Revenue of
$109.5 Million
208% Increase Over 1999 Revenue
ANNAPOLIS, Md.--(BUSINESS WIRE)--Feb. 13, 2001--USinternetworking, Inc.
(USi, Nasdaq: USIX), a leading Application Service Provider, today reported results for
the fourth quarter and fiscal year ended December 31, 2000. The Company reported
revenue for the fourth quarter of 2000 of $37.3 million, including one-time fees of $3.2
million primarily related to the early termination of a contract with U S WEST. Total
revenue for fiscal year 2000 was $109.5 million, a 208% increase over 1999. EBITDA
loss for the quarter improved to $11.9 million, and the net loss amounted to $45.6 million,
or $0.44 per share. For the full fiscal year the Company reported a net loss of $175.0
million, or $1.80 per share.
``USi's 2000 revenue performance is a tribute to the business our employees have built,''
said Andrew A. Stern, Chief Executive Officer. ``When USi was founded, the phrase
Application Service Provider had not yet been coined. Today, in only our second full year
of operation, we are the leader in the space with almost $110 million in revenue and over
half of our business coming from established, enterprise clients entrusting their
mission-critical systems to USi.''
Additional highlights during the quarter include:
33 new service contracts, including clients such as The Port Authority of New York
and New Jersey, Barclays Global Investors, American Battle Monuments, Magellan
Health Care, The Longaberger Company, and Polyclad Technologies, a Cookson
Electronics Company.
$49.3 million in new service contract value.
Gross margin for the quarter improved to $7.0 million, or 19%.
Capital expenditures for the quarter declined to $26.0 million.
On January 2, 2001 the Company closed the remainder of the previously announced
$180.0 million of debt and equity commitments. Had the equity and debt, net of
certain existing debt and transaction expenses, closed on December 31, 2000, the
Company's cash balance would have been approximately $143.0 million. $140.0
million of equity financing commitments arranged in conjunction with the November
financing are still available to the Company.
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