GlobalNet Expects to Be EBITDA Positive in Second Quarter
LOMBARD, Ill., Apr 11, 2001 /PRNewswire via COMTEX/ -- GlobalNet, Inc. (Nasdaq: GBNE chart, msgs), a leading provider of international voice, data and Internet services over a private, managed Internet Protocol (IP) network, today announced that it anticipates becoming EBITDA positive (excluding non-cash stock compensation and extraordinary items) in the second quarter of 2001, one quarter before it had previously announced.
"Based on the preliminary results for the first quarter, it looks like we will become EBITDA positive earlier than expected," said GlobalNet's Chairman and Chief Executive Officer Robert J. Donahue. "Our strategy has shifted from 'pure' revenue growth to increased margins and profitability, since we believe that this is what the market demands and, therefore, rewards."
GlobalNet announced April 10 that it had secured $6 million of additional financing from an existing shareholder.
About GlobalNet
GlobalNet, Inc. provides international voice, data and Internet services over a private IP network to international carriers and other communication service providers in the United States and Latin America. GlobalNet's state-of-the-art IP network, utilizing the convergence of voice and data networking, offers customers economical pricing, global reach and an intelligent platform that guarantees fast delivery of value-added services and applications. The Company, through its facilities in the U.S. and Latin America and arrangements with affiliates worldwide, can carry traffic to more than 240 countries.
Source: GlobalNet, Inc.
Contact: Pere Valles, Chief Financial Officer of GlobalNet, Inc.,
630-652-1330; or Karl Plath of The Investor Relations Company, 847-296-4200,
for GlobalNet, Inc.
(GBNE) |
