GlobalNet Expects 25%-35% Sequential Revenue Growth During Each of Next Three Quarters
LOMBARD, Ill., May 24, 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 sequential quarterly revenue growth of 25 percent to 35 percent during each of the remaining three quarters of 2001.
"Based on our existing backlog and the significant addition of capacity into our network from existing customers, we anticipate significant revenue growth over the remaining three quarters of this year," said GlobalNet Chairman and Chief Executive Officer Robert J. Donahue. "During the last few weeks, we have experienced record traffic through our network.
"As we recently announced, our focus is now on managed revenue growth, concentrating on profitable customers with solid credit histories," said Donahue. "We also remain committed to increased profitability and stringent cost controls."
GlobalNet recently announced the addition of 33 new customers, including four Tier 1 carriers, since the beginning of the year and a positive EBITDA - earnings before interest, taxes, depreciation and amortization, exclusive of non-cash stock compensation and bad debt expense -- expected for the second quarter of the year.
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. Additional information is available on the company's website: www.gbne.net .
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