VitalStream Holdings Reports Strong Revenue Gain, Drop in Net Loss for Second Quarter of 2002
BUSINESS WIRE - August 13, 2002 08:31
IRVINE, Calif., Aug 13, 2002 (BUSINESS WIRE) -- VitalStream Holdings Inc. (OTCBB:VSTH), the parent company of VitalStream Inc., today announced record revenues and a decline in its net loss for the second quarter ended June 30, 2002.
Revenues of $821,749 in the three months ended June 30, 2002, increased 65 percent over the $497,375 recorded in the comparable 2001 period and 20 percent above the first quarter of this year.
For the second quarter of 2002, VitalStream recorded a net loss of $621,524 ($507,524 after removing the effect of a one-time, non-cash amortization of compensation expense of $114,000), representing a decrease of 7 percent, compared with its net loss of $579,854 ($543,854 after removing the effect of a one-time, non-cash amortization of compensation expense of $36,000) for the first quarter of this year (and representing a decrease of 7 percent after removing the effect of a one-time, non-cash amortization of compensation expense recognized in the first and second quarter of 2002).
Additionally, VitalStream's net loss for the second quarter of 2002 decreased 22 percent, compared with its net loss of $797,698 for the second quarter of 2001 (and decreased 36 percent after removing the effect of the one-time, non-cash amortization of compensation expense).
"The increase in revenues and decrease in net loss in the second quarter are consistent with our goal of achieving positive cash flow from operations by the end of the third quarter," said Paul Summers, VitalStream's chief executive officer. |
