I have not seen any news today.
This is from a post in Yahoo:
"After six years in business Internap is the 10th largest business ISP, and the clear leader in the Internet route optimization space.
Fundamentally Q1 Financials - Revenues Q1, on consolidated basis, were $32.6M, up 7% over Q4, 15% over Q1 '01. Q1 EBITDA loss, on consolidated basis, was $9.8M, nearly 30% improvement from Q4's 13.9M loss and 4th consecutive Q of narrowing EBITDA losses.
Good results, and right in line to meet goal of reaching EBITDA profitability during the Q4 '02. On 5/9/02 INAP REAFIRMED Q4 Ebitda profitability.
From the new CEO in the latest Press Release. “Amidst the uncertainty in the US business-oriented IP market, we are pleased to have this validation of Internap’s sound fundamentals and business model,” said Gregory A. Peters, president & CEO of Internap Network Services.
“With more than 1,100 customers, a growing worldwide customer base and one of the industry’s most diversified IP networks, Internap is on track to make some remarkable gains in the next year. Reports like this are proof of it.”
I truly believe that these words and facts support my belief that INAP will survive.
In conjunction with the move of the company’s headquarters to Atlanta, they will establish a new NOC.
This will enable INAP to operate an East coast and West coast NOC.
As for the current price and delisting concerns: Three funds have been in the process of liquidating INAP, most notably MFS which has sold 14M shares.
In actuality MFS’s decision to liquidate INAP was based on a decision MFS made to exit the entire sector. Ie. they also liquidated AKAM and other techs.
INAP has two choices. The RS or a move to the NASDAQ Small Cap.
I believe that they will choose the NASDAQ Small Cap and that will provide them with more than enough time to prove they will hit their projections. If they do the stock will easily climb back over a dollar.
Take all this with a warning: INAP is a spec play, but for any huge reward one must be willing and capable of assuming an equal risk."
internap.com
internap.com
Bernard |
