Internap Reports Financial Results for First Quarter 2004
Thursday April 29, 4:04 pm ET
Company Reports Increased Revenues for the 20th Consecutive Quarter
ATLANTA--(BUSINESS WIRE)--April 29, 2004--Internap Network Services Corporation (AMEX:IIP - News), the leading provider of high-performance, managed Internet connectivity solutions to business customers, today reported results of operations for the quarter ended March 31, 2004. For the first quarter, revenues totaled $36.3 million, an increase of 6.1% compared to the first quarter 2003 and a sequential increase from the fourth quarter of 2003.
Quarterly Highlights:
The Company entered into a significant alliance agreement with AT&T.
The customer base grew to 1,709 customers, an increase of 71 net new customers in the quarter. Among the new customers are: BEA Systems, Credit Suisse First Boston and Oracle.
Direct margin improved to 49%, compared to 45% for the same period a year earlier.
The Company raised $56 million in a follow-on public offering of stock, net of issuance costs.
Internap's net loss was $2.3 million in the first quarter of 2004, or $0.01 per share, compared to a net loss of $12.4 million, or $0.08 per share, in the first quarter of 2003. The Company ended the quarter with $81.9 million in cash.
"Our results clearly indicate that our services are gaining increased acceptance from customers and partners, as most recently evidenced by our partnership with AT&T announced earlier this week," said Gregory A. Peters, Internap's president and chief executive officer. "We continue to focus on increased margins, expense control and growth-promoting capital expenditures, while energetically seeking revenue growth from existing customers and strategic channels."
Conference Call Information:
Internap's fourth quarter teleconference will be held today beginning at 5:00 p.m. Eastern time. The dial-in numbers are 800-299-7098, passcode 82046723 for domestic callers, and 617-801-9715, passcode 82046723 for international participants. The simultaneous web cast will be available from the Investor Relations section of the web site at: www.internap.com.
Internap will provide a replay of the teleconference on its website. Internap will also provide a telephonic replay of the call by dialing 888-286-8010, passcode 41395424 |
