IAWK with BLOWOUT earnings.
iAsiaWorks Reports Second Quarter Results
SAN MATEO, Calif., Aug. 9 /PRNewswire/ -- iAsiaWorks(TM), Inc. (Nasdaq: IAWK - news), a provider of Internet hosting and managed services in the Asia-Pacific region, today reported second quarter revenues of US$6.0 million, a 415 percent increase over the second quarter of 1999, and a 28 percent increase over the first quarter of 2000. Revenues from hosting, co-location and other managed services were up 88 percent over the first quarter of 2000 and represented 37 percent of total revenue for the second quarter of 2000.
The company had an adjusted net loss of US($2.9) million for the second quarter of 2000, (excluding the impact of depreciation, amortization of goodwill and intangible assets and stock based compensation). This compares to an adjusted net loss of US($2.75) million in the first quarter of 2000. Total net loss for the second quarter was US($11.9) million, or US($0.40) per share on a pro forma basis, compared with a net loss of US($9.4) million, or US($0.33) per share on a pro forma basis, in the first quarter of 2000.
``Our financial results demonstrate that we are successfully executing our strategy of becoming a pan-Asian Internet hosting and managed services provider,'' said JoAnn Patrick-Ezzell, chairman and CEO. ``During the second quarter, we continued to build-out our pan-Asian footprint, adding data center capacity in Japan, Australia, India, the Philippines and Thailand. This expanded footprint is designed to enable us to better serve our customers -- increasingly, our customers demand a single provider for hosting in multiple markets in the Asia-Pacific region and the US. We believe customers such as Akamai, Lycos, and Space Asia Media selected us because of our ability to host their sites in multiple markets in the region.''
``We also saw the number of business customers expand by over 50 percent from the first quarter to over 4,500 business customers. In addition, the number of dedicated hosting and co-location customers grew from 120 in the first quarter to 190 in the second quarter of 2000,'' said Jon Beizer, US President and CFO. ``We believe that this was a direct result of increased 'feet on the street' as we grew our sales force by 55 percent to over 60 people during the quarter.''
The Company has also recently signed definitive agreements to acquire building and land to build-out Internet data center facilities in Taipei, Taiwan and Seoul, Korea, two of Asia's fast growing hosting markets. These two new facilities will each exceed 50,000 square feet.
About iAsiaWorks
iAsiaWorks is a publicly traded company offering a range of Internet services, including dedicated Web hosting and co-location and managed services in Hong Kong, South Korea, Taiwan, Australia, mainland China, India, Japan, Singapore, the Philippines, Thailand, New Zealand and the United States. iAsiaWorks raised US$117 million in August from an initial public offering of nine million shares on the Nasdaq National Market exchange, which will be used to fund the build-out of Internet data centers in the Asia-Pacific region, the hiring of additional personnel, general corporate purposes, and acquisitions.
Forward-Looking Statements
This press release contains forward-looking statements, including statements related to the growth in iAsiaWorks' business and revenues. Actual results may differ from expectations due to a number of factors, including: iAsiaWorks' recent shift in strategic focus to dedicated hosting, co-location and managed services; iAsiaWorks' inability to successfully build new Internet data centers; iAsiaWorks' inability to greatly expand its existing customer base; the operational challenges of developing, deploying and delivering iAsiaWorks' services in a relatively new and evolving market with uncertain prospects for growth; competition from new and existing competitors; iAsiaWorks' inability to manage rapid growth in operations and personnel; the inability to raise capital in the future; the risk of not being able to obtain adequate connectivity from third party providers; the political, legal and economic climate in the Asia-Pacific region, which is volatile, uncertain and subject to change; underdeveloped telecommunications and Internet infrastructure; currency fluctuations; and the inability to open new Internet data centers and deliver services when requested by our customers. The matters discussed in this press release also involve risks and uncertainties as described in iAsiaWorks' registration statement filed with the SEC. |
