EXDS beats the street
.545 (split adjusted loss) VS -.57 estimate
Beats revenue estimates by about 8 Million or 30%
Exodus Reports First Quarter Results; TenthConsecutive Quarter of More than 40% Sequential Revenue Growth
April 21, 1999 04:56 PM
SANTA CLARA, Calif.--(BUSINESS WIRE)--April 21, 1999--Exodus Communications(TM), Inc. EXDS today reported first quarter 1999 revenues of $30.1 million, a 43 percent increase over the fourth quarter of 1998 revenues of $21.1 million, and a 324 percent increase over the comparable period of the previous year.
Exodus reported a net loss of $22.2 million for the first quarter, or $1.09 per share, compared with a net loss of $21.4 million, or $1.07 per share, in the fourth quarter of 1998, and a net loss of $13.3 million, or $0.96 per share, on a pro forma basis, in the first quarter of 1998. All references to earnings per share and share count set forth in this press release are not adjusted to reflect Exodus' recent two-for-one stock split which was effected on April 12, 1999. EBITDA loss (loss before interest, taxes, depreciation, amortization and other non-cash charges) was $10.8 million in the first quarter of 1999, compared to $11.6 million for the fourth quarter.
"Our outstanding quarterly results demonstrate Exodus' leadership position in the Internet system and network management market," said K.B. Chandrasekhar, chairman of the board at Exodus. "In the first quarter, we surpassed the 1,000 customer mark, and at the same time, grew our average annualized revenue per customer from $133,000 in the fourth quarter to $148,000 per customer - which reflects strong customer demand for our services."
"Exodus is the preferred partner of today's enterprises with mission-critical Internet operations," said Ellen M. Hancock, president and chief executive officer at Exodus. "In the first quarter, 47 percent of our customer wins were enterprises bringing the total number of enterprise customers to approximately 400. As enterprises move toward e-commerce and conducting other business critical functions over the Internet, Exodus is well positioned to provide the highest level of expertise in server hosting, Internet connectivity, and managed services."
"In the first quarter, we achieved three significant milestones that benefit our bottom line," noted Dick Stoltz, executive vice president, finance, chief operating officer and chief financial officer at Exodus. "First, Exodus reported its first positive gross margin which is a significant indicator of the strength of our business model and management's ability to execute. Second, our EBITDA loss decreased from the prior period as we continue to realize improved economies of scale. And finally, two additional Internet Data Centers (IDC) turned EBITDA positive, bringing the number of EBITDA positive IDCs to seven out of a total of eight."
About Exodus Communications
Exodus Communications is a leading provider of Internet system and network management solutions for enterprises with mission-critical Internet operations. The company manges Internet Web sites and its network infrastructure from eight Internet Data Centers in the San Francisco (3), Los Angeles, New York, Boston, Washington D.C., and Seattle metropolitan areas and a server hosting facility in London. Exodus has announced the planned addition of the new Internet Data Centers in Chicago and London and second Internet Data centers in Seattle and Washington, D.C. Exodus' wholly owned subsidiary, Arca Systems(TM), is a premier provider of advanced network and system security consulting services. Arca designs and develops state-of-the-art security technology solutions for complex and sensitive information networks and systems. More information on Exodus can be found at exodus.net.
Note(b):All references to earnings per share and share count set
forth in this press release are not adjusted to reflect Exodus' recent
two-for-one stock split which was paid on April 12, 1999. |
