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Internap Reports Financial Results for First Quarter 2005; Record Revenues of $37.9 Million, Net Income Positive Guidance during 2005 4:59 p.m. 05/09/2005 Provided by
ATLANTA, May 09, 2005 (BUSINESS WIRE) -- Internap Network Services Corporation (IIP), a leading provider of performance-based routing services for IP networks, today reported fiscal first quarter results for the quarter ended March 31, 2005. For the first quarter, revenues totaled $37.9 million, an increase of 4.4% compared to the first quarter of 2004. Net loss for the first quarter was $0.6 million, an improvement of approximately 80% compared to the same period in 2004.
Quarterly Highlights:
-- The Company's customer base grew to 1,984 customers, an increase of 55 net new customers in the quarter. Among the new customers are: Affiliated Computer Services, Aspen Marketing Services, Cambridge Associates, Edmunds.com, Hollywood Media and Pulse Entertainment
-- Gross margin was 47% (defined as revenues of $37.9 million less $19.9 million of direct cost of revenues, excluding depreciation and amortization, divided by revenues)
-- Capital Expenditures totaled $3.0 million
-- Cash, cash equivalents and investments in marketable securities at March 31, 2005 were $44.2 million
2005 Full Year Guidance
-- Full year revenue growth of 3% to 5%
-- Gross Margins in the current range 47% to 48%
-- Capital Expenditures in the range $10 million to $12 million
-- Turning net income positive during the year 2005
Internap's net loss was $0.6 million for the first quarter of 2005 compared to a net loss of $2.6 million for the first quarter of 2004. Included in the net loss for the first quarter of 2005 was a positive impact of $1.1 million related to the reversal of an estimated liability for an assessment from the New York State Department of Taxation originally recorded in the second quarter of 2004
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nice start to a good turn around iip has lost and gained me some money in the past
-------------------- "The Americans will always do the right thing... After they've exhausted all the alternatives." - Winston Churchill Posts: 428 | From: indiana | Registered: Apr 2005
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