Internap Network Services Corp. reported record revenues of more than $34 million and cut its net loss by almost half in the third quarter.
For the period ended Sept. 30, 2003, revenues totaled $34.4 million, an increase of 5.1 percent compared to the third quarter 2002; an increase over the preceding quarter; and a historical high revenue mark for Internap.
Internap’s net loss was $7.9 million in the third quarter, or 5 cents per share, compared to a loss of $15.2 million, or 10 cents per share, in the third quarter of 2002.
Subsequent to the third quarter, the company also announced the acquisition of netVmg, Inc. and of Sockeye Networks. Therefore, the financial impact and results of these acquisitions are not reflected in the third quarter report.
“Internap has produced record quarterly revenues in spite of expected seasonal softness in the third quarter,” said Gregory Peters, Internap’s president and CEO. “These achievements, coupled with a focused strategy for expanding our product offerings and leveraging our core strengths, keep us on track for free cash flow by year-end and continued solid financial performance.”