Internap Network Services Corp. (Nasdaq: INAP) reduced its losses for the fourth quarter of 2003 and the year on slightly increased revenues.

In the fourth quarter, Internap posted a net loss of $2.6 million on $35.8 million in revenue, compared with a net loss of $14 million on $34.1 million in revenue in the fourth quarter of 2002. Loss per share was 1 cent in the fourth quarter, compared with a loss per share of 9 cents in the same period of 2002.

Atlanta-based Internap posted a net loss of $33 million on $138.6 million in revenue in 2003, compared with a net loss of $72.3 million on $132.5 million in revenue in 2002. Loss per share was 39 cents, compared with a loss per share of 47 cents in 2002.

“Internap reached its 2003 goals of steady customer growth, improved operational efficiencies and the achievement of positive free cash flow,” said Gregory Peters, president and chief executive officer of Internap. “As a result, we expect to generate positive free cash flow for the year 2004.”

Internap: www.internap.com