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FiberNet Reports Second Quarter 2009 Results

FiberNet Telecom Group, Inc. (Nasdaq: FTGX), a leading provider of complex interconnection services, today announced its results for the second quarter ended June 30, 2009. NEW YORK, Aug 13 /PRNewswire-FirstCall/ — FiberNet Telecom Group, Inc. (Nasdaq: FTGX), a leading provider of complex interconnection services, today announced its results for the second quarter ended June 30, 2009.

Revenues for the second quarter of 2009 increased to $15.8 million, up 9.9% from $14.4 million for the second quarter of 2008 and up 1.3% from $15.6 million for the first quarter of 2009.

EBITDA (as defined) for the second quarter of 2009 was $3.4 million, up 16.1% from $2.9 million for the second quarter of 2008 and up 6.1% from $3.2 million for the first quarter of 2009.

FiberNet continued to achieve consistent revenue growth in its core product offerings of transport and colocation services. For the second quarter of 2009, revenues from transport and colocation services grew by 10.4% over the second quarter of 2008.

Transport services remained the most significant component of FiberNet’s revenues, accounting for 76.1% of the total revenues generated in the second quarter of 2009. On-net transport revenues were 45.1% and off-net transport revenues were 31.0% of the total revenues.

Colocation services represented 23.3% of total revenue generated in the second quarter of 2009. Colocation revenues were the fastest growing area for the Company in the second quarter of 2009, increasing by 15.9% from the second quarter of 2008 and by 4.1% from the first quarter of 2009. Off-net transport revenues increased by 6.7% in the second quarter of 2009 from the second quarter of 2008.

FiberNet’s customer count also increased to 290 as of June 30, 2009, up from 284 at the end of the second quarter of 2008.

Jon A. DeLuca, President and CEO, stated, "We are proud of our results for the second quarter of this year. The business continues to perform well in a challenging economic environment."

Cost of services for the second quarter of 2009 was $8.2 million, compared to $7.4 million for the second quarter of 2008 and $8.1 million for the first quarter of 2009.

Selling, general and administrative expenses for each of the second quarters of 2009 and 2008 were $4.7 million, and $4.7 million in the first quarter of 2009.

The net loss applicable to common stockholders for the second quarter of 2009 was $(42,000), or $(0.01) per share, compared to $(0.7) million, or $(0.09) per share, for the second quarter of 2008. The net loss applicable to common stockholders for the first quarter of 2009 was $(0.2) million or $(0.02) per share.

Capital expenditures for the second quarter of 2009 were $2.2 million, compared to $0.7 million in the first quarter of 2009 and $3.2 million in the second quarter of 2008. More specifically for the second quarter of 2009, $1.0 million were invested for the implementation of customer specific orders and the implementation of network infrastructure to support new initiatives. The Company also invested $1.2 million in colocation expansion projects. For 2009, the Company expects to invest approximately $4.0 million in general capital expenditures, and $1.5 million in colocation expansion projects.

As of June 30, 2009, FiberNet had total assets of $67.4 million and total stockholders’ equity of $37.6 million. As of Aug 13, 2009, the Company had approximately 7.9 million shares of common stock outstanding, or 8.0 million shares of common stock outstanding on a fully-diluted basis, assuming the exercise of all outstanding options and warrants. Of the approximately 0.1 million outstanding options and warrants, approximately 24 thousand are out-of-the-money as of Aug 13, 2009.

The Company presents the financial metric EBITDA (as defined) because it is utilized in the determination of the majority of the financial covenants in its credit agreement, and the metric is calculated in accordance with its credit agreement. As of June 30, 2009, FiberNet was in full compliance with all of the financial covenants in its credit agreement.

FiberNet Teleconference:

The Company will not conduct a teleconference to discuss its results for the second quarter of 2009.

About FiberNet Telecom Group, Inc.

Celebrating its 10th anniversary, FiberNet Telecom Group, Inc. owns and operates integrated colocation facilities and diverse transport routes in the gateway markets of New York/New Jersey, Los Angeles, Chicago, Miami and San Francisco designed to provide comprehensive broadband interconnectivity enabling the exchange of traffic over multiple networks. FiberNet’s customized connectivity infrastructure provides an advanced, high bandwidth, fiber-optic solution to support the demand for network capacity and to facilitate the interconnection of multiple carriers’ and customers’ networks. For additional information about FiberNet, visit the Company’s website at www.ftgx.com.

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