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Internap Reports Fourth Quarter and Full-Year 2010 Financial Results

ATLANTA Feb. 24, 2011

  • $244.2 million $60.0 million
  • 2010 segment margin(1) of 47.8 percent, Fourth quarter segment margin of 49.1 percent;
  • $39.2 million $10.3 million
  • 2010 adjusted EBITDA margin(2) of 16.1 percent; Fourth quarter adjusted EBITDA margin of 17.1 percent;
  • Dallas, Texas

Internap Network Services Corporation (Nasdaq: INAP), a leading provider of IT infrastructure services, today announced financial results for the fourth quarter and full-year 2010.  

"The strategy we have executed throughout 2010 has delivered positive results including the achievement of a number of important milestones:

  • $39.2 million
  • Expansion of company-controlled datacenter space by 30,000 net sellable square feet (26% growth); and
  • 1) $45.4 million

Eric Cooney Dallas

Fourth Quarter and Full-Year 2010 Financial Summary

Fourth Quarter

Full Year

2010

2009

Growth

2010

2009

Growth

Revenues:

Data center services

$  31,732

$ 33,176

-4%

$ 128,200

$ 130,711

-2%

IP services

28,227

30,373

-7%

115,964

125,548

-8%

Total Revenues

$  59,959

$ 63,549

-6%

$ 244,164

$ 256,259

-5%

Operating Expenses

$  59,720

$ 64,176

-7%

$ 245,060

$ 325,181

-25%

GAAP Net Loss

$      (429)

$    (497)

n/m

$   (3,622)

$ (69,725)

n/m

Normalized Net Income (Loss)(2)

$       861

$     774

11%

$    2,419

$   (5,280)

n/m

Adjusted EBITDA

$  10,282

$  9,016

14%

$   39,230

$   28,046

40%

Adjusted EBITDA Margin

17.1%

14.2%

290 BPS

16.1%

10.9%

520 BPS

Revenue

  • $244.2 million $256.3 million $60.0 million

  • $128.2 million $31.7 million

  • $9.6 million $116.0 million $28.2 million

Net (Loss) Income

  • $(3.6) million $(0.07) $(69.7) million $(1.41) $(0.4) million $(0.01)

  • $2.4 million $0.05 $(5.3) million $(0.11) $0.9 million $0.02

Segment Profit and Adjusted EBITDA

  • $116.7 million $3.5 million $29.5 million

  • $45.4 million

  • $71.3 million $17.2 million

  • $39.2 $10.3 million

Balance Sheet and Statement of Cash Flows

  • $59.6 million December 31, 2010 $39.5 million $20.2 million

  • December 31, 2010 $39.6 million $62.2 million

Recent Operational Highlights

http://ir.internap.com/results.cfm

  • We had 2,740 customers under contract at the end of the fourth quarter 2010.

  • In the fourth quarter, we successfully completed our initiative to proactively churn select, less-profitable customer contracts in partner data center facilities, with approximately 31,000 net sellable square feet returned to these data center partners since the third quarter of 2009.

  • Dallas

  • January 18, 2011

  1. Segment profit is a non-GAAP financial measure and is defined in an attachment to this press release entitled "Non-GAAP (Adjusted) Financial Measures."  Reconciliations between GAAP information and non-GAAP information related to Segment Profit is contained in the table entitled "Segment Profit and Segment Margin."  
  2. Adjusted EBITDA and Normalized Net Income (Loss) are non-GAAP financial measures and are defined in an attachment to this press release entitled "Non-GAAP (Adjusted) Financial Measures."  Reconciliations between GAAP information and non-GAAP information related to Adjusted EBITDA and Normalized Net Income (Loss) are contained in the tables entitled "Reconciliation of Loss from Operations to Adjusted EBITDA," and "Reconciliation of Net Loss and Basic and Diluted Net Loss Per Share to Normalized Net Income (Loss) and Basic and Diluted Normalized Net Income (Loss) Per Share" in the attachment.

Conference Call Information:

5:00 p.m. EST http://ir.internap.com/events.cfm Thursday, February 24, 2011 8 p.m. EST Thursday, March 3, 2011

About Internap

http://www.internap.com/

Forward-Looking Statements

This press release contains certain forward-looking statements. These forward-looking statements include statements related to our ability to create long-term stockholder value and profitable growth and our expectations regarding the expansion of our IT infrastructure services portfolio. Because such statements are not guarantees of future performance and involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include our ability to achieve or sustain profitability; its ability to increase revenues and sustain or grow its customer base; its ability to expand margins and drive higher returns on investment; its ability to maintain current customers and obtain new ones, whether in a cost-effective manner or at all; its ability to correctly forecast capital needs, demand planning and space utilization; its ability to respond successfully to technological change and the resulting competition; the availability of services from Internet network service providers or network service providers providing network access loops and local loops on favorable terms, or at all; failure of third party suppliers to deliver their products and services on favorable terms, or at all; failures in its network operations centers, data centers, network access points or computer systems; its ability to provide or improve Internet infrastructure services to its customers; and its ability to protect its intellectual property, as well as other factors discussed in Internap’s filings with the Securities and Exchange Commission. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Internap undertakes no obligation to update, amend or clarify any forward-looking statement for any reason.

Press Contact:

Investor Contact:

Mariah Torpey

Andrew McBath

(781) 418-2404

(404) 302-9700

[email protected]

[email protected]

INTERNAP NETWORK SERVICES CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

Three Months Ended

Year Ended

December 31,

December 31,

2010

2009

2010

2009

Revenues:

  Data center services

$ 31,732

$ 33,176

$ 128,200

$ 130,711

  Internet protocol (IP) services

28,227

30,373

115,964

125,548

      Total revenues

59,959

63,549

244,164

256,259

Operating costs and expenses:

  Direct cost of network, sales and services, exclusive of

     depreciation and amortization, shown below:

        Data center services

19,529

23,065

82,761

94,961

        IP services

10,979

11,210

44,662

48,055

  Direct costs of customer support

5,282

4,674

19,861

18,034

  Direct costs of amortization of acquired technologies

874

979

3,811

8,349

  Sales and marketing

7,655

7,430

29,232

28,131

  General and administrative

7,312

9,332

33,048

44,645

  Depreciation and amortization

7,770

7,387

30,158

28,282

  Loss on disposal of property and equipment, net

109

6

116

26

  Impairments and restructuring

210

93

1,411

54,698

      Total operating costs and expenses

59,720

64,176

245,060

325,181

Income (loss) from operations

239

(627)

(896)

(68,922)

Non-operating expense (income):

  Interest expense

731

163

2,170

720

  Interest income

(19)

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