Dec, 2002 : NaviSite Announces First Quarter Results

📅 December 17, 2002 - Managed hosting service provider NaviSite Inc. (NaviSite.com 👉 Total Reviews: 1
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Revenues for the quarter, says NaviSite, were $8.2 million, compared to revenues of $9.8 million for the previous quarter.
However, during the first quarter, the company posted a net loss of $9.6 million, compared to a net loss of $48.5 million for the previous quarter. EBITDA loss for the quarter was $4.1 million compared with a loss of $40.2 million in the previous quarter. Included in the company's first quarter EBITDA was a $1 million expense related to restructuring efforts.
During the quarter, NaviSite signed on 16 new managed hosting customers and lost 9 customers, mostly due to shutdowns. The net gain of 7 customers, says the company, compares favorably to net losses of 17, 17, 29, and 71 respectively for the previous four quarters.
As of October 31, 2002, says NaviSite, the company had $13.1 million in available cash, compared to $21.8 million on July 31, 2002. Of the $8.7 million cash used in the first quarter, says NaviSite, $6.2 million was related to a net non-recurring disbursement and $2.5 was used to fund NaviSite's operations.
"In a difficult market where many of the largest players are struggling to survive, NaviSite has taken the right steps to run their operations in a way that is financially sound while improving the quality of its services," says Andy Ruhan, NaviSite Chairman. "We are committed to building on these capabilities by growing revenue organically, through partnerships, and through acquisitions and business combinations. Relative to ClearBlue, we have made significant progress toward the integration of ClearBlue Technologies and NaviSite."