Mar, 2003 : Via Net.Works Reports Q4 and 2002 Results
📅 - Managed Internet services provider VIA NET.WORKS Inc. (vianetworks.com) announced on Thursday that it has reported its results for the fourth quarter ended December 31, 2002 and for the full 2002 year, highlighting reduced cash use and EBITDA loss levels and stabilizing billing systems and business processes.
VIA says its 2002 turn-around plan continued to improve financial performance in the fourth quarter. Revenues for the quarter were $18 million. The company's cash decreased by $8 million in the fourth quarter, a reduction from the previous quarter's $8.9 million decrease. Full year adjusted EBITDA loss improved from $56.8 million in 2001 to $33.1 million in 2002. Net decrease in cash improved from $100 million in 2001 to $40 million in 2002. At the year's end, the company had $97.8 million in cash and no material debt.
During 2002, VIA sold its operations in Argentina, Austria, Brazil, Ireland and Mexico, undertook billing and process improvement projects in the UK and Germany, moved its headquarters to Europe and reduced head count across the company.
The company also made significant changes to its board of directors and senior management team, including the hiring of Rhett Williams as its permanent CEO in November of 2002.
"We believe the key to VIA's success does not require any revolutionary change of the company's focus," said Williams. "While we are without doubt in the midst of a challenging market, we see a real and continuing demand for the services we offer within the small to mid-sized enterprise markets we target. It will be our collective ability to execute our planned initiatives that will determine our success."
VIA says its 2002 turn-around plan continued to improve financial performance in the fourth quarter. Revenues for the quarter were $18 million. The company's cash decreased by $8 million in the fourth quarter, a reduction from the previous quarter's $8.9 million decrease. Full year adjusted EBITDA loss improved from $56.8 million in 2001 to $33.1 million in 2002. Net decrease in cash improved from $100 million in 2001 to $40 million in 2002. At the year's end, the company had $97.8 million in cash and no material debt.
During 2002, VIA sold its operations in Argentina, Austria, Brazil, Ireland and Mexico, undertook billing and process improvement projects in the UK and Germany, moved its headquarters to Europe and reduced head count across the company.
The company also made significant changes to its board of directors and senior management team, including the hiring of Rhett Williams as its permanent CEO in November of 2002.
"We believe the key to VIA's success does not require any revolutionary change of the company's focus," said Williams. "While we are without doubt in the midst of a challenging market, we see a real and continuing demand for the services we offer within the small to mid-sized enterprise markets we target. It will be our collective ability to execute our planned initiatives that will determine our success."
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