Dec, 2002 : Interland Reports First Quarter 2003 Results

📅 December 20, 2002 - Web hosting service provider Interland Inc. (Interland.com ) announced on Thursday that it has published its financial results for its first fiscal quarter, ended November 30, 2002.

Interland reported revenues of $27.3 million for the quarter, an increase of 14 percent over the same period last year. Net loss of $14.4 million was a 27 percent improvement over the same quarter last year. Net loss per share was 10 cents on approximately 140 million outstanding shares, compared to a 14 cent loss on 138 million shares last year. Capital Expenditures for the quarter were $1.9 million.
"We are delighted to report that we have made excellent progress this quarter on our integration objectives," said Joel J. Kocher, Interland's chairman and chief executive officer. "For Interland, 2003 is the transition year from the focus on rapid scaling by acquisition initiated in 2002 to a focus on organic growth in 2004. As a result, the emphasis this year is on the integration of our acquisitions and realization of cost synergies. Our stated goal this year is to exit 2003 firmly cash flow positive with a solid foundation in place for organic growth in 2004. This quarter we have made significant progress in that direction."
As of November 30, Interland had $134.5 million in cash, investments and temporarily restricted cash. The company used $5 million cash in continuing operations during the quarter, as well as $1.9 million for capital expenditures other than acquisitions, $4.9 million for capital lease pay-downs and pay-offs, and $0.9 million related to discontinued operations. $0.6 million was used for acquisitions.

Reads: 2212 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/int122002.cfm

Company: Interland

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