Nov 15, 2002 : Fastnet Announces Record Quarter

📅 November 15, 2002 - Internet solution provider FASTNET Corporation (FAST.net -> hostinger.com) announced on Thursday that it has reported its financial results for the third quarter of 2002, highlighting positive cash flow and improved EBITDA results.

Revenues for the quarter were $10.5 million, says FASTNET, an increase of 32 percent over the previous quarter. The revenue growth, says the company, is largely due to the acquisition of the dedicated Internet access customers of AppliedTheory, and $154,000 in revenues from newly installed customers. Total revenues for the third quarter of 2002 increased by 189 percent over the same period last year.
EBITDA for the quarter was $376,000, an increase of $344,000 over the previous quarter and of $1.3 million over the same period in 2001. The third quarter of 2002 marks the fourth consecutive quarter of positive EBITDA results for FASTNET.
Basic and diluted net loss per common share was $0.09 for the quarter, compared to $0.12 for the previous quarter and $0.09 for the same period last year.
"I am pleased to announce FASTNET's compelling results for the third quarter," says Stephen Hurly, president and CEO of FASTNET. "This is another quarter, of what we believe will be several successive quarters, which will demonstrate the upside potential of our business model. Through strategic acquisitions, concentrated integration of these acquisitions and the resulting realization of synergies, we have begun to see the positive operating results we anticipated. While we recognize the industry-wide challenges we face, we believe FASTNET is uniquely positioned to overcome these obstacles and emerge as a leading regional service provider."