Aug, 2002 : Digex Reports Expanding Customer Base in Q2

📅 August 16, 2002 - Managed hosting provider Digex Incorporated (digex.com) announced on Thursday that it has released its full second quarter results for the period ending June 30, 2002, demonstrating significant revenue growth, despite declining revenues.

Net customer count, says Digex, grew to a high of 689 from 599 in the previous quarter.
The company says its revenue in the second quarter totaled $48.7 million, compared to $51.8 million in the previous quarter, and $53.8 million in the same period last year.
Digex managed a total of 3,827 servers, with average monthly revenue per server of $4.427.
According to the company, EBITDA losses were $17 million for the quarter, with net loss available to common stockholders of $119 million, or $1.83 per share.
"Our executive team is very focused on moving Digex forward to a state of financial independence," says George Kerns, president and CEO of Digex. "This continues to be an eventful period and we have concentrated a good portion of our time to staying in close touch with our customers. I believe we are seeing the results of that effort through the success we have had retaining customers in this challenging business environment. Additionally, we are pleased to have had a solid quarter for new customer adds."
Cash borrowings for the quarter decreased to $9 million for the quarter, compared to approximately $13 million in the previous quarter. The company also says majority-owner WorldCom received court approval to continue funding the company.