📅 - Verado (verado.com), a Denver-based managed hostingprovider, announced yesterday that it has cut sixty-three employees at itsColorado and California locations. No further details were given in thecompany's written statement.
On Nov. 14, Verado announced its financial results for the third quarter of2001 ending Sept. 30. Net loss for the quarter was $114.6 million comparedto $49.2 million for the second quarter of the same year. Included in thenet loss was a $51.5 million, non-cash impairment charge related to thepreviously announced consolidation of six data centers and a $35.3 millionnet non-cash impairment charge on its remaining two data centers andcorporate assets. EBITDA from continuing operations for the third quarter of2001 was a negative $14.8 million, compared with a negative $16.1 millionfor the second quarter. The struggling IDC provider sold the last of its non-core operations on Oct.5 to Denver startup Huge Hosting. The company's stock has dropped from ahigh of $37 a share shortly after its March 2000 IPO to a recent low of0.032 cents.
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