Aug 8, 2001 : Verado Announces Q2 Results


📅 - Verado Holdings, Inc. (verado.com), a provider of outsourced managed hosting, professional services and data center solutions for businesses, today announced financial results for the secondquarter ended June 30, 2001.

Revenue for the second quarter 2001 was $4.4 million,meeting the company's guidance. This revenue comparesto $5.2 million in the first quarter 2001.
"With the recent announced sale of our DSL customers,Verado has essentially completed the divestment of itsnon-core business assets," Tom McGrath, president andCEO of Verado, said. "These divestments will improveour financial standing going forward, while weposition Verado as a leader in the Web hosting,managed and professional services industry. We believe our service will be the differentiating factor in the industry."
Recent developments for the company include:
Achieved SunTone certification for business hostingsolutions from strategic partner Sun MicrosystemsLaunched Verado's professional services offeringAnnounced the sale of DSL subscriber base toEarthlink and CovadCompleted the upgrade of Verado's nationwide networkbackbone that provides a redundant, dedicatedhigh-speed network with two carriersAnnounced the streamlining of operations andworkforce resulting in annualized savings ofapproximately $20 million, plus continued operationalcost reductionsRetained Credit Suisse First Boston to evaluaterecapitalization alternatives that could furtherstrengthen the company's financial positionAccepted the resignation of John M. Harper, chieftechnology officer
The company has received notice from the NasdaqNational Market that the company's Series B commonstock has failed to maintain certain Nasdaq continuedlisting requirements. The company has a hearingscheduled for August 30, 2001 before the NasdaqListing Qualifications Panel to appeal the Staffdetermination. Verado's stock will continue to tradeon Nasdaq until the Panel makes a determination.
As of June 30, 2001, cash and marketable securitieswere $87.6 million. EBITDA from continuing operationsfor the second quarter 2001 was a negative $15.9million, compared with a negative $16.7 million in thefirst quarter. Capital expenditures for the secondquarter 2001 were $3.0 million.
Based on its current business plan, the companyanticipates it is funded until mid-2002.
Verado's revenue now includes the transfer of sharedWeb hosting customers and a dedicated access customerfrom discontinued operations into Verado's continuingoperations. During the second quarter of 2001 thisrevenue represented $1.1 million and during the firstquarter of 2001 this revenue represented $1.3 million.
Given the current market uncertainties, Verado is notproviding market guidance for the remainder of 2001.
For more detailed information, please see Verado's website.

Reads: 1844 | Category: General | Source: TheWHIR : Web Host Industry Reviews

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