DSL.net Reports First-Quarter 2005 Results: First Quarter Adjusted EBITDA Improves 117%
Wednesday May 11, 5:05 pm ET
Free Cash Flow Improves 113% from Year Earlier
NEW HAVEN, Conn.--(BUSINESS WIRE)--May 11, 2005--DSL.net, Inc. (AMEX:BIZ - News), a leading nationwide provider of broadband communications services to businesses, today reported first-quarter 2005 financial results.
Revenue for the first quarter of 2005 was $15.4 million, compared to revenue for the first quarter of 2004 of $17.8 million.
The Company generated gross margin (defined as revenue less network expense) of $5.4 million for the first quarter of 2005, compared to gross margin of $5.6 million for the first quarter of 2004.
Earnings before interest, taxes, depreciation, amortization, other income (expense) and non-cash stock compensation ("Adjusted EBITDA") for the first quarter of 2005 was positive $0.5 million, a 117% improvement compared to negative $2.8 million in the first quarter of 2004.
Free cash flow (defined as Adjusted EBITDA minus capital expenditures) for the first quarter of 2005 was positive $0.4 million, a 113% improvement over first quarter of 2004 free cash flow of negative $3.0 million.
"This is the second consecutive quarter that DSL.net has reported positive Adjusted EBITDA and free cash flow, and I'm very pleased with these latest results as we begin the new year," said Kirby G. "Buddy" Pickle, chief executive officer of DSL.net. "To the extent we are successful in our ongoing efforts to secure additional financing, we believe we will become a leading provider of break-through voice and data (VoIP) solutions for small and medium businesses."
Net loss for the first quarter of 2005 was $3.5 million, representing a 50% improvement over net loss of $7.1 million for the first quarter of 2004.
On a per share basis, the Company reported a net loss applicable to common stockholders of $0.01 per share for the first quarter of 2005, a 81% improvement compared to a net loss of $0.08 per share for the same period a year earlier.
At the end of the first quarter of 2005, the Company had $8.0 million in cash and total assets of $36.5 million.
"We are pleased that we were able to sustain positive Adjusted EBITDA and free cash flow for the first quarter despite the decline in revenue and gross margin," said Robert J. DeSantis, chief financial officer of DSL.net. "We believe that our significantly improved financial performance over the past year has better positioned the Company to pursue financing and strategic alternatives."
DSL.net will host a conference call to discuss results for the quarter, as well as future plans and expectations, Thursday, May 12, 2005, at 11 a.m., Eastern Time. Interested parties may listen to the live audio webcast of the call by visiting the investor relations section of DSL.net's Web site, www.dsl.net. The call also may be accessed live via telephone by dialing 800-289-0518, confirmation code 8568450. For those unable to access the live conference call, an audio replay will be available until 11 p.m., Eastern Time, through the end of May, by dialing 888-203-1112 and entering code 8568450. Investors may also access the call replay by visiting the investor relations section of the Company's Web site.
Doch der Kurs merkt davon noch nichts.
Wednesday May 11, 5:05 pm ET
Free Cash Flow Improves 113% from Year Earlier
NEW HAVEN, Conn.--(BUSINESS WIRE)--May 11, 2005--DSL.net, Inc. (AMEX:BIZ - News), a leading nationwide provider of broadband communications services to businesses, today reported first-quarter 2005 financial results.
Revenue for the first quarter of 2005 was $15.4 million, compared to revenue for the first quarter of 2004 of $17.8 million.
The Company generated gross margin (defined as revenue less network expense) of $5.4 million for the first quarter of 2005, compared to gross margin of $5.6 million for the first quarter of 2004.
Earnings before interest, taxes, depreciation, amortization, other income (expense) and non-cash stock compensation ("Adjusted EBITDA") for the first quarter of 2005 was positive $0.5 million, a 117% improvement compared to negative $2.8 million in the first quarter of 2004.
Free cash flow (defined as Adjusted EBITDA minus capital expenditures) for the first quarter of 2005 was positive $0.4 million, a 113% improvement over first quarter of 2004 free cash flow of negative $3.0 million.
"This is the second consecutive quarter that DSL.net has reported positive Adjusted EBITDA and free cash flow, and I'm very pleased with these latest results as we begin the new year," said Kirby G. "Buddy" Pickle, chief executive officer of DSL.net. "To the extent we are successful in our ongoing efforts to secure additional financing, we believe we will become a leading provider of break-through voice and data (VoIP) solutions for small and medium businesses."
Net loss for the first quarter of 2005 was $3.5 million, representing a 50% improvement over net loss of $7.1 million for the first quarter of 2004.
On a per share basis, the Company reported a net loss applicable to common stockholders of $0.01 per share for the first quarter of 2005, a 81% improvement compared to a net loss of $0.08 per share for the same period a year earlier.
At the end of the first quarter of 2005, the Company had $8.0 million in cash and total assets of $36.5 million.
"We are pleased that we were able to sustain positive Adjusted EBITDA and free cash flow for the first quarter despite the decline in revenue and gross margin," said Robert J. DeSantis, chief financial officer of DSL.net. "We believe that our significantly improved financial performance over the past year has better positioned the Company to pursue financing and strategic alternatives."
DSL.net will host a conference call to discuss results for the quarter, as well as future plans and expectations, Thursday, May 12, 2005, at 11 a.m., Eastern Time. Interested parties may listen to the live audio webcast of the call by visiting the investor relations section of DSL.net's Web site, www.dsl.net. The call also may be accessed live via telephone by dialing 800-289-0518, confirmation code 8568450. For those unable to access the live conference call, an audio replay will be available until 11 p.m., Eastern Time, through the end of May, by dialing 888-203-1112 and entering code 8568450. Investors may also access the call replay by visiting the investor relations section of the Company's Web site.
Doch der Kurs merkt davon noch nichts.
