RealTime IT News

Verio Posts Higher Revenues, Losses for Q2

Internet services provider Verio Inc. this week announced its second quarter 1998 results, posting a 34% revenue gain over 1998 first quarter results.

The company said second quarter revenues were $28.5 million, an increase of $20.3 million from the $8.2 million reported in the second quarter of 1997. Revenues in the second quarter increased 34% over $21.2 million in the first quarter of 1998.

Net loss to common shareholders for the second quarter was $26.3 million, compared to $8.1 million for the second quarter of 1997. Loss per share for the second quarter of 1998 equaled $1.44 compared to a $7.28 loss per share in second quarter 1997.

Verio made six acquisitions and three buyouts in the second quarter, and also recently agreed to acquire Hiway Technologies, a deal expected to be finalized during this year's fourth quarter.

An additional second quarter highlight was Verio's IPO which raised $132 million.

"Verio's acquisitions, new strategic relationships and financing activities in the second quarter all contributed to the Company's accelerating rate of growth," said Justin L. Jaschke, CEO.

"We have the industry's most comprehensive suite of products and services for the small and mid-size business customer, and the strategic partners and capital to expand our capabilities even further," said Verio president and COO Herb Hribar. "As we cancel third-party transit, move onto common systems and build efficient regional management teams, we expect to see significant improvements in operating performance."