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.”
