Post by icemandios on Nov 12, 2019 13:32:45 GMT
INAP Reports Third Quarter 2019 Financial Results
• Revenue of $72.9 Million, down $0.3 Million Sequentially, Demonstrating Continued Churn Stability
• Revenue of $72.9 Million, down $0.3 Million Sequentially, Demonstrating Continued Churn Stability
• Net Loss Attributable to Shareholders of $23.9 Million, or $1.01 Per Share
• Adjusted EBITDA of $23.0 Million, down $1.4 Million Sequentially, Driven by Conversion of Santa Clara to Operating Lease and Seasonal Cost Increases
• Capital expenditures of $8.6 Million, Reflecting Continued Tight Controls and Focus on Success-Based Investments
• Successfully Amended Existing Credit Facility to Gain Financial and Operational Flexibility while Company pursues Strategic Alternatives
RESTON, VA - (November 12, 2019) Internap Corporation (NASDAQ: INAP), a leading-edge provider of high-performance data center and cloud solutions with global network connectivity, announced today financial results for the third quarter of 2019.
“INAP’s third quarter results reflect our continued execution on all fronts, with revenue demonstrating stability in churn and Adjusted EBITDA remaining relatively flat compared to Q2 on a normalized basis. We won a number of new sales and expansions of current client footprints, with growth in private cloud and colo in high absorption flagship markets, including Phoenix, Atlanta, Los Angeles and Seattle. With respect to our strategic initiatives, we are actively engaged with interested parties and are working with our advisors to explore possible non-core asset sales and transformational transactions. The amendment to our credit facility gives us additional flexibility and time while we strive to maximize shareholder value. For the remainder of the year, we are focused on driving profitable revenue through consistency in our sales teams and channel partners, and on bringing about strategic actions that can take INAP to the next level,” said Peter D. Aquino, Chief Executive Officer.
• Capital expenditures of $8.6 Million, Reflecting Continued Tight Controls and Focus on Success-Based Investments
• Successfully Amended Existing Credit Facility to Gain Financial and Operational Flexibility while Company pursues Strategic Alternatives
RESTON, VA - (November 12, 2019) Internap Corporation (NASDAQ: INAP), a leading-edge provider of high-performance data center and cloud solutions with global network connectivity, announced today financial results for the third quarter of 2019.
“INAP’s third quarter results reflect our continued execution on all fronts, with revenue demonstrating stability in churn and Adjusted EBITDA remaining relatively flat compared to Q2 on a normalized basis. We won a number of new sales and expansions of current client footprints, with growth in private cloud and colo in high absorption flagship markets, including Phoenix, Atlanta, Los Angeles and Seattle. With respect to our strategic initiatives, we are actively engaged with interested parties and are working with our advisors to explore possible non-core asset sales and transformational transactions. The amendment to our credit facility gives us additional flexibility and time while we strive to maximize shareholder value. For the remainder of the year, we are focused on driving profitable revenue through consistency in our sales teams and channel partners, and on bringing about strategic actions that can take INAP to the next level,” said Peter D. Aquino, Chief Executive Officer.