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Record Revenues of $43.9 Million for Q2 2006 -- Record Net Income of $0.7 Million for Q2 2006 (including
stock-based compensation expense of $1.6 million) compared
with a Net (Loss) of $(1.0 million) for Q2 2005 (not including
stock-based compensation expense)
Adjusted EBITDA(1) of $6.0 million for Q2 2006 -- Q2 2006 Cash Flow from Operations of $7.2 million compared
with Cash Flow from Operations of $3.0 million for Q2 2005
Guidance for 2006 annual revenue growth increased to 12-15% over 2005
Internap Network Services Corporation (AMEX: IIP - News), a leading provider of performance-based routing services for IP networks, today reported financial results for the second quarter ended June 30, 2006.
For the second quarter of 2006, revenues totaled $43.9 million, an increase of 17% compared to the second quarter of 2005. Net income for the second quarter of 2006, on a generally accepted accounting principles (GAAP) basis, was $0.7 million, or $0.02 per diluted share. This includes a non-cash charge for stock-based compensation expense of $1.6 million, or $0.05 per diluted share, pursuant to the adoption of SFAS No. 123R in the first quarter of 2006. GAAP net income for the second quarter of 2006 compares to a net (loss) on a GAAP basis of $(1.0 million), or $(0.03) per basic and diluted share for the second quarter of 2005. GAAP net income prior to 2006 did not include stock-based compensation expense. Had the Company accounted for stock-based compensation under SFAS 123R in its normalized net (loss)(1) and normalized net (loss) per share(1) for the second quarter of 2005 would have been $(4.2 million) and $(0.12), respectively.
Direct cost of network and sales, excluding depreciation was 54% of revenue for the second quarter of 2006, compared to 52% and 51% for the first quarter of 2006 and second quarter of 2005, respectively. Direct cost of network and sales includes a reclassification of amortization expense of $138,000 for each quarter referenced above. The amortization expense is related to technology-based intangible assets used in our current products and was previously included in the caption "depreciation and amortization." The reclassification has no effect on previously reported net income (loss) or adjusted EBITDA.
The Company reported adjusted EBITDA(1) of $6.0 million (net income of $0.7 million) for the second quarter of 2006, an increase of 3% from the first quarter of 2006 and an improvement of $3.1 million, or 106%, over the second quarter of 2005. The Company also reported cash, cash equivalents and investments in marketable securities at June 30, 2006 of $47.8 million, an increase of $3.3 million from the end of the first quarter 2006.
"Internap continues to drive value to our shareholders by delivering on our goal of sustained profitable growth while investing for future success," said James DeBlasio, chief executive officer, Internap.
Internap ended the quarter with 2,188 customers under contract, adding 46 new customers in the second quarter on a net basis.
2006 Full Year Guidance
Full year revenue growth over 2005 revenues is expected to be between 12-15%, up from earlier guidance of 10-12%
Direct cost of network and sales as a percentage of revenues is expected to be in the low-to-mid 50%'s range
Capital expenditures are expected in the range of $12 million to $14 million
stock-based compensation expense of $1.6 million) compared
with a Net (Loss) of $(1.0 million) for Q2 2005 (not including
stock-based compensation expense)
Adjusted EBITDA(1) of $6.0 million for Q2 2006 -- Q2 2006 Cash Flow from Operations of $7.2 million compared
with Cash Flow from Operations of $3.0 million for Q2 2005
Guidance for 2006 annual revenue growth increased to 12-15% over 2005
Internap Network Services Corporation (AMEX: IIP - News), a leading provider of performance-based routing services for IP networks, today reported financial results for the second quarter ended June 30, 2006.
For the second quarter of 2006, revenues totaled $43.9 million, an increase of 17% compared to the second quarter of 2005. Net income for the second quarter of 2006, on a generally accepted accounting principles (GAAP) basis, was $0.7 million, or $0.02 per diluted share. This includes a non-cash charge for stock-based compensation expense of $1.6 million, or $0.05 per diluted share, pursuant to the adoption of SFAS No. 123R in the first quarter of 2006. GAAP net income for the second quarter of 2006 compares to a net (loss) on a GAAP basis of $(1.0 million), or $(0.03) per basic and diluted share for the second quarter of 2005. GAAP net income prior to 2006 did not include stock-based compensation expense. Had the Company accounted for stock-based compensation under SFAS 123R in its normalized net (loss)(1) and normalized net (loss) per share(1) for the second quarter of 2005 would have been $(4.2 million) and $(0.12), respectively.
Direct cost of network and sales, excluding depreciation was 54% of revenue for the second quarter of 2006, compared to 52% and 51% for the first quarter of 2006 and second quarter of 2005, respectively. Direct cost of network and sales includes a reclassification of amortization expense of $138,000 for each quarter referenced above. The amortization expense is related to technology-based intangible assets used in our current products and was previously included in the caption "depreciation and amortization." The reclassification has no effect on previously reported net income (loss) or adjusted EBITDA.
The Company reported adjusted EBITDA(1) of $6.0 million (net income of $0.7 million) for the second quarter of 2006, an increase of 3% from the first quarter of 2006 and an improvement of $3.1 million, or 106%, over the second quarter of 2005. The Company also reported cash, cash equivalents and investments in marketable securities at June 30, 2006 of $47.8 million, an increase of $3.3 million from the end of the first quarter 2006.
"Internap continues to drive value to our shareholders by delivering on our goal of sustained profitable growth while investing for future success," said James DeBlasio, chief executive officer, Internap.
Internap ended the quarter with 2,188 customers under contract, adding 46 new customers in the second quarter on a net basis.
2006 Full Year Guidance
Full year revenue growth over 2005 revenues is expected to be between 12-15%, up from earlier guidance of 10-12%
Direct cost of network and sales as a percentage of revenues is expected to be in the low-to-mid 50%'s range
Capital expenditures are expected in the range of $12 million to $14 million
