Vancouver, British Columbia – (The Hosting News) – November 30, 2005 – Network, co-location and dedicated server hosting company, PEER 1 Network Enterprises, Inc. has released a financial report for the first quarter of the company’s 2006 fiscal year, the three months ended September 30, 2005. The results include the first portion of a month of operations with the Interland assets, reflecting the impact that the September 2nd 2005 acquisition will have on the company’s financial state.
For the three months ended September 30th, 2005, the company notes the following highlights:
– 205% increase in quarterly revenues (three months ended September 30, 2005 vs. three months ended September 30, 2004) from $3.8 million to $11.6 million as a result of the acquisition of ServerBeach and Interland assets, as well as growth in the base business.
– Completed the acquisition of assets of Interland, Inc. a dedicated server provider. The assets acquired include data centers in Atlanta, Georgia; Fremont, California; and Miami, Florida, totalling over 115,000 square feet and approximately 8,300 servers.
– Completed a major refinancing in connection with the acquisition of Interland, Inc. assets and the recapitalization of the company.
– Established a 25,000 square foot data center in Los Angeles.
– EBITDA of $3.0 million this quarter compared to $0.2 million for the same period last year.
According to Lance Tracey, Co-Founder and Chairman of the Board of Directors for PEER 1, ”We are very pleased with the addition of the Interland assets to our dedicated hosting family. The refinancing done in September has contributed significantly to improving PEER 1’s financial condition and liquidity and has demonstrably improved our balance sheet. With a solid financial footing, we can now get down to the task at hand, which is to complete the integration of our acquired assets and focus on growing the profitability of our business.”
To learn more about PEER 1, please visit: www.peer1.com.