Thursday, May 8, 2008

Cogent Posts Revenue of $52 Million, up 20% YoY

Cogent Communications announced net service revenue of $52.1 million for the three months ended March 31, 2008, an increase of 19.5% over $43.6 million for the three months ended March 31, 2007. On-net revenue was $42.8 million for the quarter, an increase of 29.1% over $33.2 million a year earlier. Off-net revenue was $8.0 million for the three months ended March 31, 2008, a decrease of 5.5% from $8.5 million for the three months ended March 31, 2007. Off-net customers are located in buildings directly connected to Cogent's network using other carriers' facilities and services to provide the last mile portion of the link from the customers' premises to Cogent's network.


Earnings before interest, taxes, depreciation and amortization (EBITDA), as adjusted, was $14.6 million for the three months ended March 31, 2008, an increase of 45.4%, over $10.1 million for the three months ended March 31, 2007. EBITDA, as adjusted, margin increased from 23.1% for the three months ended March 31, 2007 to 28.1% for the three months ended March 31, 2008. Basic and diluted net loss applicable to common stock was $(0.21) per share for the three months ended March 31, 2008 compared to $(0.19) per share for the three months ended March 31, 2007.


Some operational highlights:

  • Total customer connections were 15,596 as of March 31, 2008 compared to 12,939 as of March 31, 2007, an increase of 20.5%.


  • On-net customer connections were 11,849 as of March 31, 2008 compared to 8,565 as of March 31, 2007, an increase of 38.3%.


  • Off-net customer connections were 3,003 as of March 31, 2008 compared to 3,433 as of March 31, 2007, a decrease of 12.5%.


  • Non-core customer connections were 744 as of March 31, 2008 compared to 941 as of March 31, 2007, a decrease of 20.9%.


  • The number of on-net buildings increased by 118 from 1,129 as of March 31, 2007 to 1,247 as of March 31, 2008.


http://www.cogentco.com

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