PSINet Reports Strong Earnings 4Q 1997

Published by: anonym 2009-01-09

PSINet Inc. reported it earned $34.8 million in the fourth quarter ended December 31, 1997, an increase of 52% from the revenues reported the same period the prior year of $22 million.

Total earnings for the year were $121.9 million, a 45% increase over the prior year's annual earnings of $84.4 million.

The net loss for the quarter was $14.3 million, or $0.36 per share, compared to $16.8 million, or $0.42 per share, for the same period in 1996. Total net loss for the year was $45.6 million, or $1.14 per share; total net loss for 1996 was $55.1 million, or $1.40 per share.

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PSINet also announced an increase of 3,400 customers, or 15%, for the fourth quarter 1997, reaching a total customer growth rate for the year at 48%.

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