VANCOUVER, BRITISH COLUMBIA , a global provider of high
performance Internet infrastructure, released the company's
financial results for the first quarter of fiscal year 2008 for the
three months ended September 30, 2007.
FIRST QUARTER RESULTS
Financial highlights from the quarter include the following (all
figures are reported in US dollars):
- PEER 1's revenue increased 20.11% to $20.96 million for the
three months ended September 30, 2007, compared to $17.45 million
for the three months ended September 30, 2006.
- Gross profit increased 37.73% to $8.98 million for the three
months ended September 30, 2007, compared to $6.52 million for the
three months ended September 30, 2006.
- Operating income increased 62.64% to $2.83 million for the
three months ended September 30, 2007, compared to $1.74 million
for the three months ended September 30, 2006.
- Income before income taxes was $2.15 million for the three
months ended September 30, 2007, compared to $0.35 million for the
three months ended September 30, 2006.
- Net income was $1.25 million for the three months ended
September 30, 2007, compared to $0.25 million for the three months
ended September 30, 2006.
- Normalized EBITDA increased 34.13% to $5.97 million for the
three months ended September 30, 2007, compared to $4.46 million
for the three months ended September 30, 2006.
"PEER 1 had a great first quarter," said Fabio M. Banducci, PEER
1's president and CEO. "We experienced solid growth across all of
our core service offerings during the quarter and posted record
financial results. Our focus remains on becoming the preferred IT
Infrastructure solutions provider to the SMB marketplace."
KEY DEVELOPMENTS
- During the quarter ended September 30, 2007, PEER 1 committed
to a $4 million upgrade of the company's IP network. This upgrade
will be accomplished through installation of carrier class routers
purchased from the leaders in high performance networking, Cisco
and Juniper. These two suppliers were chosen as part of the PEER 1
multi-vendor strategy to leverage the capabilities of each supplier
to provide a best fit to each area of the PEER 1 backbone. Each
router series has 10 gigabit interface capabilities allowing PEER 1
to upgrade existing areas of the backbone, as well as keeping an
eye to the future for further capacity expansion. As a result of
this purchase the company will have substantially increased
bandwidth capacity, IP performance and the ability to accommodate
new feature sets such as MPLS.
- On September 4, 2007, PEER 1 and Juniper Networks, Inc. the
leader in high-performance networking announced that PEER 1 has
expanded its managed firewall service offerings with the addition
of Juniper Networks Secure Services Gateways (SSGs). Fully managed
by PEER 1 experts, the Juniper Networks SSG platforms will provide
best-in-class protection, superior capacity and Gigabit Ethernet
interfaces, enabling PEER 1 to offer cost-effective, high-capacity
security solutions that scale to meet the demands of the largest
enterprises. The expanded managed firewall services ensure a secure
and trusted network environment without requiring enterprise
customers to dedicate IT resources, enabling customers to reduce
operational costs and complexity.
- On September 10, 2007 the company announced several changes of
roles for members of the company executive management team.
Lance Tracey, co-founder and chief executive officer, announced
that he was stepping down from his role as CEO. Immediately
thereafter, Mr. Tracey assumed his new role as executive chairman
of PEER 1's board of directors.
Fabio M. Banducci was appointed the company's new CEO in
addition to his existing role as president of PEER 1.
Gary Sherlock, PEER 1's chief financial officer, was promoted to
the role of executive vice president in addition to his CFO
responsibilities.
- On September 25, 2007 PEER 1 announced that it has deployed
EMC Storage Area Network (SAN) platforms across all of its managed
dedicated hosting data center operations in Atlanta, Miami, and
Fremont, California (Silicon Valley). The EMC platform provides
state-of-the-art technology to optimize PEER 1's data backup
solution, providing managed dedicated hosting customers with faster
and more reliable backup and data recovery. PEER 1's backup and
data recovery solutions are fully managed by internal PEER 1 data
backup experts and support professionals.
For complete details on any of the above, please refer to the
Financial Statements and Management's Discussion & Analysis
which will be available at www.sedar.com within 24 hours of the
time of this release.
EBITDA Reconcilation
(unaudited - prepared by management)
(in $ thousands) Three Months Ended
----------------------
30-Sep-07 30-Sep-06
Net Profit (Loss) 1,246 249
Income tax expense (recovery) 901 97
Interest expense 596 856
Interest accretion on notes payable 22 56
Amortization of preferred share discount - 357
Amortization - licences, fixed assets and
deferred network costs 2,711 2,606
Stock based compensation 352 55
Loss (gain) on disposal of assets (14) (5)
Amortization of deferred gain (20) -
Foreign exchange loss (gain) 99 (33)
----------------------------------------------------------------------
EBITDA 5,893 4,238
Integration costs 93 225
----------------------------------------------------------------------
----------------------------------------------------------------------
Normalized EBITDA 5,986 4,463
Non-GAAP Measures
PEER 1 reports EBITDA because it is a key measure used by
management to evaluate the company's performance. PEER 1 believes
that EBITDA is useful supplemental information as it provides an
indication of the results generated by PEER 1's main business
activities prior to taking into consideration how those activities
are financed and expensed. EBITDA is not a recognized measure under
Canadian GAAP, and accordingly investors are cautioned that EBITDA
should not be construed as an alternative to net earnings or loss
determined in accordance with Canadian GAAP as an indicator of
financial performance of PEER 1 or as a measure of the company's
liquidity and cash flows. PEER 1's method of calculating EBITDA may
differ from other issuers and, accordingly, EBITDA may not be
comparable to similar measures presented by other issuers. The
schedule above sets out PEER 1's EBITDA calculations.
About PEER 1
PEER 1, a leading Internet infrastructure solutions company,
provides full services to handle the needs of customers requiring
100% uptime for their online presence including network,
co-location, and dedicated hosting services. Since its inception in
1999, the company has grown to include data centers and network
points of presence in 17 major cities across North America and
Europe, all connected by PEER 1's world class IP (Internet
Protocol) network. PEER 1 serves a variety of customers including
hosting providers, online gaming companies, Internet phone (VoIP)
companies and many small and medium-sized businesses. The company's
headquarters are in Vancouver, Canada and the stock is traded on
the TSX Venture exchange under the symbol PIX. For more information
visit http://www.peer1.com.
Statements in this release relating to matters that are not
historical fact are forward-looking statements based on current
expectations, forecasts and assumptions that involve risks and
uncertainties that could cause actual outcomes and results to
differ materially. Factors that could cause or contribute to such
differences include, but are not limited to, general economic
conditions, changes in technology, reliance on third party
manufacturing, managing rapid growth, global sales risks, limited
intellectual property protection and other risks and uncertainties
described in PEER 1's public filings with securities regulatory
authorities.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: PEER 1 Network Enterprises, Inc. Gary Sherlock
Executive Vice President & CFO (604) 683-7747 PEER 1 Network
Enterprises, Inc. Katie Wilson Communications (604) 683-7747
Website: www.peer1.com
Peer 1 Network Enterprises (Tier2) (TSXV:PIX)
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