360Networks Posts Record Third Quarter Revenue and EBITDA

VANCOUVER, British Columbia, Nov. 10 -- Citing its success in developing major alliances with leading companies, 360networks had a record third quarter revenue of $119 million, compared with $111 million during the same quarter last year. Revenue for the first nine months of 2000 reached $353 million, an increase of 50 percent over $235 million for the same 1999 period.
Gross profit for the third quarter of 2000 was $51 million, compared with $32 million for the third quarter of last year. Gross profit for the first nine months in 2000 totaled $138 million, up from $70 million for the nine-month period ended September 1999.
Third quarter earnings before interest, taxes, depreciation, amortization, interest, stock-based compensation and minority interest (EBITDA) increased to $31 million, a 19 percent increase over the $26 million of EBITDA for the same quarter last year. EBITDA for the first nine months of 2000 grew 41 percent to $82 million, compared with the $58 million reported for the same period in 1999. Cash revenue reached $182 million in the third quarter and $427 million for the nine-month period ended September 2000. This compares with $111 million and $235 million for the same periods in 1999.