VANCOUVER, BRITISH COLUMBIA , a global provider of high
performance Internet infrastructure, today released the company's
financial results for the third quarter of fiscal year 2008 for the
three months ended March 31, 2008. In addition, the company
announced that the Toronto Stock Exchange (TSX) has approved PEER
1's application to have its shares listed on the TSX.
TORONTO STOCK EXCHANGE LISTING
The company is pleased to announce that its common shares will
commence trading on the TSX on Tuesday, May 20, 2008 under its
current trading symbol "PIX". Concurrent with listing on the TSX,
PEER 1's common shares will be delisted for trading on the TSX
Venture Exchange ("TSX-V").
"The listing of PEER 1's shares on the Toronto Stock Exchange
will be a major milestone in PEER 1's evolution," said Fabio M.
Banducci, PEER 1's president and CEO. "We look forward to the
increased visibility that our graduation to the TSX will deliver to
the company and to our shareholders."
RECORD THIRD QUARTER RESULTS
Financial highlights from the quarter include the following (all
figures are reported in US dollars):
- PEER 1's revenue increased 21.42% to $22.77 million for the
three months ended March 31, 2008, compared to $18.76 million for
the three months ended March 31, 2007.
- Gross profit increased 47.57% to $10.34 million for the three
months ended March 31, 2008, compared to $7.01 million for the
three months ended March 31, 2007.
- Operating income increased 114.52% to $4.11 million for the
three months ended March 31, 2008, compared to $1.92 million for
the three months ended March 31, 2007.
- Income before income taxes was $3.70 million for the three
months ended March 31, 2008 compared to $0.54 million for the three
months ended March 31, 2007.
- Net income was $2.2 million for the three months ended March
31, 2008, compared to $0.23 million for the three months ended
March 31, 2007.
- Normalized EBITDA increased 54.15% to $7.43 million for the
three months ended March 31, 2008, compared to $4.82 million for
the three months ended March 31, 2007.
"PEER 1's third quarter results build on the successes of
previous quarters," said Mr. Banducci. "We are very pleased to
report our seventh consecutive quarter of record profitable
growth."
KEY DEVELOPMENTS
- During the quarter ended March 31, 2008, the company
substantially completed its implementation of its extensive upgrade
of the PEER 1 IP network. The total estimated capital expenditure
related to this upgrade is approximately $4 million.
- On February 26th, PEER 1 announced that the company has
partnered with Microsoft to offer 50 free developer sandbox servers
for a 30-day trial. Web developers now have a chance to work with
full control on a collection of Microsoft website development
applications in a dedicated hosting environment. This is a unique
opportunity for developers and agencies to explore both the
internal and external aspects of testing and developing a website
and other online applications using some of the latest Microsoft
software that has been pre-loaded in to the sandbox server and is
connected into PEER 1's extensive online network infrastructure.
Working together in this collaborative and supportive environment
enables the developers to build applications and compatible
offerings, which can better meet customer needs and increase both
business and customer revenue.
- On January 17, PEER 1 announced that the company now offers
Fibre Attached Storage (FAS) system options on its managed
Storage-Area-Network (SAN) to deliver high performance and
customizable data sharing and storage capability. The service will
provide customers of all sizes with fast, high performing Storage
Area Network at an affordable price point. This is in response to a
growing demand for online infrastructure and data storage. The FAS
solution is ideal for both fast growing businesses and established
companies, such as SaaS, data warehousing or high transactional
e-commerce environments, that require limitless amounts of storage,
scalability and performance capabilities. The system uses the EMC
SAN infrastructure, based in PEER 1's Atlanta, Miami, and Fremont
CA data centers, which provides customers diverse geographic
options. It is also fully customizable depending on the business
requirements and growth structure of the customer.
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 or at www.peer1.com.
EBITDA Reconcilation
(unaudited - prepared by management)
(in $ thousands) Quarter Ended
---------------------
31-Mar-08 31-Mar-07
Net Profit 2,202 230
Income tax expense 1,500 312
Interest expense 471 814
Interest accretion on notes payable 22 54
Amortization of preferred share discount - 389
Amortization - licences, fixed assets and
deferred network costs 2,881 2,713
Stock based compensation 399 150
Loss (gain) on disposal of assets (7) 82
Amortization of deferred gain (20) (30)
Foreign exchange loss (gain) (15) 14
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EBITDA 7,433 4,728
Integration costs - 90
--------------------------------------------------------------------
Normalized EBITDA 7,433 4,818
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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