NetNation Communications, Inc. a global web hosting provider and domain name registrar, announced today financial results for its third quarter ended September 30, 2001. Revenues for the quarter were US$1,691,773, compared to revenues of US$1,369,050 in the same quarter of 2000 – an increase of US$322,723 or 24 per cent.
Revenues for the nine month period ended September 30, 2001 were US$4,882,108, compared to US$3,610,275 for the same period in 2000 – an increase of $1,271,833 or 35 per cent.
The quarter ended September 30, 2001 was the third consecutive profitable quarter for the Company. Net earnings were US$209,997 or US$0.01 per share in the third quarter of 2001 compared to a loss of US$1,067,571 or US$0.07 per share for the same period in 2000. For the nine months ended September 30, 2001, net earnings were US$242,653 or US$0.02 per share, compared to a net loss of US$2,285,064 or US$0.15 per share for the same period in 2000.
NetNation’s cash balance continues to increase. The cash balance increased to US$1,122,477 from US$875,209 at the end of the previous quarter – an increase of US$247,268 or 28 per cent. The total increase in cash for the nine months ended September 30, 2001 was US$373,732. This increase in cash was generated entirely through Company operations and not through external financing.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was US$461,493 for the third quarter of 2001, compared to a negative EBITDA of US$856,563 in the third quarter of 2000. For the nine months ended September 30, 2001, EBITDA was US$998,577, compared to a negative EBITDA of US$1,725,523 for the same period in 2000. Gross profit margins improved to 68 per cent for the third quarter of 2001, compared to 62 per cent for the third quarter 2000, and to 68 per cent for the nine months ended September 30, 2001 from 64 per cent for the same period in 2000.