Concentric Network Corp, internet and networking service provider, has reported first quarter net losses of $20.2m, including a $5.2m one-time charge for purchased in-process research and development and a $3.0 gain from early debt repayment, up from losses last time of $14.7m, on revenues that rose 80.0% to $16.5m. The loss was substantially more than Wall Street was expecting, according to Zacks Investment Research, which was predicting $1.07 per share, versus the $1.64 – excluding the one-time gain – the company actually delivered. In February the company acquired Internex Information Services Inc. The Cupertino-based firm noted that 31% of its revenues came from providing service to Microsoft Corp’s WebTV Networks Inc. The shares closed down $2.3125, or 8.6% at $24.625.
