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March 2, 2010

Internap Q4 revenue down 1% to 63.5m

Expands data centre presence in Silicon Valley, Houston

By CBR Staff Writer

Internet business solutions provider Internap Network Services has reported revenue of $63.5m for the fourth quarter of 2009, a decrease of 1% compared to $64.2m for the same period last year.

The company’s adjusted EBITDA for the fourth quarter was $9m, a decrease of 4.1% compared to the same period in 2008. Sequentially, adjusted EBITDA increased $1.4m, or 18%.

For the fourth quarter ended December 31, 2009, the company posted net loss of $0.5m, or $0.01 per share, compared to a net loss of $0.9m, or $0.02 per share for the same period a year ago and a net loss of $2m, or $0.04 per share, in the prior quarter. Segment profits for the quarter totaled $29.3m, an increase of 4.9% sequentially and 2.4% year-over-year.

For the full year 2009, the company reported revenue of $256.3m, an increase of $2.3m from $253.99m in 2008. Adjusted EBITDA was $28m compared to $34.3m in 2008 with a margin of 10.9%. Net loss was $69.7m, or $1.41 per fully diluted share, compared to a net loss of $104.8m, or $2.13 per diluted share in 2008.

Eric Cooney, president and CEO of Internap, said: “We continue the purposeful investment in our data centre business with the announcement of two further expansions, totaling 32,000 net sellable square feet, in Santa Clara, California and Houston, Texas.

“Silicon Valley represents a new market for Internap’s data centre presence and Houston is an expansion in an already successful growth market. We expect both expansions to be open for customers during the third quarter of 2010.”

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