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February 12, 1997updated 05 Sep 2016 12:52pm

PSINET DISAPPOINTS THE STREET, BUT PLEASES ITSELF

By CBR Staff Writer

PSINet Inc, the veteran internet service provider turned in worse than expected losses as far as the Street was concerned, but the company was content with its performance, having made its own prediction barely three weeks ago, which it met, not surprisingly. The Herndon, Virginia company that abandoned the consumer ISP space last year to concentrate on business customers turned in fourth quarter net losses of $16.8m, down from $29.8m losses last time, on revenues that rose 62% to $22.8m, so its heading in the right direction, just taking an inordinately long time to get there. The company last made a profit in fiscal 1992 and is not expected to produce one this fiscal. First Call estimates losses of $0.29 per share for the current quarter and $0.63 for the year. PSINet had 17,800 corporate customers at the year-end, a rise of 117% on 1995. PSINet entered the wholesale business at the same time it exited the consumer space, and had secured 22 customers by the year-end. The sale of its Intercon Systems Corp software subsidiary is expected to be completed this quarter. Net losses for the year to December were $55.1m, or $1.40, up from $53.2m losses previously, on revenues that were up 132% to $89.8m.

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