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July 21, 1998

PSINET DUCKS UNDER Q2 ESTIMATES

By CBR Staff Writer

Internet service provider, PSINet Inc once again edged in just under Wall Street’s estimates for its quarterly losses and increased its quarterly revenues sequentially by just over 20%. The Herndon, Virginia company, which focuses on the corporate market, reported second quarter net losses of $53.6m, after a $20.0m charge for purchased in-process research and development, up from losses the previous year of $11.3m. The charge is related to the acquisitions of Linkage in Hong Kong, INX in Germany, and ioNet in Oklahoma. Without that charge, the earnings per share were 67 cents, two cents better than the Street expected, according to First Call. Revenues in the quarter were up 82.0% on the previous year at $53.7m. The company added more than 5,400 new customers worldwide during the quarter, taking it to 38,700 with an average value of $5,800. Cash and short-term equivalents at the halfway stage were $513.7m, boosted by a $600m debt offering completed in April.

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