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Terremark Losses Grow by 94.2%

MIAMI-The locally based provider of Internet infrastructure and managed services closes the fiscal year with a net loss of $104 million on increased operating revenue of $40.2 million.

By David R. Corder | Updated on July 17, 2001

MIAMI-Terremark Worldwide Inc. attributed a 94.2% increase in net losses for the fiscal year ended March 31 to continuing divestiture of its real estate operations and startup costs associated with the subsidiary NAP of the Americas Inc.

The Miami-based provider of Internet infrastructure and managed services reported Monday a net loss of $104 million, or 55 cents a share, on total operating revenue of $40.2 million for the 12 months ended March 31, compared with a net loss of $6 million, or nine cents a share, on total operating revenue of $15.4 million for the same period in 2000.

Shareholders reacted passively to the losses, with shares closing down 11 cents at 94 cents on volume of 160,400, just 44 cents of the 52-week low of 50 cents a share. The issue has traded as high as $5 a share over the same time period.

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