May 28, 2003 -- Data center services provider Switch and Data had positive net income in April and May and is ahead of its growth plan for the year, the company said today.
The announcement follows the Tampa, Fla. company's March acquisition of PAIX.net from Metromedia Fiber Networks. In the 18 months prior to the PAIX deal, Switch and Data had been "EBITDA positive" - recording positive Earnings Before Interest, Taxes, Depreciation and Amortization.
Switch and Data paid $40 million for PAIX in a bankruptcy court auction, acquiring 225 customers representing $30 million in annual revenues. That has enabled the company to become profitable, helping boost revenue 91 percent from April 2002 levels.
Switch and Data now has annualized monthly revenues of $74 million, with a total customer base of 442 customers. A third of those customers are ISPs, while 28 percent are enterprises, and 26 percent are telecom companies, according to Switch and Data.
"The PAIX acquisition, combined with our management team and employees' focus on meeting corporate goals, have contributed significantly to our delivering on our business plan," said Patricia Higgins, Switch and Data's President and CEO. "The complete and seamless integration of PAIX across all organizations, expanded product offerings and continued focus on customer satisfaction will certainly support a continued healthy growth rate."
Switch and Data offers neutral interconnection and colocation services to web-based businesses and Internet/telecommunications providers.