Nov. 14, 2001 -- Internet infrastructure company Terremark Worldwide, Inc. saw its losses widen slightly in the third quarter, but signed additional customers for its NAP of the Americas as it positioned itself for future growth.
Terremark's net loss was $13.3 million (7 cents per share), compared to a net loss of $11.7 million (6 cents a share) for the same period in 2000. Revenue for the quarter ended September 30 was $4.4 million compared to $8.0 million for the year-earlier period.
The dip in revenue was related to the disposition of several business lines, while Terremark experienced higher expenses as it opened the NAP of the Americas,
a Tier 1 network access point housed in the company's 750,000 square foot Technology Center of the Americas (TECOTA) in Miami.
``During this quarter, we continue on track expanding our customer base," said Manuel D. Medina, Chairman and CEO. "We now have 51 multi-year, revenue producing contracts with additional customers in the pipeline. Customer contracts today have an average term of 5 years and an aggregate value in excess of $43 million, representing a 16 percent increase in aggregate value over the past three months.''
During the quarter, the company closed on a $48 million loan from Ocean Bank that helped reduce Terremark's guarantee on financing related to the TECOTA project from $61 million to $9.5 million.
Terremark Worldwide Inc. provides Internet infrastructure and managed services.