Terremark loss narrows 28% at US$41mn

US-based network access point operator Terremark Worldwide (AMEX: TWW) ended its 2003 fiscal year on March 31 with a net loss of US$41mn, down 28% compared to the US$57mn registered the previous year, the company said in a statement. Consolidated revenue for the year was US$14.7mn compared to US$15.9mn the previous year. Revenues from non-core activities such as construction contracts and commissions were substantially reduced last year, down some US$9mn, but that was largely offset by tripled data center revenues of US$9.94mn compared to US$3.2mn in fiscal year 2002. The lack of non-core activities was also reflected by a reduction in expenses to US$40mn from US$67mn the previous year, halving the operating loss, which was US$25mn. The Miami-based NAP of the Americas was responsible for almost all of the US$3mn revenues seen in the last quarter, and the NAP's revenues were up 12% compared to the US$2.6mn billed in Q4 of fiscal year 2002. The company stands by its projection to reach positive cash flow by the end of calendar year 2003, but warned the projection may vary if there are delays in signing large customers already in the sales pipeline. Terremark presently has 135 customers overall, including 33 at the NAP do Brasil in Sao Paulo. The company is also deploying a NAP in Madrid, Spain, and considering a NAP in Mexico City.