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Fibertech Networks Reports Record Revenues20 January 2005
In 2004, Fibertech closed more than $91 million in new sales contracts, doubling the corresponding last fiscal year of $40 million. The company also sold 114 new customer contracts in 2004, versus 77 in 2003 and 47 in 2002.
"Achieving operating profitability in 2004 is an important milestone for Fibertech," said Fibertech President and CEO John K. Purcell. "It not only validates our business plan and all the effort and dedication of our employees, but it also provides us with greater financial flexibility for our future plans."
Other Sales, Operating and Financial Highlights
-- Since its inception in May 2000, Fibertech now holds sales contracts totaling more than $263 million.
-- Added $10.5 million in annual recurring run-rate revenue under lease, bringing that number to over $19 million. In addition to that lease revenue, Fibertech sells approximately $10-15 million per year in upfront cash deals.
-- Over 54% of the $91 million in sales contracts were to enterprise customers. Enterprise customers are major businesses and firms other than telecom carriers. Achieving a balanced customer base beyond the telecom carriers has been an ongoing goal for Fibertech.
-- Major new customers in 2004 include the State of Connecticut; Community Health Network in Indianapolis; Community College of Allegheny County in Pittsburgh; Sacred Heart University in Connecticut; Lightship Telecom, plus several Fortune 500 companies, school districts in New York and Connecticut, and major long distance, cellular and CLEC carriers.
-- Increased network route miles in service to more than 2,500 route miles and 240,000 fiber miles.
-- Networks operational in 16 markets. 2004 additions were Stamford, CT and Wilmington, DE.
-- 2005 will see network expansion into Concord, NH, Erie, PA, and White Plains, NY, for a total of 19 cities in the Fibertech network footprint.
"We plan to build on the momentum we've gained as we move into 2005," commented Frank Chiaino, Chief Operating Officer for Fibertech. "As we look forward, our mission remains clear. We will continue to expand our existing markets to serve a larger base. We will explore new markets opportunities through anchor tenant agreements. And we will continue to provide customers with fiber-based services that add operational and financial value to their companies."
Fibertech has local metro networks operational in 16 mid-size cities including Providence, Rhode Island; Pittsburgh, Pennsylvania; Buffalo, Syracuse, Rochester, Binghamton, and Albany, New York; Indianapolis, Indiana; Columbus, Ohio; Hartford, Bridgeport and New Haven, Connecticut; and Worcester and Springfield, Massachusetts. Additions in 2004 include Stamford, Connecticut, and Wilmington, Delaware.
About Fibertech Networks
Headquartered in Rochester, N.Y., Fibertech Networks is a leader in building and operating fiber optic networks throughout mid-size cities in the Eastern and Central regions of the United States. The company has built metro-area networks strategically connecting local Telco central offices, carrier hotels, data centers, office parks and other high traffic locations. Fibertech recently placed fifth on the 2004 Rochester Top 100 list, which ranks privately held companies based on three years of revenue growth.
Founded in 2000 and privately held, Fibertech investors are led by Nautic Partners of Providence, R.I., and Banc of America Capital Investors of Charlotte, N.C. Further information about the company can be found at www.fibertech.com.
Source: TMCnet
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