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Cogent trims loss, boosts revenue


Revenues were up and losses were down at Cogent Communications, which reported significant growth in corporate customers.

According to Thomson First Call, however, the loss per share of 37 cents was two cents higher than analysts expected for the ISP. The total loss for the period was $16.1 million, compared to $26.5 million for the third quarter of 2004.

Net service revenue was $33.8 million for the quarter, an increase of 55.4% over the previous year’s third quarter.

Cogent CEO Dave Schaeffer told analysts his company is poised for growth and will double its EBITDA in 2006.

“Our network remains less than 4% utilized, we have ample capacity and Cogent remains focused on twin goals of increasing profitability and gaining market share,” he said. “We are pleased with percentage of revenue on-net with is up from 54% to 60%..”

Growth in the quarter included adding 17 buildings to the network, mostly in Europe, and more than 1400 customer connections. Cogent is also actively expanding its sales force, adding 13 net sales people this quarter and planning to add another 10 in the coming quarter, Schaeffer said. The current sales force is average five sales per month. Average revenue per customer was down five percent due to the shift from service provider to enterprise customers, he added.

“We sold the majority of new incremental sales to corporate customers which accounts for the reduction in ARPU,” he said. “The quality of our corporate customers is our highest quality customer base. They have the longest life with the company and we feel that this shift in our product mix and our customer base is a very positive for the company.”


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