The iBasis network carried 792 million minutes of voice traffic in Q1, a 43% increase over the 555 million minutes carried in Q1 2002, and a 6% sequential increase over the 748 million minutes in Q4 2002. Average revenue per minute was 5.3 cents per minute in the first quarter of 2003, compared to 5.7 cents per minute in Q4 2002. Some other highlights for Q1:
- iBasis generated revenue of $41.8 million. Net income was $4.0 million, or $0.09 per share. Net income included a gain of $12.9 million on the exchange of convertible subordinated notes.
Overseas-originated calls accounted for 50% of wholesale telecommunications revenue and 43% of wholesale traffic, compared to 49% of wholesale revenue and 41% of wholesale traffic in Q4 2002.
Tier One carrier customers generated approximately 62% of revenue in Q1 2002, compared to 67% of revenue in Q4 2002.
iBasis believes it will achieve positive cash flow and net income in mid-2004.
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