iBasis Reports 12% Sequential Increase in VoIP Minutes

iBasis carried 748 million minutes of voice traffic over its global IP network in Q4, a 78% increase over the 421 million minutes carried in Q4 2001, and a 12% sequential increase over the 670 million minutes in Q3 2002. Average revenue per minute was 5.7 cents per minute in Q4 2002, essentially unchanged from Q3 2002. In Q4, overseas-originated calls accounted for 54% of wholesale telecommunications revenue and 41% of wholesale traffic, up from 40% of wholesale revenue and 34% of wholesale traffic in Q3. The iBasis network ended the year with 43,452 total overseas lines and 771 PoPs. Financially, iBasis reported revenue from continuing operations of $42.9 million, an increase of 35% over Q4 2001 revenue of $31.7 million. There was a GAAP net loss of $10.8 million, or a net loss of $0.24 per share. The company believes it will achieve positive free cash flow and positive net income in mid-2004.
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