Minutes of use on The iBasis Network in Q4 2003 rose to 955 million minutes, a 10% sequential increase over the 866 million minutes in the third quarter of 2003. Average revenue per minute was 5.6 cents per minute in the fourth quarter of 2003, a significant increase from 5.1 cents per minute in Q3 2003. Some additional operational highlights:
- Tier One carrier customers generated 59% of revenue in Q4 2003, compared to 63% of revenue in Q3 2003.
- Overseas-originated calls accounted for 41% of revenue in Q4 2003, compared to 44% of revenue in Q3 2003
- For the full year 2003, iBasis carried 3.5 billion minutes of Internet telephony traffic, compared to 2.6 billion minutes in 2002.
- iBasis finished the year with 237 customers.
- Financially, iBasis reported Q4 revenue of $53.2 million, an increase of 24% over the same period last year. Net loss for the fourth quarter 2003 was $2.6 million or $(0.06) per share
- iBasis believes it will achieve positive cash flow and net income in mid-2004, and that it will achieve positive cash flow for the year 2004. The Company will continue to focus on re-capitalization and believes its financial performance in 2004 will enable it to refinance remaining bond debt due in Q1 2005.
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