StorageNetworks Announces Fourth-Quarter and Year-End Results.

Publication: Business Wire

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COPYRIGHT 2001 Business Wire

Business/Technology Editors

WALTHAM, Mass.--(BUSINESS WIRE)--Jan. 31, 2001

Fourth-Quarter Managed Storage Service Revenues Increase

Sequentially by 72%

Company Adds 47 New Customers in the Fourth Quarter

StorageNetworks, Inc. (Nasdaq: STOR), the world's leading provider of data storage management services, today announced revenues for the fourth quarter ended December 31, 2000 of $21.2 million, a 48% increase over revenues of $14.3 million in the third quarter of 2000 and a 578% increase over revenues of $3.1 million in the fourth quarter of 1999. For the year ended December 31, 2000, StorageNetworks reported total revenues of $48.2 million, compared with revenues of $6.3 million for the year ended December 31, 1999.

For the fourth quarter the company reported EBITDA loss (net loss before interest, taxes, depreciation, amortization and non-cash stock compensation) of $25.6 million, an improvement from third quarter EBITDA loss of $27.5 million. The company also reported a net loss of $33.0 million, or $0.36 per share for the fourth quarter, as compared to a net loss of $33.5 million, or $0.37 per share in the third quarter of 2000.

"I am extremely pleased by our performance in 2000, which was marked by a number of significant accomplishments, continued growth and geographic expansion," stated Mr. Peter Bell, StorageNetworks' Chairman, Chief Executive Officer and President. "During 2000, we increased the number of our customers receiving our world-class storage management services from 16 to over 170. As a result of our proven track record and our proprietary storage services management software, we have become the trusted storage services management provider to companies such as Merrill Lynch, Thomson Investors Network, GlobalNetXchange (the Sears/Oracle online marketplace), Visa USA, Unocal and other customers that have large and complex data storage requirements."

During the fourth quarter, StorageNetworks...

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