VoIP Inc., doubled its net loss during the second quarter of '07 compared to a year ago. The Orlando, Fla., enterprise voice-over-IP provider posted a loss of $11.9 million for the quarter ending June 30, compared to a loss of $5.2 million last year. Revenues declined from $2 million last year during the same period to $1.9 million this year.
VoIP Inc. Chairman and CEO Anthony Cataldo said the loss was related to "building the business," and that July revenues increased 59 percent over June to about $852,000. The increase was related to a 47 percent increase in termination minutes on the VoIP Inc. network. Cataldo said August revenues were on target to exceed $1 million. He also said the company was positioned to serve more than 50 million households and businesses, with a target of 200 million subscribers and enterprise lines by year end.
Last week, VoIP Inc. executed a 1-for-20 reverse stock split. Trading over-the-counter as VOIC, the former tea-trading company closed Aug. 22 at 55 cents a share, having fallen 21 percent during the day. A turn-around doesn't appear imminent.
For More:
- VoiP Inc.'s numbers are here [1]
- The reverse stock split announcement is here [2]
- Light Reading provides the rich history of VoIP Inc. here [3]
Related Stories
VoIP Takes Initial Steps to Protect Intellectual Property Report [4]
Links:
[1] http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20070821005124&newsLang=en
[2] http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20070816005223&newsLang=en
[3] http://www.lightreading.com/document.asp?site=lightreading&doc_id=58587
[4] http://www.fiercevoip.com/story/voip-takes-initial-steps-protect-intellectual-property/2007-04-05