For the fourth quarter ended December 31, 2002, total revenues were $9.3 million, an increase of approximately 133 per cent over fourth quarter revenues of $4.0 million for the prior comparable period. Net loss per share for the fourth quarter of 2002 was $0.42 versus net income per share of $0.02 during the prior comparable period. Average number of common shares outstanding during the fourth quarter of 2002 was 25.2 million versus 19.1 million during the fourth quarter of 2001.

For the year ended December 31, 2002 total revenues were a record $32.1 million, an increase of 110% over total revenues of $15.3 million for the year ended December 31, 2001. Net loss for 2002 was $18.1 million (which includes the $2.8 million restructuring charge and the $3.7 million non-cash SFAS 142 intangible asset charge) versus a net loss of $8.9 million (which includes a $5.6 million gain on the extinguishment of debt) for the prior comparable period. Net loss per share for the year ended December 31, 2002 was $0.75 versus a net loss of $0.51 per share for the year ended December 31, 2001. The average number of common shares outstanding during 2002 was 24.2 million versus 17.4 million during 2001.

FASTNET provides high-performance, dedicated and reliable broadband services to businesses that need to drive productivity, profitability and customer service via the Internet. The company also specializes in managed hosting.