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January 3, 2002 — (WEB HOST INDUSTRY REVIEW) — Verado (verado.com), a Denver-based managed hosting
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provider, announced yesterday that it has cut sixty-three employees at its
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Colorado and California locations. No further details were given in the
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company’s written statement.
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On Nov. 14, Verado announced its financial results for the third quarter of
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2001 ending Sept. 30. Net loss for the quarter was $114.6 million compared
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to $49.2 million for the second quarter of the same year. Included in the
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net loss was a $51.5 million, non-cash impairment charge related to the
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previously announced consolidation of six data centers and a $35.3 million
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net non-cash impairment charge on its remaining two data centers and
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corporate assets. EBITDA from continuing operations for the third quarter of
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2001 was a negative $14.8 million, compared with a negative $16.1 million
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for the second quarter.
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The struggling IDC provider sold the last of its non-core operations on Oct.
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5 to Denver startup Huge Hosting. The company’s stock has dropped from a
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high of $37 a share shortly after its March 2000 IPO to a recent low of
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0.032 cents.
About theWHIR.com
Since 2000, The Web Host Industry Review has made a name for itself as the foremost authority of the Web hosting industry providing reliable, insightful and comprehensive news, interviews and resources to the hosting community. TheWHIR is an iNET Interactive property. For more information on iNET Interactive, visit http://www.inetinteractive.com
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