Posted by : Randy Cooper in (CDN)

Limelight narrows fourth-quarter, annual losses

limelight_networksLimelight Networks Inc. narrowed its net loss for the fourth quarter and 2008 amid higher revenue across the board.

Tempe-based Limelight (Nasdaq:LLNW), which provides the backbone of technologies for streaming video via the Internet, reported a net loss of $13.9 million, or 17 cents a share, for the fourth quarter compared to a loss of about $53.3 million for the same quarter in 2007. For the year, Limelight reported a loss of $63 million, a decrease over its reported 2007 loss, which came in at $73 million.

The company is seeing increased traction in revenues, adding 30 net customers for the quarter and reporting revenue of $35.8 million for the quarter, up from $29.1 million for the same quarter in 2007.

Its annual results were similar, with higher revenue helping narrow losses.

Company officials reported record network traffic in the fourth quarter ended in December, giving Limelight a 25 percent share of the total content delivery network market.

“Consumers and businesses continue to migrate online to source information, enjoy entertainment media, and conduct commerce,” said Jeff Lunsford, chairman and CEO of Limelight. “With our robust network-based architecture and disciplined operations, we believe we are well positioned to capitalize on this long-term trend and grow our business in 2009 even amidst challenging times.”

Company officials said they ended the quarter with no bank debt and $175 million in cash and short-term marketable securities.

Source: http://www.bizjournals.com/phoenix/stories/2009/02/23/daily45.html

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