May 9, 2006

Yesterday, Web services provider Web.com released the results for its first quarter ended March 31, 2006.

The company reported that total revenues for the quarter were $12.3 million, up from $12.1 million in the November 2005 quarter.

Net income was a loss of $5.5 million, or $0.34 per share, including $5.3 million of stock-based compensation and income tax benefits of $0.9 million, compared to a loss of $2.6 million in the November 2005 quarter.

The company was enthusiastic about the fact that net subscriber growth for the quarter was approximately 12,000, bringing customer totals to approximately 149,000. The increase included organic growth of approximately 4,000 accounts.

"The results from this quarter demonstrate our progress in stabilizing the business, diversifying into Web services and building a business model that drives subscriber growth," says Jeff Stibel, president and CEO of Web.com.

"Notably, Web.com achieved record organic subscriber growth and generated positive adjusted net income, a key financial milestone."

Source: The WHIR