Terremark Swings To 4Q Profit

MIAMI (AP) — Terremark Worldwide Inc., which runs Internet exchanges and provides other IT help, said Tuesday that it swung to a profit in the March quarter, but revenue fell short of expectations.

The company also set a revenue target for the April-to-June quarter that was below analysts' forecasts.

The company said it earned $3.5 million, or 6 cents per share in its fiscal fourth quarter, which ended March 31. That compared with a loss of $2.7 million, or 5 cents per share, in the same period last year.

Analysts expected the company to earn a penny per share, according to a survey by Thomson Reuters.

Revenue rose to $68.9 million from $56.8 million a year ago, but was shy of analysts' target of $74.2 million.

In the March quarter, Terremark surpassed it own forecast for earnings before interest, taxes, depreciation and amortization and after one-time items. It also said it had record quarterly bookings of contracts with an annual value of $31.8 million.