iPass posts strong growth in customers, income, earnings for 2003: iPass is an international aggregator of dial-up, wired, and Wi-Fi networks primarily for corporations which use iPass's connection software and tie in their existing user authentication systems. iPass charges typically on a metered (per minute or per day) basis.
iPass increased its customer base by over 50 percent year over year, while improving revenue by 37 percent quarter over quarter ($37.5M versus $27.4M) and 47 percent year over year ($136.1M versus $92.8M). Net income was $13.9M for 2003 against $5.5M in 2002 (excluding a $24.3M one-time tax benefit in 2002). The company expects revenue for 2004 to top $180M.
From the Wi-Fi side, iPass exceeded 5,000 aggregated locations in 2003, and will be adding 3,900 T-Mobile hotspots in 2004, among other locations for a near-term total of 10,000 Wi-Fi hotspots, the CEO said in a recent interview.
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