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Akamai Pays Off Debt.
2005-08-05, HostMan.biz Content delivery firm Akamai Technologies (akamai.com) announced on Thursday it is paying off all $56.6 million in principal of its 5.5 percent convertible subordinated notes that are due in 2007. The company will pay a redemption price of 101.571 percent plus accrued interest on September 7. Akamai says it has achieved a strong financial status and improved profitability, enabling the company to reduce some of its debt. The company experienced record revenue in its second quarter of 2005. Akamai's revenue increased 27 percent, year over year, last quarter, with the company earning $15.9 million, or 11 cents per share, on revenue of $64.6 million. For the same period in 2004, the company earned $6.8 million, or 5 cents per share, on revenue of $50.8 million. The company ended its second quarter with $51 million in cash on hand, with a net total of $256.6 million in convertible notes at the close of the quarter. |
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