iWeb Communities: Blog

Revenue increases by 60% and gross profit by 78%

MONTREAL, February 28, 2005?iWeb Group Inc. today announced its first quarter financial results for the period ended December 31, 2004.

In the first quarter, iWeb recorded consolidated revenue of $585,838, an increase of $220,664 or 60% compared to $365,174 for the same period last year.

Gross profit increased $142,073 or 78% from $182,248 in Q1 2004 to $324,321 in Q1 2005. Net income from continuing operations for Q1 2005 totalled $77,127 ($0.003 per share) compared to a net loss of $380 ($0.00 per share) in the same period last year. The increase is attributable to the company?s marketing efforts, especially with respect to dedicated servers.

As at December 31, 2004, shareholder equity totalled $577,471 and the company held $263,946 in cash, cash equivalents and investments.

On October 1, 2004, the company acquired Parangon Internet for $315,445. Parangon adds $20,000 in monthly revenue without increasing general and administrative expenses and its clients were smoothly integrated within the company?s systems in the month of December.

?The addition of Parangon Internet and the outstanding prospects for iWeb MyServerNow, a dedicated server rental service, will have a major impact on our financial results in the coming year,? said Éric Chouinard, president and CEO of iWeb Group. ?Our state-of-the-art data centre, low operating costs and competitive bandwidth rates continue to position iWeb as one of the leading Web hosting companies in Canada.?

About iWeb Group Inc.
Founded in Montreal in 1996, iWeb is one of the leading Canadian companies in terms of hosted domains. The company offers a full line of advanced Web hosting solutions in English, French and Spanish. With the acquisition of Parangon Internet, iWeb has over 9,600 customers in 48 countries around the world and generates recurring monthly revenue of over $220,000. iWeb Group Inc. is listed on the TSX Venture Exchange under the ticker symbol IWB. For more information, visit the Company?s website at investisseurs.iweb.ca..

FINANCIAL INFORMATION

*As at September 30, 2004

« The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of this release. »