Despite revenues that were up, Florida-based PNV Inc. reported a net loss of $87 million for its 2000 fiscal year, which ended June 30.
PNV, formerly known as Park N' View, reported net revenue of $5.6 million for the fourth quarter, an 18% increase over the previous quarter and a 126% increase over the fourth quarter a year ago. For FY2000, overall revenue increased 107% to $17.5 million.
However, the company reported a net loss of $20 million, or $1.25 per share, for the quarter. For the fiscal year, PNV reported a $87 million loss, or $7.88 per share. PNV's stock has ranged from a 52-week high of $20.125 to a 52-week low of $1.031.
Bob May, PNV president and CEO, said expenses were higher than anticipated. "Our increased expenses were the result of our ongoing investment in building a national communications network, our marketing expenses associated with our AOL relationship, and the completion of our network quality initiatives," he said. Among the expenses has been the continued expansion of its PNV network, which now offers services at 397 truckstops in 43 states -- an increase of 71 sites in the fourth quarter alone, 16 full-service and 55 PNV "Express Port" services. He said the company is "committed" to reducing expenses.
PNV is a media, telecommunications and entertainment services company that provides the long-haul trucking industry with cable TV, local and long distance phone service, Internet access, voice messaging systems, and the PNV.com
Future plans include the ability for customers to use PNV services beyond the truckstop, according to May.