Infonet, provider of global communications services, reports its results for its fiscal year 2003 and the fourth quarter ended March 31, 2003. Total revenue for fiscal 2003 was $654 million (EUR 565.71 mln) compared to $646 million for fiscal 2002. Fiscal 2003 revenue includes an incentive fee that Infonet earned in connection with the completion of a European outsourcing agreement, of which $74 million was recognized and $57 million was collected in cash during fiscal 2003. Revenue for the fourth quarter of fiscal 2003 was $166 million, compared to $159 million for the fourth quarter of fiscal 2002, an increase of 5%. Fourth quarter revenue includes $17 million of the incentive fee. Core revenue1, excluding the $74 million incentive fee, increased 10% in fiscal 2003 to $552 million from $500 million in fiscal 2002. Core revenue for the fourth quarter of fiscal 2003, excluding the incentive fee of $17 million, was $149 million, versus $131 million in fiscal 2002, an increase of 14%. Core revenue growth reflects continued demand for Infonet's value-added services. Core revenue will represent 100% of revenue going forward, based on our current plan.
