Terremark Worldwide reported second quarter revenues of $59.6 million, up 31% year on year and said the company was a takeover target after it was approached in April 2008.
The company said it considered the takeover offer which was in any event scuppered by the global liquidity crisis.
Earnings begore tax as adjusted for the quarter ended September 30, 2008 was $9.9 million, up , which represents a 27%. Income from operations for the six months ended September 30, 2008 was $3.5 million.

In a statement the company said: "A significant impact on our results of operations and EBITDA, as adjusted, during the September 2008 quarter was related to the evaluation of strategic alternatives by the Company's Board of Directors. This evaluation began in April 2008 upon receipt by the Company of an unsolicited expression of interest regarding a potential acquisition of all the outstanding shares of Company stock at a premium to the then current trading price. The Board of Directors formed a strategic committee to conduct a market check and to authorize and oversee management's preliminary exploratory process to identify transaction alternatives to maximize stockholder value. No definitive transaction with any third party ensued as a result of the process in light of global economic conditions and credit market illiquidity. Therefore, the Board of Directors determined that it was in the shareholders' best interest to continue executing the Company's business plan."
Terremark added 80 new customers, for a total of 1,068 customers at the end of the period. Terremark booked $27.6 million of new annual contract value, which represents the fourteenth straight quarter of strong bookings.
Operations Total built-out colocation space increased to 187,671 as a result of additional space coming online in the NAP of the Capital Region and the NAP of the Americas. The Company is currently deploying customers into the new space and is seeing a robust pipeline for services in both facilities. Total colocation space utilization was 23.3% as of September 30, 2008 compared to 23.7% as of June 30, 2008.
Utilization of built-out colocation space was 55.0% as of September 30, 2008. The utilization rates both decreased due to the activation of additional space in the NAP of the Capital Region and Terremark's facility in Miami.
Following the launch of the Enterprise Cloud in June, Terremark has continued to promote its innovative cloud computing platform. The Company presented at a number of the leading industry conferences and hosted a series of customer webinars, which have resulted in a number of customer contracts.

"We executed well and reached the high-end of our revenue guidance despite a tough macro-economic environment," said Manuel D. Medina, Chairman and CEO of Terremark. "Demand for IT infrastructure services, and particularly Terremark's full suite of offerings, remains strong driven by the compelling value proposition we offer to today's CIOs who are under pressure to produce more effectively and efficiently with smaller budgets."
Medina added, "While our results this quarter were impacted by a strategic process that is now complete, our Company remains ideally positioned to meet the needs of CIOs, as demonstrated by our healthy bookings and pipeline."
"With a fully funded growth strategy and diverse, blue-chip customer base, we anticipate that our company will continue to produce strong results despite the tough macro-economic environment," said Jose Segrera, Terremark's CFO. "Given our strong revenue growth this past quarter, we feel confident that the recurring nature of our business model enhances our ability to continue our strong performance in the coming quarters."
Business Outlook For the third quarter of fiscal 2009, the Company expects revenues to range from $65.0 million to $67.0 million and EBITDA, as adjusted, to range from $15.0 million to $16.0 million.
For the 2009 fiscal year, guidance remains between $255 million to $260 million of revenues and EBITDA, as adjusted, to range between $58 million and $60 million.