October 26, 2007 -- (WEB HOST INDUSTRY REVIEW) -- Canadian Web hosting and colocation provider Peer 1 Network Enterprise (peer1.net) announced on Friday it has made its first-ever annual profit of $3.63 million.

Peer 1 reported sales of $74.36 million for 2007 compared to $60.73 million last year.  Gross profit increased 28.08 percent to $28.77 million for the year ended June 30, 2007, compared to $22.46 million in 2006.

Peer 1 CEO Fabio M. Banducci called 2007 a "transformational year", adding that the Web host was "prepared to grow its base of over 9,000 customers worldwide."

Earlier this year, Peer 1 expanded its data center capacity to add approximately 65 percent more dedicated servers and 40 percent more colocation cabinets. Peer 1's shares dropped 3 cents, or 2.4 percent, to close at $1.20, though it released its earnings results just after the close of trading in Toronto.

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