Terremark's fiscal year begins in April.

Consolidated revenue for the quarter was $4.4 million compared to $8 million in the same period last year. The company attributed the revenue drop to a $4 million decrease generated by non-core activities. The loss was partially offset by $400,000 of data center revenue from the NAP.

"We expect data center revenue to increase in future periods as our customers continue to set up their operations" in the Nap, Manuel D. Medina, Terremark's chairman/CEO, says in a prepared statement.

Major financing activities during the quarter included closing on a $48 million loan with Ocean Bank of Miami and the reduction of Terremark's guarantee on financing related to the Technology Center of the America's project of $61 million to $9.5 million.

The company also completed the final steps in exiting non-core businesses.

"We continue on track, expanding our customer base," Medina says. Terremark has 51 multi-year, revenue-producing contracts "with additional customers in the pipeline," the chairman says.

"Customer contracts today have an average term of five years and an aggregate value in excess of $43 million, representing a 16% increase in aggregate value over the past three months," Medina says.

"Operationally, we have substantially completed building our sales, engineering and network operations teams for the NAP of the Americas," he says. "This core team is the foundation of personnel and fixed costs that we can leverage to drive growth in our customer base and look forward to achieving EBITDA profitability for the NAP of the Americas."