Cypress Communications Inc. (NASDAQ:CYCO) has good and bad news for its shareholders. The good news is the five-year-old Atlanta company has increased its data customer base by 100% to 969 in the second quarter ended June 30. The firm also has boosted its business line growth by 82% from the first quarter.

The bad news is Cypress is still losing money. Second-quarter revenues increased 31% to $3.3 million from $2.5 million over the first quarter and 93% over sales of $1.7 million for the same period in 1999. However, Cypress showed a net loss for the quarter of $23.8 million, or 50 cents per share. For the first quarter, the net loss was $11.4 million or 40 cents per share and for the second quarter of 1999, the net loss was $2.6 million or 99 cents per share.

The firm attracted Wall Street attention when it raised $190 million with its IPO in February 2000. Cypress installs broadband networks in multi-tenant buildings. During the second quarter, the company increased the square footage it has under license agreements by 24 million, for a total of 270 million sf in more than 1,000 buildings in 54 markets. Square feet in service nearly doubled to 103 million.

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