Followers | 60 |
Posts | 8911 |
Boards Moderated | 1 |
Alias Born | 06/20/2008 |
Sunday, August 03, 2008 9:35:51 PM
MCLEAN, VA, Jul 31, 2008 (MARKET WIRE via COMTEX) -- PRIMUS Telecommunications Group, Incorporated (OTCBB: PRTL), a global, facilities-based integrated communications services provider, today announced its results for the quarter and six months ended June 30, 2008.
Second Quarter 2008 Highlights:
-- $236 Million Net Revenue, Up $10 Million or 5% From Prior Quarter
-- $15 Million Income from Operations, Up $5 Million From Prior Quarter
-- $24 Million Adjusted EBITDA, Up $9 Million From Prior Quarter
-- $64 Million of Debt Principal Reduction
-- Net Revenue and Adjusted EBITDA Guidance Adjusted Upward
PRIMUS reported second quarter 2008 net revenue of $236 million, up $10 million from $226 million in both the prior and year-ago quarters. The Company reported $44 million of net income for the quarter, compared to a net loss of $3 million in the prior quarter and net income of $12 million in the second quarter 2007. As a result, the Company reported basic and diluted net income per common share of $0.31 and $0.24, respectively, in the second quarter 2008, as compared to basic and diluted net loss per common share of ($0.02) in the prior quarter and basic and diluted net income per common share of $0.10 and $0.07, respectively, in the year-ago quarter.
"We are encouraged by our second consecutive quarter of net revenue growth. Based on this performance we are revising upward our 2008 revenue guidance. We are now targeting positive year-over-year revenue growth versus our earlier guidance of a 2% to 5% decline in 2008," said K. Paul Singh, Chairman and Chief Executive Officer of PRIMUS. "We are also pleased that continued increases in our growth products have again eclipsed the decline in legacy services."
"Growth in net revenue, together with continued cost management, has generated $24 million in Adjusted EBITDA, up sharply from $15 million in the first quarter. Even after excluding the $6 million regulatory award involving excessive pricing by Telstra, Adjusted EBITDA results represent a sequential increase of 17%."
Also during the quarter, as previously announced, PRIMUS reduced outstanding debt principal by $63 million through private exchange transactions. The Company successfully issued $67 million principal amount of new debt plus $4.7 million in cash in exchange for $130 million principal amount of outstanding debt. This transaction reduced overall debt principal levels by 10%, reduced debt maturing in the latter half of 2009 from $28.1 million to $22.8 million, and reduced debt maturing in the latter half of 2010 from $133.6 million to $57.6 million.
Subsequent to the end of the second quarter, a Canadian affiliate, of which the Company currently owns slightly less than 50% of the equity, sold certain primarily rural WIMAX spectrum assets (representing approximately 10% of its spectrum population coverage) for cash consideration of $5 million. "While we continue to pursue other potential sales of select assets to improve liquidity and to narrow geographical focus to our major franchises, prevailing uncertainty in the capital markets combined with a weak overall economic outlook is likely to extend our time horizon to meet the goal of generating $50 million in cash proceeds from assets sales, particularly if valuation parameters are not at acceptable levels," Mr. Singh said.
"In light of our revised revenue guidance and operating performance, and assuming currency exchange rates remain at current levels, we are adjusting upward our full year 2008 Adjusted EBITDA target to the vicinity of $75 million, versus a previous range of $65 million to $80 million. As in past quarters, that outcome will be influenced by the success we achieve in our expanded sales and marketing efforts. We continue to expect capital expenditures for the year to be in the $25 million to $30 million range, approximately $5 million lower than our initial guidance," Mr. Singh concluded.
Recent VATE News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/16/2024 08:17:05 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/03/2024 09:14:51 PM
- INNOVATE Corp. Regains Compliance with NYSE Minimum Price Requirement • GlobeNewswire Inc. • 09/03/2024 08:05:03 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/08/2024 08:15:27 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/07/2024 08:06:55 PM
- INNOVATE Corp. Announces Second Quarter 2024 Results • GlobeNewswire Inc. • 08/07/2024 08:04:14 PM
- INNOVATE Corp. Announces Extension of Effective Date for Reverse Stock Split to August 8, 2024 • GlobeNewswire Inc. • 07/29/2024 12:30:08 PM
- INNOVATE Corp. Announces 1-for-10 Reverse Stock Split of the Company’s Common Stock • GlobeNewswire Inc. • 07/19/2024 01:10:22 PM
- INNOVATE Corp. to Report Second Quarter 2024 Results on August 7th • GlobeNewswire Inc. • 07/17/2024 08:05:54 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/17/2024 08:36:10 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 06/14/2024 08:25:12 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/14/2024 08:24:29 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/12/2024 08:40:08 PM
- Form 4/A - Statement of changes in beneficial ownership of securities: [Amend] • Edgar (US Regulatory) • 06/12/2024 08:18:05 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/20/2024 08:14:29 PM
- INNOVATE Corp. Announces First Quarter 2024 Results • GlobeNewswire Inc. • 05/07/2024 08:05:48 PM
- INNOVATE Corp. to Report First Quarter 2024 Results on May 7th • GlobeNewswire Inc. • 04/26/2024 01:05:20 PM
- INNOVATE Corp. Announces Closing of Rights Offering • GlobeNewswire Inc. • 04/24/2024 08:47:07 PM
- INNOVATE Corp. Announces Preliminary Results of Rights Offering • GlobeNewswire Inc. • 04/22/2024 12:01:08 PM
- INNOVATE Corp. Announces Further Extension of Rights Offering Subscription Period • GlobeNewswire Inc. • 04/09/2024 08:18:19 PM
- INNOVATE Corp. Announces Extension of Rights Offering Subscription Period • GlobeNewswire Inc. • 03/25/2024 08:35:09 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/08/2024 02:30:35 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 03/08/2024 02:12:11 PM
- INNOVATE Corp. Announces Commencement of Rights Offering • GlobeNewswire Inc. • 03/08/2024 02:00:43 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/06/2024 01:05:52 PM
FEATURED Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • Sep 24, 2024 8:50 AM
FEATURED Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM