MBND boosts FY10 EBITDA forecast for third time...
Company now sees $18-20M, up from $15-17M on 8/12. They bumped their FY10 revenue forecast as well...
(PR Wires) PRW: Multiband Expects Strong Third Quarter 2010 EBITDA
Third Quarter EBITDA Significantly Exceeds Guidance
Company Raises Revenue and EBITDA Guidance for Balance of Year
Earnings Conference Call set for Thursday November 11, 2010 at 3:30 p.m.
CST
Dial-in Number: 877-941-1428
MINNEAPOLIS--(BUSINESS WIRE)--November 09, 2010--
Multiband Corporation (NASDAQ:MBND), a leading Home Service Provider (HSP)
for DIRECTV and the nation's largest DIRECTV Master System Operator (MSO)
for Multiple Dwelling Units (MDUs), today announced that it expects third
quarter 2010 EBITDA(1) for the period ended September 30, 2010, will exceed
previously announced guidance. The Company also anticipates reporting
slightly stronger than expected revenue results driven by increased leverage
in its business model. Multiband expects to report overall financial results
for the fiscal quarter ended September 30, 2010 and hold a conference call
to discuss the third quarter on November 11, 2010.
James L. Mandel, CEO of Multiband, commented, "We are executing ahead of
plan and successfully leveraging our infrastructure to generate significant
year over year EBITDA growth. As expected, the operating efficiencies in our
expanded platform, which includes superior performance metrics as well as
the potential for diversified installation and ancillary services, are
driving improved efficiencies within our business model and delivering
tangible positive operating results. Coupled with a slightly stronger top
line, we now expect our EBITDA results to exceed the guidance we have
previously given on an annualized basis. Accordingly, we are raising our
2010 EBITDA Guidance from $15 to 17 Million to a new range of $18 million to
$20 million. We are slightly raising our Revenue Guidance from approximately
$ $250-$255 Million to a new target of approximately $255-$258 Million. We
look forward to reporting finalized financial results for the three and nine
months ended September 30, 2010 and discussing operational details in an
upcoming press release and conference call on November 11, 2010."
(1) NON-GAAP Financial Measures
To comply with Regulation G promulgated pursuant to the Sarbanes-Oxley
Act, Multiband Corporation, as is common in its industry, uses EBITDA as
a measure of performance to demonstrate earnings exclusive of interest
and non-cash events. The Company manages its business based on its cash
flows. The Company, in its daily management of its business affairs and
analysis of its monthly, quarterly and annual performance, makes its
decisions based on cash flows, not on the amortization of assets obtained
through historical activities. The Company, in managing its current and
future affairs, cannot affect the amortization of the intangible assets
to any material degree, and therefore uses EBITDA as its primary
management guide. Since an outside investor may base its evaluation of
the Company's performance based on the Company's net loss not its cash
flows, there is a limitation to the EBITDA measurement. EBITDA is not,
and should not be considered an alternative to net loss, loss from
operations, or any other measure for determining operating performance of
liquidity, as determined under accounting principles generally accepted
in the United States (GAAP). The most directly comparable GAAP reference
in the Company's case is the removal of interest, depreciation,
amortization, taxes and other non-cash expense.
About Multiband Corporation:
Multiband is the largest nationwide DIRECTV master system operator in the
Multiple Dwelling Unit (MDU) market and one of the largest full-service home
service providers (HSPs), handling around 20% of all DIRECTV's
installations, maintenance and upgrades for residents of single-family
homes. Multiband is a full-service provider for a number of other partners
within the footprint as well, offering solutions for watch, talk, surf and
security, and is equipped with a retail store and an online store to strive
to be a customer's "one source solution" for all electronic needs.
Additionally, Multiband is a leading provider of software and integrated
billing services to MDUs on a single bill, including video, voice, data and
other value-added local services, both directly and through strategic
partnerships. Multiband is headquartered in Minneapolis, MN, and has offices
strategically placed around the continental United States.
Statements about our future expectations are "forward-looking statements"
within the meaning of applicable Federal Securities Laws, and are not
guarantees of future performance. When used herein, the words "may," "will,"
"should," "anticipate," "believe," "appear," "intend," "plan," "expect,"
"estimate," "approximate," and similar expressions are intended to identify
such forward-looking statements. These statements involve risks and
uncertainties inherent in our business, including those set forth in our
most recent Annual Report on Form 10-K for the year ended December 31, 2009,
and other filings with the SEC, and are subject to change at any time. Our
actual results could differ materially from these forward-looking
statements. We undertake no obligation to update publicly any
forward-looking statement.
CONTACT: Multiband Corporation
James Mandel, CEO, 763-504-3000
or
Investor
Contact
Hayden IR
Cameron Donahue, 651-653-1854
cameron@haydenir.com
SOURCE: Multiband Corporation
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