Internet America Reports Preliminary Unaudited Operating Results For The Fiscal Quarter And Year Ending June 30, 2010
Internet America, Inc. (OTCBB: GEEK) today announced preliminary unaudited operating results for the fiscal fourth quarter and the fiscal year ended June 30, 2010. Total revenues for the fiscal year decreased by 4.6% to approximately $7,419,785, compared to total revenues of approximately $7,782,982 for the fiscal year ending June 30, 2009. Revenues for the fourth fiscal quarter ending June 30 th of 2010 increased slightly to $1,873,796 compared to $1,866,740 for the fourth fiscal quarter ending June 30 th of 2009.
Adjusted EBITDA (earnings before interest, taxes, stock based compensation, and depreciation and amortization) for the fiscal year ending June 30, 2010 was approximately $158,000 compared to adjusted negative EBITDA of approximately ($387,000) in the fiscal year 2009. Adjusted EBITDA was approximately $239,000 in the fourth quarter of fiscal 2010 compared to adjusted negative EBITDA of approximately ($194,000) in the fourth quarter of last fiscal year. Net loss and adjusted EBITDA were positively impacted in fiscal 2010 by continued reductions in costs associated with connectivity and operations and general and administrative expenses. The Company expects to report final audited results around the end of September 2010 in connection with the filing of its annual report on Form 10-K with the Securities and Exchange Commission.
Billy Ladin, Chairman and CEO, said, “We are pleased with our earnings progress over the last fiscal year and particularly the last quarter, and we believe that our EBITDA profitability will continue and possibly improve over the foreseeable future. During the fourth fiscal quarter, we elevated three experienced managers to Vice Presidents, returned over 90% of the employees whose salaries had been reduced as part of the salary reduction plan that began in January to their full compensation levels, and turned our major focus to top line growth. While we are now more focused on revenues, we do not intend to take our eyes off of our goal to improve profitability.”
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