UniTek Global Services, Inc. Announces Financial Results For Fiscal Third Quarter 2010
Revenue Grows 52% Year-over-Year to $110.1 Million Backlog Increases to $913.1 Million Net Loss Improves by $3.1 million Year-over-Year to $3.9 Million Adjusted EBITDA Increases 52% Year-over-Year to $9.3 Million (1) ***** Completed Public Offering to Raise $82.6 Million
BLUE BELL, Pa., Nov. 17, 2010 (GLOBE NEWSWIRE) -- UniTek Global Services, Inc. ("UniTek" or the "Company") (Nasdaq:UNTK), a premier provider of permanently outsourced infrastructure services to the wireless and wireline telecommunications, broadband cable and satellite television industries, today announced financial results for its fiscal third quarter ended October 2, 2010.
Third Quarter and Recent Financial and Business Highlights
- Completed public offering of 19 million shares at $4.75 per share generating net proceeds of approximately $83 million.
- Net proceeds of public offering strengthen the Company's balance sheet by allowing the pay down of approximately $62 million of debt while adding approximately $21 million in cash for working capital purposes.
- Revenue was $110.1 million compared to $72.6 million for the third quarter of 2009 – a 52% increase.
- Three-year backlog totaled $913.1 million at October 2, 2010, a record high for the Company (5).
- Adjusted EBITDA increased 52% to a record $9.3 million, compared to adjusted pro forma EBITDA of $6.1 million in the third quarter of 2009 (1)(3).
- Net loss improved by $3.1 million to $3.9 million, compared with $7.0 million for the third quarter of 2009.
- Net income after certain non-cash adjustments (4) was $2.0 million, compared with $0.1 million in the third quarter of 2009.
- Signed 4-year renewal of Home Services Provider contract with DIRECTV through October 2014.
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