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
- 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.