Premiere Global Services, Inc. (NYSE: PGI), a global leader in virtual meetings, today announced results for the first quarter ended March 31, 2011.
In the first quarter of 2011, net revenues increased 3.9% to $116.9 million, compared to $112.5 million in the first quarter of 2010. Diluted EPS from continuing operations was $0.06 and non-GAAP diluted EPS from continuing operations was $0.12* in the first quarter of 2011, compared to diluted EPS from continuing operations of $0.08 and non-GAAP diluted EPS from continuing operations of $0.14* in the first quarter of 2010. Results for 2010 are reclassified to reflect the PGiSend business as discontinued operations, as it was sold in October 2010.
“We are pleased with the momentum we have generated in our business, as we continue to execute our strategy for growth,” said Boland T. Jones, PGi founder, chairman and CEO. “The launch of our new iMeet® and GlobalMeet® solutions and our advertising campaigns have created a noticeable buzz in the marketplace. Our sales pipelines are strong, and trends in our base business continue to improve. As a result, 2011 is off to a good start.”
Financial OutlookThe following statements are based on PGi’s current expectations. These statements contain forward-looking statements and company estimates, and actual results may differ materially. PGi assumes no duty to update any forward-looking statements made in this press release. Based on the strength of its first quarter results and current business trends, PGi increased its financial outlook for 2011. Based on current trends and foreign currency exchange rates, PGi now anticipates net revenues from continuing operations in 2011 will be in the range of $455-$465 million and non-GAAP diluted EPS from continuing operations will be in the range of $0.58-$0.62*, including marketing and advertising costs associated with the launch of our new virtual meetings solutions.
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