Premiere Global Services, Inc. (NYSE: PGI), a global leader in virtual meetings, today announced results for the second quarter ended June 30, 2011.
In the second quarter of 2011, net revenues increased 7.3% to $119.0 million, compared to $110.9 million in the second quarter of 2010. Diluted EPS from continuing operations was $0.10 and non-GAAP diluted EPS from continuing operations was $0.15* in the second quarter of 2011, compared to diluted EPS from continuing operations of $0.07 and non-GAAP diluted EPS from continuing operations of $0.15* in the second 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 overall performance of our global business and the continuing momentum in our new products, iMeet® and GlobalMeet®,” said Boland T. Jones, PGi founder, chairman and CEO, who is leading the company’s next-generation product innovation. “Our sales pipelines continue to grow, and our outlook for the rest of the year remains strong.”
Six Month ResultsIn the first six months of 2011, net revenues increased 5.6% to $235.9 million, compared to $223.4 million in the first six months of 2010. Diluted EPS from continuing operations was $0.15 and non-GAAP diluted EPS from continuing operations was $0.26* in the first six months of 2011, compared to diluted EPS from continuing operations of $0.15 and non-GAAP diluted EPS from continuing operations of $0.29* in the first six months of 2010. Other News PGi also announced that its Board of Directors approved the repurchase of up to 5.0 million shares of the company's common stock, or approximately 10% of total shares currently outstanding, under a new stock repurchase program. PGi repurchased 1.0 million shares of common stock during the second quarter under its previous Board-authorized repurchase program. Aggregate stock repurchases under the previous program totaled 6,720,200 shares.
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