This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Multiband Announces Record 2011 Second Quarter Results

Multiband Corporation (NASDAQ:MBND), a leading Home Service Provider (HSP) for DIRECTV and the nation's largest DIRECTV Master System Operator (MSO) for Multiple Dwelling Units (MDUs), today announced financial results for the second quarter and six months ended June 30, 2011.

Financial Highlights

  • Second quarter revenues were up 11.3% sequentially to a record $71.8 million from $64.5 million in first quarter 2011, and were up 10.6% from $64.9 million for the comparable quarter ended June 30, 2010. Revenues for the six month period ended June 30, 2011 totaled $136.3 million, compared to $125.1 million for the comparable period in 2010, an increase of 9.0%.
  • Operating income in the second quarter of 2011 increased to $4.5 million compared to income of $364,000 in the first quarter of 2011. Operating income for the six month period ended June 30, 2011 was $4.9 million compared to income of $5.8 million for the comparable period in 2010.
  • Net income attributable to common stockholders for the quarter ended June 30, 2011 was $1.8 million, or $0.12 per basic share, compared to income of $2.0 million, or $0.21 income per basic share, in the year-ago period. Net income attributable to common stockholders for the six month period ended June 30, 2011 was $1.3 million, or $0.10 per basic share, compared to income of $699,000, or $0.07 income per basic share, in the year-ago period.
  • Adjusted EBITDA, a non-GAAP measure, was $6.4 million for the second quarter of 2011, compared to $7.3 million for the same period in 2010, and up from $3.1 million in the first quarter of 2011. On a year-to-date basis, 2011 adjusted EBITDA was $9.5 million compared to $10.4 million in 2010.
  • At the end of the second quarter, Multiband’s three year backlog totaled $875 million. Backlog consists of future services we expect to complete based on the continuation of current revenue levels under our master service agreements and recurring revenue within our MDU segment.

Second Quarter 2011 Financial Results

Revenues for the three months ended June 30, 2011 totaled $71.8 million compared to $64.9 million for the same period in 2010, an increase of 10.6%. This increase is due to (1) a 4.5% increase in work order volume from DIRECTV in the HSP segment, (2) an increase of $2.9 million in incentive revenue as a result of continued improvements in operating performance and efficiencies which improved customer satisfaction scores, (3) revenue from the DIRECTV fuel subsidy that was implemented in Q2 of $969,000 and (4) increased revenue from commercial installation services of $923,000.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs