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.
- 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.