Premiere Global Services, Inc. (NYSE: PGI), a global leader in virtual meetings, today announced results for the third quarter ended September 30, 2011.
In the third quarter of 2011, net revenues increased 8.8% to $119.2 million, compared to $109.5 million in the third quarter of 2010. Diluted EPS from continuing operations was $0.12 and non-GAAP diluted EPS from continuing operations was $0.18* in the third quarter of 2011, compared to diluted EPS from continuing operations of $0.02 and non-GAAP diluted EPS from continuing operations of $0.12* in the third quarter of 2010. Results for 2010 are reclassified to reflect the PGiSend business as discontinued operations, as it was sold in October 2010.
“We remain pleased with the overall performance of our global business,” said Boland T. Jones, PGi founder, chairman and CEO, who is leading the company’s next-generation product innovation. “We’ve seen increasing enterprise momentum with our new products, iMeet ® and GlobalMeet ®, and our sales pipelines continue to grow. Despite renewed global economic uncertainty, our outlook for the remainder of the year remains strong.”
Nine Month ResultsIn the first nine months of 2011, net revenues increased 6.7% to $355.1 million, compared to $332.9 million in the first nine months of 2010. Diluted EPS from continuing operations was $0.27 and non-GAAP diluted EPS from continuing operations was $0.44* in the first nine months of 2011, compared to diluted EPS from continuing operations of $0.17 and non-GAAP diluted EPS from continuing operations of $0.41* in the first nine months of 2010. Financial Outlook The 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 third quarter results and current trends in its business, 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 $469-$472 million and non-GAAP diluted EPS from continuing operations will be in the range of $0.61-$0.62*, including marketing and advertising costs associated with the launch of our new virtual meetings solutions.
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