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Multiband Announces All-Time Record Quarterly Results

Stocks in this article: MBND

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 third quarter and nine months ended September 30, 2011.

Financial Highlights

  • Third quarter revenues were up 20.3% sequentially to a record $86.4 million from $71.8 million in second quarter 2011 and were up 23.6% from $69.9 million for the comparable quarter ended September 30, 2010. Revenues for the nine month period ended September 30, 2011 totaled $222.6 million, compared to $195.0 million for the comparable period in 2010, an increase of 14.2%.
  • Operating income in the third quarter of 2011 increased to $7.5 million compared to income of $3.7 million in the third quarter of 2010 and compared to income of $4.5 million in the second quarter of 2011. Operating income for the nine month period ended September 30, 2011 was $12.3 million compared to income of $9.5 million for the comparable period in 2010.
  • Net income attributable to common stockholders for the quarter ended September 30, 2011 was $3.6 million, or $0.17 per basic share, compared to income of $760,000, or $0.08 income per basic share, in the year-ago period. Net income attributable to common stockholders for the nine month period September 30, 2011 was $4.9 million, or $0.32 per basic share, compared to income of $1.5 million, or $0.15 income per basic share, in the year-ago period.
  • Adjusted EBITDA, a non-GAAP measure, was $9.4 million for the third quarter of 2011, compared to $6.0 million for the same period in 2010 and up from $6.4 million in the second quarter of 2011. On a year-to-date basis, 2011 adjusted EBITDA was $18.9 million compared to $16.4 million in the year-ago period.

Third Quarter 2011 Financial Results

Revenues for the three months ended September 30, 2011 totaled $86.4 million compared to $69.9 million for the same period in 2010, an increase of 23.6%. HSP segment revenue for the three months ended September 30, 2011, was $79.4 million in comparison to $64.1 million for the same period in 2010, an increase of 23.9%. This increase was primarily due to an increase in work order volume of approximately 12%, an increase in earned incentive revenue of approximately $3.2 million and amounts received under a fuel subsidy program implemented in 2011 of $903,000. Revenues in the third quarter of 2011 for the MDU segment increased 20.7% to $7.0 million, as compared to $5.8 million in the third quarter of 2010. The increase was primarily due to increased commercial and MDU construction and installation revenue of $859,000.

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