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Multiband Announces All-Time Record Quarterly Results

Net income per share is a supplemental non-GAAP financial measure. Net income per share is equal to net income divided by the weighted average common shares outstanding – basic. Income per common shares – basic for GAAP is calculated using income attributable to common stockholders divided by weighted average common shares outstanding - basic.

Safe Harbor Statement

Cautionary Notice: In addition to statements of historical fact, this news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and is intended to enjoy the protection of that Act. These forward-looking statements reflect the Company’s expectations or beliefs concerning future events. The Company cautions that these and similar statements involve risk and uncertainties which could cause actual results to differ materially from our expectation, including, but not limited to, changes in economic and market conditions, management of growth, timing and magnitude of future contracts, fluctuations in margins, the introduction of new products and technology, the impact of adverse weather conditions and other risks noted in the Company’s SEC filings, including its Annual Report on Form 10-K for its 2010 fiscal year. Forward-looking statements are made in the context of information available as of the date stated. The company undertakes no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.

           

MULTIBAND CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

 
Three Months Ended Nine Months Ended

September 30,2011(unaudited)

   

September 30,2010(unaudited)

 

September 30,2011(unaudited)

     

September 30,2010(unaudited)

 
REVENUES $ 86,366 $ 69,875 $ 222,623 $ 195,011
 
COSTS AND EXPENSES
Cost of products and services (exclusive of depreciation and amortization shown separately below) 60,332 49,425 160,201 137,192
Selling, general and administrative 17,014 14,680 45,131 41,698
Depreciation and amortization   1,566   2,027   4,986   6,609
 
Total costs and expenses   78,912   66,132   210,318   185,499
 
INCOME FROM OPERATIONS   7,454   3,743   12,305   9,512
 
OTHER EXPENSE
Interest expense (1,038 ) (1,026 ) (2,989 ) (3,215 )
Interest income 7 1 19 7
Proceeds from life insurance - - 409 -
Other income 125 23   246   51
 
Total other expense (906 ) (1,002 )   (2,315 )   (3,157 )
 
INCOME BEFORE INCOME TAXES 6,548 2,741 9,990 6,355
 
PROVISION FOR INCOME TAXES   2,869   1,573   4,369   3,756
 
NET INCOME 3,679 1,168 5,621 2,599
 
Preferred stock dividends   70   408   729   1,140
INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 3,609 $ 760 $ 4,892 $ 1,459
 
INCOME PER COMMON SHARE – BASIC:

INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

0.17

$

0.08

$

0.32

$

0.15

INCOME PER COMMON SHARE – DILUTED:

INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ 0.16 $ 0.06 $ 0.26 $ 0.14
Weighted average common shares outstanding – basic   21,595   10,084   15,418   9,930
Weighted average common shares outstanding - diluted   23,047   15,227   19,791   15,062
 
 
             

MULTIBAND CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands)

 
Three Months Ended Nine Months Ended

September 30,2011(unaudited)

   

September 30,2010(unaudited)

September 30,2011(unaudited)

   

September 30,2010(unaudited)

 
NET INCOME $ 3,679 $ 1,168 $ 5,621 $ 2,599
 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Unrealized gains (losses) on securities:
Unrealized holding gains (losses) arising during period   (669 )   1   (825 )   (5 )
 
COMPREHENSIVE INCOME $ 3,010 $ 1,169 $ 4,797 $ 2,594
 
 
           

MULTIBAND CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

ASSETS

(in thousands)

 

September 30, 2011 (unaudited)

December 31, 2010 (audited)

CURRENT ASSETS
Cash and cash equivalents $ 15,107 $ 1,204
Securities available for sale 1,447 2
Accounts receivable, net 32,015 17,223
Other receivable (see Note 10) - 518
Inventories 14,858 11,066
Costs and estimated earnings in excess of billings on uncompleted contracts 1,015 -
Prepaid expenses and other 2,449 1,939
Current portion of notes receivable 6 6
Income tax receivable 1,594 3,133
Deferred tax assets – current   7,518   7,527
Total Current Assets   76,009   42,618
PROPERTY AND EQUIPMENT, NET   6,571   7,177
OTHER ASSETS
Goodwill 38,042 38,042
Intangible assets, net 15,375 17,435
Other receivable – long-term (see Note 10) 22 352
Notes receivable – long-term, net of current portion 22 27
Other assets   10,183   6,049
Total Other Assets   63,644   61,905
 
TOTAL ASSETS $ 146,224 $ 111,700
 
 
 
   

MULTIBAND CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

(in thousands, except share and liquidation preference amounts)

 
 

September 30, 2011 (unaudited)

December 31, 2010 (audited)

CURRENT LIABILITIES
Line of credit $ - $ 49
Short-term debt 1,121 544
Related party debt – short-term - 165
Current portion of capital lease obligations 348 444
Current portion of long-term debt 22 -
Accounts payable 37,134 26,997
Billings in excess of costs and estimated earnings on uncompleted contracts 53 -
Accrued liabilities 23,708 22,971
Deferred service obligations and revenue   1,647   1,822
Total Current Liabilities 64,033 52,992
LONG-TERM LIABILITIES
Accrued liabilities – long-term 5,169 3,697
Long-term debt, net of current portion (see Note 10) 34,141 34,380

Capital lease obligations, net of current portion

148

356

Deferred tax liabilities – long-term

 

2,525

 

32

Total Liabilities

106,016

91,457

COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Cumulative convertible preferred stock, no par value:
8% Class A (12,696 and 14,171 shares issued and outstanding, $133,308 and $148,796 liquidation preference) 190 213
10% Class C (112,000 shares issued and outstanding, $1,120,000 liquidation preference) 1,453 1,453
10% Class F (150,000 shares issued and outstanding, $1,500,000 liquidation preference) 1,500 1,500
8% Class G (10,000 and 11,595 shares issued and outstanding, $100,000 and $115,950 liquidation preference) 41 48
6% Class H (1.00 and 1.23 shares issued and outstanding, $100,000 and $123,000 liquidation preference) - -
8% Class J (0 and 100 shares issued and outstanding, $0 and $10,000,000 liquidation preference) - 10,000
15% Class E cumulative preferred stock, no par value, (0 and 195,000 shares issued and outstanding, $0 and $1,950,000 liquidation preference) - 1,950
Common stock, no par value (21,595,947 and 10,305,845 shares issued and outstanding) 66,198 39,311
Stock-based compensation 48,495 47,504
Accumulated other comprehensive income – unrealized gain (loss) on securities available for sale (823 ) 2
Accumulated deficit   (76,846 )   (81,738 )
Total Stockholders' Equity 40,208 20,243
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 146,224 $ 111,700
 

 





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