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PGi Reports Fourth Quarter And Fiscal Year 2011 Results: Q4 Revenues Grew 9% To $118.7M, Non-GAAP Diluted EPS From Continuing Operations $0.18*

Stocks in this article: PGI

Premiere Global Services, Inc. (NYSE: PGI), a global leader in virtual meetings for 20 years, today announced results for the fourth quarter and fiscal year ended December 31, 2011.

In the fourth quarter of 2011, net revenues increased 9.1% to $118.7 million, compared to $108.8 million in the fourth quarter of 2010. Diluted EPS from continuing operations was $0.07 and non-GAAP diluted EPS from continuing operations was $0.18* in the fourth quarter of 2011, compared to diluted EPS from continuing operations of ($0.01) and non-GAAP diluted EPS from continuing operations of $0.10* in the fourth quarter of 2010.

“We are pleased with our performance in 2011, as we returned to growth across all regions and product lines,” said Boland T. Jones, PGi founder, chairman and CEO. “Last year, we made significant progress in transitioning PGi toward a Software as a Service model with the initial launch of our next-generation virtual meeting solutions, iMeet ® and GlobalMeet ®. The market reception of these award-winning new products has been positive, and enterprise momentum continues to build. This year, we plan to continue to enhance both iMeet and GlobalMeet with increased functionality, mobility upgrades and exciting new features that will open new market opportunities and position these products as the ones to beat in the enterprise market.”

2011 Financial Results

In 2011, net revenues increased 7.3% to $473.8 million, compared to $441.8 million in 2010. Diluted EPS from continuing operations was $0.34 and non-GAAP diluted EPS from continuing operations was $0.62* in 2011, compared to diluted EPS from continuing operations of $0.15 and non-GAAP diluted EPS from continuing operations of $0.51* in 2010. Results for 2010 are presented to reflect the PGiSend business as discontinued operations, as it was sold in October 2010.

2011 Accomplishments

  • Celebrated 20 years as a global leader in virtual meetings;
  • Launched iMeet, our secure, cloud-based video conferencing solution that enables up to 15 people to meet face-to-face online – anytime, anywhere – from their desktop, tablet or mobile device;
  • Launched GlobalMeet, which integrates web conferencing and audio conferencing into one complete solution for simple, cost-effective meetings;
  • Earned multiple awards and accolades for our product innovation, including:
    • iMeet won the 2011 People’s Choice Stevie Award for best new computer service;
    • iMeet was named Best New Product by Best in Biz awards;
    • PGi was named Frost & Sullivan’s 2011 Product Strategy of the Year Award winner; and
    • PGi moved into the Visionaries quadrant of the Gartner Magic Quadrant for Web Conferencing based on our innovation with iMeet and GlobalMeet.
  • Exited the year with our new virtual meeting products generating an annual revenue run-rate of nearly $11 million;
  • Amended our bank credit facility with increased capacity, an extended term and lower pricing;
  • Reported our highest revenue growth in three years, with net revenues increasing more than 7% as compared to 2010;
  • Reported our highest earnings growth in three years, with non-GAAP diluted EPS from continuing operations increasing nearly 22% as compared to 2010;
  • Established a new open market share repurchase program for up to five million shares of our common stock; and
  • Repurchased nearly three million shares of common stock in the open market under our prior and current share repurchase plans.

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.

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