This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

UniTek Global Services, Inc. Reports Strong Second Quarter Results And Reasserts Guidance For Record Full Year Financial Results

Second Quarter Revenue Increases 9% Year-over-Year to $115.5 Million Second Quarter Adjusted EBITDA (1) Increases 20% Year-over-Year to $12.0 Million Second Quarter Net Loss Improves 91% Year-over-Year to $(0.6) Million Expects Third Quarter Revenue of $142.0 - $147.0 Million and Adjusted EBITDA (1) of $16.5 - $17.5 Million

BLUE BELL, Pa., Aug. 8, 2012 (GLOBE NEWSWIRE) -- UniTek Global Services, Inc. ("UniTek" or the "Company") (Nasdaq:UNTK), a premier provider of permanently outsourced infrastructure services to the telecommunications, broadband cable, wireless, transportation, public safety and satellite television industries, today announced financial results for the second quarter ended June 30, 2012, provided financial guidance for the third quarter of 2012 and reaffirmed full year guidance.

2012 Second Quarter Financial and Recent Business Highlights

  • Revenue grew 9% to $115.5 million, compared to $106.0 million in the second quarter of 2011.
  • Adjusted EBITDA (1) increased by 20% to $12.0 million, compared to adjusted EBITDA (1) of $10.0 million in the second quarter of 2011.
  • Net loss improved to $(0.6) million in the second quarter of 2012, compared to $(6.4) million in the second quarter of 2011, which included a $(3.5) million expense related to the April 2011 debt refinancing.
  • Appointed Rocky Romanella as Chief Executive Officer, bringing over three decades of leadership experience in the business services industry including demonstrated successes in operational execution, customer solutions and overall business growth.
  • 12-month backlog (2) as of June 30, 2012 totaled $503.0 million, an increase of $18.0 million over 12-month backlog (2) as of March 31, 2012. 
  • Awarded incremental turf in upstate New York from a major wireless carrier in the second quarter, adding to Company's 12-month backlog and supporting 2013 growth expectations.
  • Awarded additional territories from ViaSat for fulfillment related to satellite internet service.
  • Introduced third quarter 2012 guidance of between $142.0 and $147.0 million in revenue, representing 18% to 22% year-over-year growth, and between $16.5 and $17.5 million in adjusted EBITDA (1), representing 17% to 24% year-over-year growth.

"UniTek's strong second quarter performance and outlook for the year underscore the quality of our management team and the commitment to excellence throughout the organization," said Rocky Romanella, Chief Executive Officer of UniTek. "A balanced leadership team that is customer-focused, combined with a sound growth strategy, are important assets that set UniTek apart. We believe that continuing our focus on operational efficiency, safety as a core value and expanding our business to capture growing market opportunities will be instrumental to our continued success."

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs