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

Stocks in this article: UNTK

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."

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