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Boingo Wireless Reports Second Quarter 2012 Financial Results

Stocks in this article: WIFI

LOS ANGELES, Aug. 8, 2012 (GLOBE NEWSWIRE) -- Boingo Wireless, Inc. (Nasdaq:WIFI), the world's leading Wi-Fi software and services provider, today announced the company's financial results for the second quarter ended June 30, 2012.

Second Quarter 2012 Financial Highlights

Boingo Wireless reported revenue of $24.3 million, compared to $22.9 million for the second quarter of 2011, an increase of 5.9 percent.

Adjusted EBITDA was $6.8 million, compared to $6.4 million for the second quarter of 2011, an increase of 5.5 percent. Adjusted EBITDA, which is a non-GAAP financial measure, is defined below and reconciled to net income (loss), the most comparable measure under GAAP, in the section entitled "Use of non-GAAP financial measures."

Net income attributable to common stockholders was $1.5 million, or $0.04 per diluted share. This is compared to a net income attributable to common stockholders of $1.3 million, or $0.05 per diluted share, for the second quarter of 2011. Net income attributable to common stockholders for the three months ended June 30, 2011 is inclusive of $438 thousand of accretion of convertible preferred stock.

Management Commentary

"As the leading global provider of Wi-Fi software and services, we're extremely confident in the long-term opportunity for Boingo," said David Hagan, President and Chief Executive Officer of Boingo Wireless. "Mobile data traffic continues to grow at exponential rates, increasing the need for small cell wireless technology solutions. While our second quarter performance reflects modest revenue growth, our recent venue signings and strong pipeline position us well for accelerated growth in the second half of 2012 and beyond. Year-to-date, we've added over 150,000 hotspots, including the recent additions of Wendy's, a leading national retailer and two major international airports, bringing our total global count to over 550,000 hotspots."

Business Highlights

Key accomplishments include:

  • The acquisition of Cloud Nine Media, a leading location-based advertising technology company.
  • An agreement with The Wendy's Company to manage and operate Wi-Fi services at participating Wendy's® restaurants in the U.S. and Canada.
  • An agreement with Berlin Brandenburg Airport (BER) to exclusively provide Wi-Fi Internet services for passengers.
  • An agreement with Newbridge Technologies to manage Wi-Fi services at Beijing Capital International Airport (PEK).
  • A roaming agreement with SK Telecom for Boingo customers to access more than 75,000 SK Telecom hotspots in South Korea.
  • An agreement with Forest City Ratner Companies (FCRC) for Boingo to provide Wi-Fi services at FCRC's newest open-air lifestyle center, Westchester's Ridge Hill.

Business Outlook

Boingo Wireless is initiating guidance for the third quarter ending September 30, 2012, as follows:

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