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Boingo Wireless Reports Fourth Quarter And Full Year 2012 Financial Results

LOS ANGELES, Feb. 21, 2013 (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 fourth quarter and full year ended December 31, 2012.

Fourth Quarter 2012 Financial Highlights

Boingo Wireless reported revenue of $28.0 million, compared to $25.9 million for the fourth quarter of 2011, an increase of 8.1 percent.

Net income attributable to common stockholders was $1.1 million, or $0.03 per diluted share. This is compared to net income attributable to common stockholders of $1.9 million, or $0.05 per diluted share, for the fourth quarter of 2011.

Adjusted EBITDA was $7.3 million, compared to $8.9 million for the fourth quarter of 2011, a decrease of 18.1 percent. Adjusted EBITDA, which is a non-GAAP financial measure, is defined below and is reconciled to net income, the most comparable measure under GAAP, in the schedule entitled "Reconciliation of Net Income Attributable to Common Stockholders to Adjusted EBITDA."

Full Year 2012 Financial Highlights

Boingo Wireless reported revenue of $102.5 million, compared to $94.6 million in 2011, an increase of 8.4 percent.

Net income attributable to common stockholders was $7.0 million, or $0.19 per diluted share. This is compared to net income attributable to common stockholders of $4.7 million, or $0.17 per diluted share, in 2011.

Adjusted EBITDA was $30.6 million, compared to $28.6 million in 2011, an increase of 7.3 percent.

Management Commentary

"2012 was a transition year for Boingo as we positioned our business to capitalize on the massive growth in mobile data and the evolving wireless ecosystem," said David Hagan, President and Chief Executive Officer of Boingo Wireless. "Our full year performance benefited from growing and investing in our managed and operated and affiliated footprints, adding a crowd-sourced capability to grow our network even faster, investing in our software and technology platform in anticipation of cellular offload and increasing ad sales through the Cloud Nine Media acquisition. Subsequent to quarter end, we were pleased to announce that we have entered into a merger agreement to acquire Endeka Group, Inc. ("Endeka"), the sole provider of commercial Wi-Fi services to United States military bases and federal law enforcement training facilities. Growth in our managed and operated footprint within new verticals and segments is expected to contribute to the longer-term stability of our retail platform."

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