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UniTek Global Services, Inc. Announces Selected Estimated Preliminary 2012 Financial Results

Stocks in this article: UNTK

Full Year 2012 Revenue of Approximately $442.5 - $447.0 Million, Adjusted EBITDA 1 of Approximately $45.0 - $48.2 Million, Net Loss of Approximately $48.2 - $41.4 Million

Backlog 2 of Approximately $510 Million as of December 31, 2012

Company Will Restate Financial Results for Prior Periods

Announces Departures of CFO and Other Executives

Engages Interim Chief Financial Officer

BLUE BELL, Pa., April 12, 2013 (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 estimated preliminary financial results for the year ended December 31, 2012. 

For the year ended December 31, 2012, UniTek estimated preliminary revenue of approximately $442.5 - $447.0 million, adjusted EBITDA 1 of approximately $45.0 - $48.2 million and net loss of approximately $48.2 - $41.4 million. The estimated 12-month backlog 2 as of December 31, 2012 totaled approximately $510 million.

Restated Financial Results

The Company also announced that it will restate its financial results for the interim periods ended March 31, 2012, June 30, 2012 and September 29, 2012, the fiscal year ended December 31, 2011 and the interim period ended October 1, 2011. As a result of an ongoing internal investigation being conducted by the Audit Committee of the Company's Board of Directors, with the assistance of outside independent counsel and a forensic accounting firm, it was determined that several employees of the Company's Pinnacle Wireless subsidiary engaged in fraudulent activities that resulted in improper revenue recognition. 

Since the Company's acquisition of the legacy Pinnacle business in April 2011, that business has comprised less than 10% of UniTek's consolidated revenues.

The Company plans to amend its Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2012, June 30, 2012 and September 29, 2012 (the amended Form 10-Q for the quarter ended September 29, 2012 also will include restated consolidated financial statements for the comparative three and nine month periods ended October 1, 2011), as well as its Annual Report on Form 10-K for the year ended December 31, 2011.

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