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West Corporation Reports First Quarter 2013 Results And Declares Quarterly Dividend

Adjusted EBITDA for the first quarter of 2013 was $170.1 million, or 25.8 percent of revenue, compared to $161.8 million, or 25.3 percent of revenue, for the first quarter of 2012. EBITDA was $138.9 million in the first quarter of 2013 compared to $160.6 million in the first quarter of 2012. A reconciliation of EBITDA and Adjusted EBITDA to Cash Flows from Operations and Net Income is presented beginning on page 12.

Cash Flows from Operations were $98.7 million for the first quarter of 2013 compared to $91.7 million in the same quarter last year. Free Cash Flow increased 13.1% to $65.1 million in the first quarter of 2013 compared to $57.6 million in the first quarter of 2012. A reconciliation of Free Cash Flow to Cash Flows from Operations is presented on page 11.

Adjusted Net Income was $44.5 million in the first quarter of 2013, a decrease of 2.8 percent from the same quarter of 2012.  The decrease in Adjusted Net Income was due to higher interest expense as a result of higher outstanding balances on the Company's senior term loan facilities. The Company's pro forma Adjusted Net Income, which includes pro forma interest expense, net of tax, for the first quarter of 2013 was $58.1 million. A reconciliation of Adjusted Net Income and pro forma Adjusted Net Income to Net Income is presented beginning on page 10. 

Balance Sheet and Liquidity

At March 31, 2013, West Corporation had cash and cash equivalents totaling $651.1 million and working capital of $297.8 million. Interest expense was $72.9 million during the three months ended March 31, 2013 compared to $62.2 million during the comparable period last year. This increase in interest expense was due to higher outstanding balances on the Company's variable rate senior term loan facilities. During the first quarter of 2013, other non-operating expense included $16.5 million for the subordinated debt call premium. 

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