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Boingo Wireless Reports Strong First Quarter 2013 Results

Stocks in this article: WIFI

-- Launches Roaming with AT&T -- Doubles Size of Advertising Network -- Exceeds Revenue and Meets Profitability Guidance -- Announces Share Buyback Plan

LOS ANGELES, May 9, 2013 (GLOBE NEWSWIRE) -- Boingo Wireless (Nasdaq:WIFI), the leading DAS and Wi-Fi provider that serves consumers, carriers and advertisers worldwide, today announced the company's financial results for the first quarter ended March 31, 2013.

First Quarter 2013 Financial Highlights

Boingo Wireless reported revenue of $23.1 million, which was above the company's guidance range, as compared to $24.2 million for the first quarter of 2012. Net loss attributable to common stockholders was ($1.1) million, or ($0.03) per diluted share. This compares to net income attributable to common stockholders of $1.7 million, or $0.05 per diluted share, for the first quarter of 2012.

Adjusted EBITDA was $3.6 million compared to $8.2 million for the first quarter of 2012. Adjusted EBITDA, which is a non-GAAP financial measure, is defined below and is reconciled to net (loss) income, the most comparable measure under GAAP, in the schedule entitled "Reconciliation of Net (Loss) Income Attributable to Common Stockholders to Adjusted EBITDA."

Operational Highlights

  • An agreement with Starbucks naming Boingo the exclusive provider of advertising and sponsorship services for the Wi-Fi networks in more than 7,000 of its company-owned stores in the United States and Canada.
  • A global Wi-Fi roaming agreement with AT&T, giving the carrier access to all of Boingo's Wi-Fi hotspots in its managed and operated locations. In the first quarter, AT&T launched access for customers traveling abroad at Boingo's Wi-Fi hotspots in major international airports as part of their global data roaming plans. Additionally, as part of the agreement, Boingo customers will be able to access AT&T's network of Wi-Fi hotspots throughout the United States.
  • Agreements to manage and operate Wi-Fi services at three major airports in China: GuangZhou Baiyun International Airport (CAN); Shanghai Pudong International Airport (PVG); and Shanghai Hongqiao International Airport (SHA), further establishing Boingo in China with managed services at four of the top five airports in the country.
  • The availability of Boingo's new state-of-the-art neutral host Wi-Fi network at Dallas Love Field, in conjunction with the airport's launch of its upgraded North Concourse, and the pending launch of a new multi-carrier DAS network in the modernized and expanded terminal.
  • The announcement of a roaming agreement with GOWEX to offer Boingo customers access to 1,400 additional Wi-Fi hotspots in more than 50 cities throughout Spain, France, Ireland and Belgium, including metro hotzones and public transportation.
  • The release of Boingo's Wi-Finder app for the Windows 8 operating system leveraging the new tile-based Metro user interface.
  • The launch of Boingo's Wi-Finder app for iOS on iTunes offering customers the ability to use their iTunes accounts to purchase a Boingo subscription.
  • The announcement of a merger agreement to acquire Endeka, the sole provider of commercial Wi-Fi and IPTV services to six United States military bases in the West and to federal law enforcement training facilities.

Management Commentary

"2013 is off to a strong start, with revenues exceeding the high-end of our expectations," said David Hagan, Chief Executive Officer of Boingo Wireless. "As we continue to expand our global presence through managed and operated, roaming, and advertising network agreements, we increase our opportunity to monetize those assets through a diverse mix of services, including retail sales, wholesale offload and advertising sponsorships."

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