This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Inteliquent Reports Preliminary Second Quarter 2013 Results And Postpones Earnings Call

CHICAGO, Aug. 8, 2013 (GLOBE NEWSWIRE) -- Inteliquent, Inc. (Nasdaq:IQNT), a leading provider of voice services, today announced preliminary financial results for the second quarter of 2013. Inteliquent also announced that, as a result of an ongoing investigation by the Audit Committee of Inteliquent's Board of Directors, it has postponed its scheduled earnings call, which had been set for Thursday, August 8, 2013.

Preliminary Financial Results for the Second Quarter of 2013 and 2013 Financial Estimates

Inteliquent generated revenue of $49.8 million in the second quarter of 2012. Adjusted EBITDA (a non-GAAP financial measure) in the second quarter of 2013 was $16.3 million. See "Use of Non-GAAP Financial Measures" below for a discussion of the presentation of Adjusted EBITDA and reconciliation to net income. Inteliquent also affirmed its financial estimates for 2013 as more fully described below.

Postponed Earnings Call

As previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2012, Inteliquent reported a $75.3 million impairment charge, and a net loss of $78.1 million, in each case for the year ended December 31, 2012.

During the second quarter of 2013, the Board of Directors of the Company determined that an internal investigation of whether such impairment charge was overstated should be undertaken by the Audit Committee with the assistance of independent outside professionals. During the same time period, the Board of Directors also determined that the Audit Committee, with the assistance of independent outside professionals, should conduct an internal investigation of the Company's financial forecasting practices during the fourth quarter of 2012 and the first quarter of 2013. As a result of the ongoing internal investigation, Inteliquent has postponed its scheduled second quarter earnings call, which had been set for Thursday, August 8, 2013 at 10:00 a.m. Eastern time.

The information contained in this press release is preliminary and may be subject to significant changes and adjustments as a result of the Audit Committee's ongoing internal investigation. Inteliquent is still conducting its internal investigation, including investigating whether a restatement of its financial statements relating to an overstatement of the impairment charge for the year ended December 31, 2012 will be required. All results reflected in this press release should be considered preliminary until Inteliquent's Quarterly Report on Form 10-Q for the second quarter ended June 30, 2013 is filed with the Securities and Exchange Commission.

Preliminary Second Quarter Highlights  
($ in millions, except per minute figures)          
  Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013
Voice Revenue $50.7 $52.2 $49.8 $50.5 $49.8
           
Ave. Revenue per Minute $0.00155 $0.00158 $0.00156 $0.00165 $0.00169
           
Minutes of Use (in billions)          
Local          
Local Transit Services 15.1 14.3 13.7 13.6 14.2
           
Switched Access (Long Distance)          
Termination Services 13.4 14.1 13.0 11.9 11.0
Origination Services 3.4 3.9 4.6 4.7 3.9
           
Other          
International Services 0.8 0.8 0.6 0.4 0.3
           
Total Minutes of Use 32.8 33.1 31.9 30.6 29.4
           
# of Employees (1) 291 291 290 281 143
           
  (1) The number of employees in periods prior to Q2 2013 includes employees related to the global data business, which was divested on April 30, 2013.

Preliminary Financial and Operating Results 

In the second quarter of 2013, Inteliquent generated voice revenue of $49.8 million, a decrease of 2% compared to $50.8 million of voice revenue in the second quarter of 2012. The decrease related primarily to a reduction in minute volumes for local transit and termination voice services, which was partially offset by an increase in volumes in our origination voice services.  Revenue from continuing operations for the second quarter of 2013 and 2012 included $2.7 million and $6.7 million, respectively, related to the global data business sold on April 30, 2013.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs