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Voltari Reports Second Quarter 2013 Results

Stocks in this article: VLTC

NEW YORK, Aug. 14, 2013 (GLOBE NEWSWIRE) -- Voltari Corporation (Nasdaq:VLTC), 10-year veteran in data driven solutions for smart marketing and advertising, today announced financial results for the second quarter ended June 30, 2013.

Second Quarter Results

Total revenue from continuing operations in the second quarter of 2013 was $3.5 million. EBITDA (including discontinued operations) was $4.0 million, as compared to EBITDA of $0.7 million in the second quarter of 2012. Voltari ended the second quarter of 2013 with $55.5 million of cash and cash equivalents, as compared to $51.5 million as of December 31, 2012.

Management Commentary

"The end of the second quarter marks the completion of our transition from the legacy North American carrier business, and we are pleased to now be operating as a pure play mobile media and marketing company," said Richard Stalzer, Chief Executive Officer. "Brands and agencies are responding positively to the results they are achieving through the Voltari Connect platform as we are experiencing strong repeat rates among customers. During the quarter we launched a key enhancement to the service with the introduction of SecondClick, which allows brands and retailers to target consumers taking action beyond the initial click on an advertisement. In addition, we have continued to build an experienced leadership team with a wealth of digital media experience to drive our business."

Business Update

In the second half of 2013 the Company will no longer generate revenue from the legacy carrier business and the go-forward business will be focused on the high-growth mobile and cross-channel advertising sectors through Voltari's integrated, highly scalable managed service platform. Voltari leverages advanced predictive analytics capabilities to deliver the right content, to the right person at the right time.

Since launching the Voltari Connect platform in August of 2012, Voltari has worked with over 145 advertisers across multiple verticals including retail, automotive, entertainment, consumer packaged goods and travel—including dozens of FORTUNE 100 brands.

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