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Boingo Wireless Reports Strong Third Quarter 2013 Results

Stocks in this article: WIFI

-- Exceeds revenue guidance; delivers in-line profitability

--Announces two significant military contracts with The Army & Air Force Exchange Service and Marine Corps Community Services

-- Closes acquisition of Advanced Wireless Group

LOS ANGELES, Nov. 7, 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 third quarter ended September 30, 2013.

Third Quarter 2013 Financial Highlights

Boingo Wireless reported revenue of $28.6 million, which exceeded the company's guidance range, compared to $26.0 million for the third quarter of 2012. Net income attributable to common stockholders was $0.4 million, or $0.01 per diluted share. This compares to net income attributable to common stockholders of $2.8 million, or $0.07 per diluted share, for the third quarter of 2012.

Adjusted EBITDA was $7.4 million compared to $8.4 million for the third quarter of 2012. Adjusted EBITDA, which is a non-GAAP financial measure, is defined below and is reconciled to net income (loss) attributable to common stockholders, the most comparable measure under GAAP, in the schedule entitled "Reconciliation of Net Income (Loss) Attributable to Common Stockholders to Adjusted EBITDA."

Operational Highlights

  • An agreement with The Army & Air Force Exchange Service (AAFES) to provide on-base broadband Internet and Internet Protocol TV (IPTV) services at more than a dozen of the largest Army and Air Force bases in the continental U.S.
  • An agreement with Marine Corps Community Services (MCCS) that enables the company to provide broadband Internet and IPTV services at all U.S. Marine Corps bases worldwide.
  • The closing of the acquisition of Advanced Wireless Group (AWG) on October 31, 2013.
  • The launch of a new neutral-host distributed antenna system (DAS) at Chicago's Soldier Field.
  • An agreement with Memphis International Airport to design and manage the airport's first DAS; Boingo will continue to operate as the airport's Wi-Fi service provider.
  • The launch of the world's first commercial Next Generation Hotspot Wi-Fi network at Chicago O'Hare International Airport.
  • A partnership with Movile Partners, a leading Latin American mobile services company, to provide global Wi-Fi roaming services to its users.

Management Commentary

"Our positive momentum continued through the third quarter, with major new managed and operated networks taking center stage among our strategic initiatives," said David Hagan, Chief Executive Officer of Boingo Wireless. "We continued to invest in the business – in the context of upgrading existing networks to better meet the needs of rapidly growing data demand, and also in the acquisition and deployment of new networks that we expect to begin monetizing in 2014."

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