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UniTek Global Services, Inc. Reports Third Quarter And Nine-Month Results

Stocks in this article: UNTK

For the Nine Months Ended September 28 2013 Compared to the First Nine Months of 2012:

Revenues Increased 15.3% to $365.1 Million;

Adjusted EBITDA (1) Improved 10.9% to $33.0 Million;

Net Loss was $26.7 Million From $55.1 Million

BLUE BELL, Pa., Nov. 12, 2013 (GLOBE NEWSWIRE) -- UniTek Global Services, Inc. ("UniTek" or the "Company") (Nasdaq:UNTK) , a premier provider of permanently outsourced infrastructure services to the telecommunications, broadband cable, wireless, transportation, public safety and satellite television industries, today announced financial results for the third quarter and nine months ended September 28, 2013.

"Our results reflect the coordinated actions we have taken to build UniTek into a company that we anticipate will be better aligned to leverage all of our assets across the organization to achieve long-term, organic growth. We believe that we are on our way to building UniTek into a strong brand, with the people, resources and tools in place to deliver consistent, high-value and quality service to our customers. In the year since we began the re-alignment process, and in the face of a number of unanticipated challenges, we believe we made meaningful progress in creating an organization with a business focused on verticals and geographies that we expect will experience growth over the next decade," said Rocky Romanella, Chief Executive Officer of UniTek.

"We are implementing our solutions in several premier buildings in Manhattan and other urban areas in the Northeast. This speaks to the strength of our sales team, as well as to our sound strategy that offers customers greater flexibility, cost-effectiveness and excellence backed by solutions that address the demands of the market. Additionally, after the quarter's end we reached a preliminary agreement to settle a shareholder class action suit against the Company relating to the restatement disclosed earlier this year. Stabilizing our capital structure and improving our working capital are goals for the coming year. I am excited by the recent direction of the business, which is a testament to the strength of our business model and the loyalty of our customers and employees. I am increasingly confident that UniTek is positioned to become a best-in-class fully-integrated solutions provider during these transformative times," concluded Mr. Romanella.

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