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PGi Announces Preliminary Fourth Quarter 2013 Results; Reiterates 2014 Outlook

Stocks in this article: PGI

ATLANTA, Jan. 29, 2014 /PRNewswire/ --  Premiere Global Services, Inc. (NYSE: PGI), a leading global provider of collaboration software and services for over 20 years, today announced preliminary results for the fourth quarter ended December 31, 2013.  Based upon its preliminary financial results, net revenues for the fourth quarter of 2013 are expected to be in the range of $134.5-$135.0 million and non-GAAP diluted EPS from continuing operations is expected to be approximately $0.20*. PGi exited the fourth quarter of 2013 with an annual revenue run-rate of over $37 million from its SaaS-based products.  The financial results are subject to completion of PGi's financial and accounting closing and review procedures.

"PGi had a strong finish to 2013, with increased sales momentum of our award-winning collaboration software applications and accelerating progress toward the goal of transitioning our business to a higher-value SaaS model," said Boland T. Jones, PGi founder, chairman and CEO. "As a trusted, global leader in providing mission-critical collaboration software and services to businesses of all sizes and industries, we continue to be excited and optimistic about the near- and long-term future for PGi. We look forward to issuing our final 2013 earnings release and providing additional details on our fourth quarter results and our 2014 operating priorities during our earnings call next month."

Financial Outlook

The following statements are based on PGi's current expectations. These statements contain forward-looking statements and company estimates and anticipated results, and actual results may differ materially.  PGi assumes no duty to update any forward-looking statements made in this press release.

Based on current business trends and current foreign currency exchange rates, and assuming no additional acquisitions, PGi continues to anticipate that results for 2014 will be within the financial outlook ranges it provided on December 3, 2013: net revenues from continuing operations are projected to be in the range of $560-$570 million and non-GAAP diluted EPS from continuing operations will be in the range of $0.85-$0.88*.  PGi continues to anticipate that sales of its SaaS-based products will increase over 50% in 2014 compared to 2013 and will comprise in excess of 10% of its consolidated annual revenue run-rate by the end of 2014. 

Fourth Quarter and Fiscal Year 2013 Earnings Call

The anticipated, unaudited financial results included in this press release are based on management's preliminary analysis of operations for the quarter ended December 31, 2013. Therefore, it is possible that actual results may differ materially from these estimates due to the completion of financial closing procedures, final adjustments and other developments that may arise prior to the time the actual results are finalized. PGi will issue a press release and discuss its final fourth quarter and full year results on Thursday, February 20, 2014, after the close of market. PGi will host a conference call that day at 5:00 p.m., Eastern Time.  To participate in the call, please dial-in to the appropriate number 5-10 minutes prior to the scheduled start time:  (888) 271-8604 (U.S. and Canada) or (913) 312-0704 (International).  The conference call will simultaneously be webcast.  Please visit www.pgi.com for webcast details and conference call replay information, as well as the webcast archive and the text of the earnings release, including the financial and statistical information to be presented during the call.

* Non-GAAP Financial Measures

The company's non-GAAP diluted earnings per share (EPS) from continuing operations projections exclude equity-based compensation, amortization expenses, non-recurring tax adjustments, restructuring costs, excise and sales tax expense and related interest, asset impairments, net legal settlements and related expenses and acquisition-related costs. Management uses this measure internally as a means of analyzing the company's current and future financial performance and identifying trends in our financial condition and results of operations.  We have provided this information to investors to assist in meaningful comparisons of past, present and future operating results and to assist in highlighting the results of ongoing core operations.

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