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Full-Year 2013 Revenues Increased 7.8% to $471.9 Million
Full-Year 2013 Adjusted EBITDA1 Improved 12.7% to $44.7 MillionFull-Year 2013 Net (Loss) of $(52.1) Million versus Full-Year 2012 Net (Loss) of $(77.7) Million; Full-Year 2013 Impairment Charges of $24.4 Million versus $14.9 Million in 2012
BLUE BELL, Pa., March 31, 2014 (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 fourth quarter and full year ended December 31, 2013.
"We believe we have made significant strides in 2013 to strengthen our organization and enhance our customer value proposition," said Rocky Romanella, Chief Executive Officer. "UniTek navigated a challenging period last year, but our entire team came together under one vision and addressed the issues with true determination. As a result, we have strengthened our underlying processes, making us a more nimble and efficient company. I look forward to the opportunities that lie ahead for our employees and our Company as we tackle the next phase of our development.
"We have made a concerted effort to deepen our operational expertise and establish a specialized sales force that is strategically aligned with our vision and plan. We continue to emphasize our cultural values of integrity, honesty, service and safety excellence," continued Mr. Romanella.
Fourth Quarter 2013 Financial Results
Total consolidated revenues for the fourth quarter of 2013 were $106.9 million, compared with $120.9 million in revenues for the fourth quarter of 2012, a decrease of 11.6%.
Revenues for the Fulfillment segment in the fourth quarter of 2013 were $76.0 million, a decrease of 5.8%, compared with $80.7 million for the same period in 2012. The decrease in Fulfillment segment revenues was primarily attributable to the closure of certain low or negative margin cable markets during 2013.