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Last10K.com | 10-Q Quarterly Report Mon Nov 21 2005
Exhibit 99.1
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Corporate Headquarters: 1526 Cole Boulevard Suite 300 Golden, Colorado 80401 Telephone: 303-233-3500 Facsimile: 303-235-4399 website: www.acttel.com | |
| FOR IMMEDIATE RELEASE: | News | |
| August 16, 2005 |
Nasdaq-ACTT |
ACT TELECONFERENCING ANNOUNCES SECOND QUARTER 2005 RESULTS
Shareholders approve convertible preferred stock financing
DENVER – ACT Teleconferencing, Inc. (Nasdaq: ACTT), an independent worldwide provider of audio, video and web-based conferencing products and services, today announced its operating results for the second quarter of 2005 and the results of the shareholders vote at the special meeting held on August 15, 2005.
Audio conferencing revenue for the quarter increased by $900,000, to $10.4 million, compared to $9.5 million, including $400,000 in non-cash deferred revenue, for the second quarter of 2004. Total net revenue for the second quarter was $13.2 million, as compared to $13.6 million in the second quarter of 2004, as a result of a decline in revenues from the Company’s video conferencing business. The Company’s net loss for the second quarter was $1.9 million, which includes restructuring charges of $904,000 and a provision for loss on a related party receivable of $306,000.
Second Quarter Highlights
During the second quarter, the Company continued to make progress toward its goal of achieving profitability. The Company made substantial progress on its previously announced consolidation and restructuring plan, completing facilities consolidations in North America and Europe, which resulted in the elimination of duplicative operations and operating costs. As a result, the Company expects to realize quarterly cost savings totaling up to $800,000, beginning with the third quarter of 2005. Other highlights of the second quarter were:
| • | Reduced SG&A by $1.1 million* * |
| • | Produced adjusted EBITDA (as defined below) of $1.5 million* |
| • | Generated positive cash flow of $161,000 |
| • | Increased audio conferencing revenue by 9%** |
| • | Grew audio conferencing volume by 24%** |
| * | Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, restructure charges and provision for a loss on a related party receivable. Adjusted EBITDA is defined and reconciled to US GAAP net income (loss) numbers in the selected financial data section of this press release. |
| ** | Comparison of second quarter 2005 to second quarter 2004. |
Impact of Consolidation
The impact of the Company’s previously announced consolidation and restructuring is reflected in improved gross profit and decreased costs and expenses. Gross profit for second quarter
| global excellence in teleconferencing | ||||||||||||||||||
| Australia | Belgium | Canada | France | Germany | Hong Kong | The Netherlands | Singapore | United States | United Kingdom | |||||||||
The following information was filed by Act Teleconferencing Inc on Friday, August 19, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Act Teleconferencing Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Act Teleconferencing Inc.
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Act Teleconferencing Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2005 10-K Annual Report includes:
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- Board Members
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- Salaries, Bonuses, Perks
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SEC Filing Tools
CIK: 918709
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-05-230323
Submitted to the SEC: Mon Nov 21 2005 5:17:16 PM EST
Accepted by the SEC: Mon Nov 21 2005
Period: Friday, September 30, 2005
Industry: Communications Services
External Resources:
SEC.gov
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