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Primus Telecommunications Group, Inc. Reports Fourth Quarter and 2010 Results
Q4 Net Revenue of $189.1 MM; 2010 Net Revenue of $764.9 MM
Q4 Adjusted EBITDA of $20.1 MM Includes $2.4 MM in Regulatory, Deal, Severance Costs
2010 Adjusted EBITDA of $79.8 MM Includes $8.8 MM in Regulatory, Deal, Severance Costs
$41.5 MM Cash at Year-End; Cash of $16.4 MM Acquired from Arbinet in February 2011
MCLEAN, VA (MARKET WIRE) March 17, 2010 Primus Telecommunications Group, Incorporated (PTGi) (OTCBB: PMUG), a global facilities-based integrated provider of advanced telecommunications products and services, announced results for the fourth quarter and full year ended December 31, 2010.
Net revenue for the fourth quarter 2010 was $189.1 million, a decrease of 6.6% from fourth quarter 2009 net revenue of $202.6 million. Adjusted EBITDA was $20.1 million, a decrease of 11.1% from fourth quarter 2009 Adjusted EBITDA of $22.6 million. The impact of foreign exchange was a positive $7.3 million to revenue from fourth quarter 2009 and a positive $1.2 million to Adjusted EBITDA. Free cash flow decreased in the quarter to negative $10.1 million from fourth quarter 2009 free cash flow of $2.7 million.
Peter D. Aquino, Chairman, President and Chief Executive Officer, stated, The PTGi team is making significant progress toward our key financial and operating objectives. The initiatives in place are starting to take hold, generating Q4 Adjusted EBITDA of $22.5 million excluding regulatory, deal and severance costs. We ended 2010 with $10.2 million of positive free cash flow and will continue to focus on margin expansion and redirecting our capital program toward growth initiatives. On February 28, we closed the acquisition of Arbinet, adding significant scale to our International Carrier Services group. Also in February, we launched an exchange offer for our outstanding 13.00% and 14.25% notes that extends until March 23. Our current pro forma cash balance, including cash acquired in the Arbinet transaction, is approximately $57.9 million, and we announced this week that we plan to use a portion of our excess cash to redeem $24.0 million of the 14.25% notes. During 2011, we will continue to focus on improving operations and leveraging our asset portfolio to strengthen our positioning in our markets and increase the return we generate for shareholders.
Net Revenue by Major Operating Segment
Australia Net revenue of $70.9 million increased 2.7% from $69.0 million in fourth quarter 2009. The impact of foreign currency exchange was a positive $5.6 million. On a constant currency basis, net revenue decreased 5.4% as declines in residential local and dial-up revenues were partially offset by growth in data center, broadband and local on-net revenues.
Canada Net revenue of $58.8 million remained flat from $58.7 million in the fourth quarter 2009. The impact of foreign currency was a positive $2.4 million. On a constant currency basis, net revenue decreased 4.0% as declines in residential long distance and prepaid cards were slightly offset by solid increases in residential local and broadband revenues.
Wholesale Net revenue of $41.1 million decreased 25.2% from $54.9 million in fourth quarter 2009. The impact of foreign currency was a negative $0.9 million. On a constant currency basis, net revenue decreased 23.6% as the Company targeted higher margin traffic.
United States Net revenue of $11.9 million decreased 23.5% from $15.6 million in fourth quarter 2009 due to decreases in retail voices services, consumer VoIP and Internet services.
The following information was filed by Hc2 Holdings, Inc. (HCHC) on Thursday, March 17, 2011 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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