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Vonage Holdings Corp. Reports Fourth Quarter and Full Year 2009 Results
Fourth Quarter 2009
Company Reports Net Income of $4 Million or $0.02 per Share
Ninth Consecutive Quarter of Record High Adjusted EBITDA1
Revenue Increases to $224 Million
Full Year 2009
Adjusted EBITDA More Than Doubles to $119 Million
Company Reports Income from Operations for the First Time
Generates Net Income Excluding Adjustments2 for the First Time
Revenue of $889 Million
Holmdel, NJ, February 25, 2010 Vonage Holdings Corp. (NYSE: VG), a leading provider of high-quality voice and messaging services over broadband networks, today announced results for the fourth quarter and full year ended December 31, 2009.
Full Year 2009
Vonage reported net income excluding adjustments of $3 million or $0.02 per share, an increase of $37 million or $0.24 per share versus 2008. GAAP net loss of $43 million was driven by $46 million in non-cash charges related to convertible debt, as the price of the Companys stock increased.
Adjusted EBITDA was $119 million, more than double the $54 million reported in 2008. The Company generated income from operations of $57 million. This is an improvement of $64 million from the prior year. Total revenue of $889 million declined by $11 million from 2008 as a result of the elimination of upfront shipping and equipment fees; service revenue was flat. Average revenue per subscriber increased each quarter throughout the year, as pricing and promotional mix improved.
Marc Lefar, Vonage Chief Executive Officer, said, In many ways, 2009 was a remarkable year for Vonage. During the past year, we upgraded our value proposition, enhanced the customer experience, reduced costs and better positioned the Company for future growth this has been a breakthrough financial year. Although we faced considerable challenges due to the economy, competition and wireless substitution, we are stronger and more vibrant than ever.
2009 marks the first year generating net income excluding adjustments. Adjusted EBITDA more than doubled. And, revenues per subscriber have increased while we reduced selling, general and administrative expenses by double-digit percentages.
The following information was filed by Vonage Holdings Corp (VG) on Thursday, February 25, 2010 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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