Vonage Holdings Corp. Reports Fourth Quarter and Full Year 2012 Results
-- New $145 Million Credit Facility Providing Increased Financial Flexibility --
-- New $100 Million Share Repurchase Plan --
-- Joint Venture with Datora in Brazil --
Fourth Quarter 2012
-- Adjusted EBITDA1 of $34 Million --
-- Net Income of $23 Million or $0.10 per Share Excluding Adjustments2 --
-- Revenue of $214 Million --
-- Repurchased 8 Million Shares for $19 Million --
Full Year 2012
-- Adjusted EBITDA1 of $135 Million --
-- Net Income of $84 Million or $0.37 per Share Excluding Adjustments2 --
-- Revenue of $849 Million --
-- Repurchased 12 Million Shares for $28 Million --
Holmdel, NJ, February 13, 2013 - Vonage Holdings Corp. (NYSE: VG), a leading provider of communications services connecting people through cloud-connected devices worldwide, today announced results for the fourth quarter and full year ended December 31, 2012. In addition, the Company announced three noteworthy developments including a new $145 million credit facility; a new $100 million share repurchase authorization; and its international joint venture with Datora in Brazil.
New Credit Facility
Capitalizing on the low interest rate environment and the Company's strong financial position, on February 11, 2013, Vonage entered into a new $145 million credit agreement to provide increased financial flexibility for investments in growth. The new debt agreement consists of a three-year, $70 million senior secured term loan bearing interest at LIBOR plus 3.125 percent and a $75 million revolving credit facility. The Company used $43 million of the proceeds of the term loan to retire all of the existing debt under its prior facility.
Share Repurchase Program
On February 7, 2013, Vonage's Board of Directors authorized a new $100 million share repurchase program to be concluded by the end of 2014. This new $100 million program replaces the Company's prior $50 million share repurchase program. As of February 12, 2013, Vonage had repurchased a total of 14 million shares of its common stock for $33 million under the prior
The following information was filed by Vonage Holdings Corp (VG) on Wednesday, February 13, 2013 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.