UniTek Global Services, Inc. (UGLB.OB) Announces Fiscal Second Quarter 2010 Financial Results
Yesterday, UniTek Global Services, Inc. announced financial results for fiscal second quarter 2010. Company management will be hosting a conference call to review the financial results of UniTek at 4:30 p.m. Eastern Time, today.
Revenue increased 53 percent to $105.8 million for the three months ended July 3, 2010 from $69.2 million for the three months ended July 4, 2009. Of this increase, $10.5 million was attributable to organic growth in the Company’s fulfillment segment and acquisitions completed in the fourth quarter of 2009. Of the remaining revenue gain, $25.4 million reflects the operations of Berliner which have been included in UniTek’s consolidated results since the date of the merger on January 27, 2010.
Gross profit from continuing operations for the three months ended July 3, 2010 was $16.3 million, or 15.4 percent of revenue, compared to $9.1 million, or 13.2 percent of revenue, for the three months ended July 4, 2009. Gross profit increased mainly due to operational and profitability improvements in the Company’s fulfillment segment. This included the use of field technology, dispatch cost reduction programs and various other efficiency efforts.
Of the remaining increase in gross profit, $2.3 million was attributable to the operations of Berliner which are included in the engineering and construction segment. This represents a significant turnaround and improvement in the operations of Berliner since the date of the merger on January 27, 2010.
Adjusted pro forma EBITDA increased 176 percent to $8.0 million for the three months ended July 3, 2010 compared to $2.9 million for the three months ended July 4, 2009. The fulfillment segment’s year over year gain of $4.7 million in EBITDA was the main contributor to this increase. The EBITDA improvement also includes a $1.6 million increase in Berliner’s adjusted pro forma EBITDA as a result of increased demand for UniTek’s wireless services, the integration of Berliner into the Company’s PROS operating system and cost reductions. These increases in EBITDA were partially offset by higher selling, general and administrative expenses to support the combined businesses and increased revenue.
UniTek’s net loss improved by $3.0 million to ($6.1) million, or ($0.04) per basic and fully diluted share for the three months ended July 3, 2010, from a loss of ($9.2) million, or ($0.08) per basic and fully diluted share for the three months ended July 4, 2009. The Company’s net loss includes $7.1 million of depreciation and amortization of intangible assets and $6.2 million of interest expense (including $1.8 million in non-cash charges) for the three months ended July 3, 2010.
Headquartered in Blue Bell, Pennsylvania, UniTek Global Services, Inc. is a premier provider of permanently outsourced infrastructure services to the wireless and wireline telecommunications, broadband cable and satellite television industries. The Company has created a scalable operating platform, which enables each UniTek subsidiary to deliver quality services to their Fortune 200 customers.
For more information visit: www.unitekglobalservices.com