|By Marketwired .||
|February 6, 2013 11:19 AM EST||
PORTLAND, OR--(Marketwire - February 06, 2013) - Integra Telecom Inc. ("Integra" or the "Company"), a provider of fiber-based, carrier-grade networking, communications and technology solutions, today announced selected preliminary financial results for the quarter and fiscal year ended December 31, 2012.
The fourth quarter of 2012 is anticipated to be the fourth consecutive quarter of sequential organic growth of Recurring Revenue, Adjusted EBITDA and Unlevered Free Cash Flow.
Year Ended Quarter Ended Dec 31, ---------------------------------- ---------------- Mar 31, Jun 30, Sep 30, Dec 31, $ millions 2012 2012 2012 2012 2011 2012 Recurring Revenue(1) $ 129.3 $ 130.2 $ 130.7 $ 131.5 $ 521.6 $ 521.7 Sequential Growth %(2) 0.5% 0.7% 0.4% 0.6% - - Total Revenue 147.9 148.6 149.0 149.0 599.9 594.4 Gross Profit 98.0 99.0 98.1 99.7 393.8 394.8 % of Total Revenue 66.3% 66.7% 65.8% 67.0% 65.6% 66.4% Adjusted EBITDA(3,4) 42.2 43.0 44.9 46.7 172.8 176.8 % of Total Revenue 28.5% 28.9% 30.1% 31.3% 28.8% 29.7% Capital Expenditures(5) 25.7 26.3 24.5 22.8 134.6 99.3 ------- ------- ------- ------- ------- ------- Unlevered Free Cash Flow $ 16.4 $ 16.7 $ 20.4 $ 23.9 $ 38.2 $ 77.5 ------- ------- ------- ------- ------- ------- (1) Recurring Revenue (previously reported as "Line-Based Revenue") consists primarily of private line revenue, data and internet access services, and local telephone service. Private line revenue consists of point-to-point transport circuits to both business and carrier customers utlizing Integra's metropolitan access and long-haul networks. (2) Represents growth versus the previous quarter. (3) For a quantitative reconciliation of Adjusted EBITDA to net loss calculated in accordance with GAAP, refer to Management's Discussion and Analysis of Financial Condition and Results of Operations section within Integra's financial statements posted on the Company's website. (4) Includes $0.1, $0.1, $0.6, and $0.5 million of non-recurring severance expense for the quarter ended March 31, June 30, September 30 and December 31, 2012, respectively. Includes $1.3 and $0.1 million of non-recurring severance expense for the year ended December 31, 2012 and 2011, respectively. (5) Represents both capital expenditures and new customer installation costs as presented in Integra's Consolidated Statements of Cash Flows.
The preliminary financial information set forth above is based on information available to Integra's management team as of the date of this release and remains subject to the completion of the annual audit currently in process by the Company's independent registered public accounting firm. Actual financial results may differ from these estimates.
Non-GAAP Financial Measures
Adjusted EBITDA and Unlevered Free Cash Flow are non-GAAP financial measures utilized by Integra's management to evaluate the Company's financial and operating performance. They should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. Adjusted EBITDA is defined as net income (loss) before interest, income taxes, depreciation and amortization expenses, excluding, when applicable, non-cash share-based compensation, reorganization expenses (inclusive of severance and relocation), gain or loss on extinguishment of debt, gain or loss on disposal of property and equipment and other non-operating income or expense. Integra's management believes that Adjusted EBITDA trends are a valuable indicator of the Company's relative performance to peers and of whether Integra is able to produce sufficient operating cash flow to fund working capital needs, to service debt obligations and to fund capital expenditures.
Unlevered Free Cash Flow is defined as Adjusted EBITDA less deferred customer acquisition costs and capital expenditures. Information on Unlevered Free Cash Flow has been included as Integra's management believes it is useful to investors to determine the Company's ability to generate cash flows to support its capital structure and fund other growth opportunities.
This press release includes projections and forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These projections and forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance and achievements, or industry results, to be materially different from any future results, outcomes, performance or achievements expressed or implied by such forward-looking statements. Undue reliance should not be placed on any projections or forward-looking statements. Projections and forward looking statements should not be regarded as a representation by Integra that the projections or forward-looking statements will be achieved.
Integra's Annual Report posted on the Integra website as well as its Intralinks site contain risk factors that management believes could cause actual results, outcomes or events to differ materially from those contemplated by such projections or forward-looking statements. Readers should consult Integra with questions about any items described in the risk factors or any of the projections or forward-looking statements described in this press release.
All projections and forward looking statements included in this press release are based on information available on the date of this press release and a number of estimates and assumptions that, while considered reasonable by Integra, are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company. Integra undertakes no obligation to publicly update or revise any projection or forward-looking statement, whether as a result of new information, future events or otherwise.
About Integra Telecom
Integra is one of the largest facilities-based providers of communication and networking services in the western United States. We connect businesses of all sizes with advanced networking, communications and technology solutions in 35 metropolitan markets. Integra owns and operates an enterprise-class network consisting of a 5,000-mile long-haul fiber-optic network, 3,000-miles of metropolitan fiber and a nationwide IP/MPLS network. Our fiber network connects directly to more than 2,200 enterprise buildings and data centers. Through our expansive Ethernet-over-copper footprint, we can deliver high-bandwidth services to more than 400,000 businesses. At Integra, we understand our customers need reliable, secure and flexible solutions delivered with unmatched expertise and quality of service. For more information, visit www.integratelecom.com.
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