Berliner Communications, Inc. News
Berliner Reports Record Second Quarter Financial Results
ELMWOOD PARK, N.J.,
— Revenue increased from $13.7 million in the second quarter of fiscal 2007 to $52.1 million, representing a 281% increase; — Gross Profit increased from $5.0 million in the second quarter of fiscal 2007 to $17.7 million, representing a 252% increase; — EBITDA increased from $1.7 million in the second quarter of fiscal 2007 to $10.1 million; — Net income increased to $5.4 million, or $0.32 per basic and $0.21 per diluted share.
"Our record financial performance this quarter is based on one driving factor, our total commitment, at every level of our organization, to meeting our customers' needs," said
"Historically, our second fiscal quarter is the strongest quarter of our fiscal year in terms of our financial performance, and we believe that this will also be true for fiscal 2008," continued
Berliner continued, "Our carrier and OEM customers are building networks, on a large-scale, often nationwide, basis. When they hire a company to build a network, they need a company they can trust to do it right the first time, on schedule. Just as important, with the scope of today's projects, size matters. We have added assets and resources across the country, significantly improved our financial strength, and can now take advantage of economies of scale to effectively manage and support these large projects. We believe our size, financial stability and national presence make us particularly well positioned to assist the winners of the current FCC Auction. Couple that strength and size with our robust and diverse array of service offerings, and we believe we have a package that gives us a competitive advantage over our competition."
Financial Results
Revenue for the company for the three months ended
The increases in revenue during the second quarter of Fiscal 2008 included approximately
Interest expense increased from
EBITDA, that is operating income with depreciation and loss from sale of fixed assets added back, increased from
(Amounts in Thousands) (Unaudited) Three Months Ended Six Months Ended —————————- —————————- December 31, —————————————————————- 2007 2006 2007 2006 ———- ——— ———- ——— Income from Operations $9,808 $1,684 $10,633 $1,133 Depreciation and Amortization Expense 284 62 512 119 Loss on sale of fixed assets - - 8 3 ———- ——— ———- ——— EBITDA $10,092 $1,746 $11,153 $1,255 ======= ====== ======= ======
Berliner reported net income allocable to common shareholders for the six months ended
We currently report our financial results on the basis of two reportable segments: 1) infrastructure construction and technical services and (2) site acquisition and zoning. The following represents our revenue and operating income (loss) for each segment for the three months ended December 31, 2007, and 2006, respectively: (Amounts in Thousands) Three months ended Six months ended December 31, December 31, ————————— ————————— 2007 2006 2007 2006 ———- ———- ———- ———- (Unaudited) (Unaudited) Revenue: Infrastructure construction and technical services $44,433 $11,339 $62,918 $16,727 Site acquisition and zoning 7,700 2,349 12,357 4,766 ———- ———- ———- ———- Total $52,133 $13,688 $75,275 $21,493 ======= ======= ======= ======= Operating income: Infrastructure construction and technical services $8,417 $1,095 $9,382 $259 Site acquisition and zoning 1,391 589 1,251 874 ———- ———- ———- ———- Total $9,808 $1,684 $10,633 $1,133 ======= ======= ======= =======
About Berliner Communications, Inc.
Berliner Communications, Inc. and its wholly owned operating subsidiary, BCI Communications, Inc., are headquartered in Elmwood Park, New Jersey. BCI is an end-to-end provider of outsourced services for the wireless communications industry, including planning, deployment and management of network build-outs. BCI provides wireless carriers with comprehensive real estate site acquisition and zoning services, radio frequency and network design and engineering, infrastructure equipment construction and installation, radio transmission base station modification and project management services. For more information about Berliner's services, please visit http://www.bcisites.com.
The statements in this press release, which are not historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, without limitation, statements regarding our fiscal 2008 results, the ability to achieve our sales and profitability goals, our perception of future industry trends and the potential positive impact our business prospects, and other such statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from ours expectations. Such risks and uncertainties include, without limitation, risks detailed in our filings with the
EBITDA is not a term defined by generally accepted accounting principles (GAAP) and may not be comparable to other similarly titled measurements used by other companies. Such non-GAAP measures should be considered in addition to, and not as a substitute for, performance measures calculated in accordance with GAAP. The company believes that EBITDA provides investors with a measure of the company's operational and financial progress that corresponds with the measurements used by management. Management uses this measurement, in addition to other financial metrics, as a basis for allocating resources and making operating decisions.
BERLINER COMMUNICATIONS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Amounts in thousands, except per share data) Three months ended Six months ended December 31, December 31, —————————— —————————- 2007 2006 2007 2006 ———— ———— ———- ———- Revenue $52,133 $13,688 $75,275 $21,493 Costs of revenue 34,423 8,658 51,048 14,374 ———— ———— ———- ———- Gross margin 17,710 5,030 24,227 7,119 Selling, general and administrative expenses 7,618 3,284 13,074 5,864 Depreciation and amortization 284 62 512 119 Loss on sale of fixed assets - - 8 3 ———— ———— ———- ———- Income from operations 9,808 1,684 10,633 1,133 Other (income) expense Interest expense 339 26 689 55 Amortization of deferred financing frees and accretion of debt discount 348 - 721 - Financing fees - - 36 - Interest income (17) (4) (26) (8) Other - - (6) (14) ———— ———— ———- ———- Income before income taxes 9,138 1,662 9,219 1,100 Income tax expense 3,692 509 3,734 509 ———— ———— ———- ———- Net income allocable to common shareholders $5,446 $1,153 $5,485 $591 ======== ======== ======= ======= Net income per share: Basic $0.32 $0.07 $0.32 $0.03 ======== ======== ======= ======= Diluted $0.21 $0.06 $0.22 $0.03 ======== ======== ======= ======= Weighted average number of shares outstanding: Basic 17,082 17,035 17,082 17,035 ======== ======== ======= ======= Diluted 27,005 18,576 26,979 17,273 ======== ======== ======= ======= BERLINER COMMUNICATIONS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Amounts in thousands) December 31, June 30, 2007 2007 —————- ———— ASSETS (Unaudited) CURRENT ASSETS Cash and cash equivalents $1,909 $2,483 Accounts receivable, net of allowance for doubtful accounts of $261 at June 30, 2007 and $291 at December 31, 2007, respectively 49,706 22,911 Inventories 1,005 666 Deferred tax assets - current 811 336 Prepaid expenses and other current assets 686 771 —————- ———— 54,117 27,167 Property and equipment, net 2,972 2,569 Amortizable intangible assets, net 798 960 Goodwill 2,309 2,270 Deferred tax assets - long-term 1,181 950 Other assets 199 387 —————- ———— Total Assets $61,576 $34,303 =========== ======== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $15,714 $7,399 Accrued liabilities 18,355 6,588 Accrued income taxes 4,332 326 Line of credit 2,653 5,537 Current portion of long-term debt 5,954 797 Current portion of capital lease obligations 120 52 —————- ———— 47,128 20,699 Long-term debt, net of current portion 797 5,765 Long-term capital lease obligations, net of current portion 360 199 Other long-term liabilities 720 694 Deferred tax liabilities - long-term 100 39 —————- ———— Total liabilities 49,105 27,396 COMMITMENTS STOCKHOLDERS' EQUITY Common stock - - Additional paid-in capital 15,734 15,655 Accumulated deficit (3,263) (8,748) —————- ———— Total stockholders' equity 12,471 6,907 —————- ———— Total liabilities and stockholders' equity $61,576 $34,303 =========== ========
SOURCE Berliner Communications, Inc.
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