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Berliner Reports Third Quarter Financial Results
ELMWOOD PARK, N.J.
(Map)
-
Highlights include:
* Revenue increases 86%, from $15.4 million in the third quarter of
fiscal 2007 to $28.7 million;
* Gross Profit increases 102%, from $4.2 million in the third quarter of
fiscal 2007 to $8.5 million;
* EBITDA increases 108%, from $1.2 million in the third quarter of 2007
to $2.5 million;
* Nine month EBITDA increases from $2.4 million in fiscal 2007 to $13.7
million in fiscal 2008;
* Closed on a $15 Million credit facility with PNC Bank, N.A.
"I am pleased to report another strong, profitable quarter for our
company," said
"While these opportunities represent potential growth for us, it is important to note that our results can fluctuate based upon our customers' timeframes and capital expenditures," continued Berliner. "For example, we believe the impact of our wireless carrier customers' spending on WiMax is one of several key drivers of our business. The recently announced WiMax joint venture involving two of our customers has temporarily disrupted some of the current spending on WiMax network development. While we cannot predict the effect of these developments at this time, we expect to see reduced revenue in certain of our markets related to WiMax projects in the short term, and we expect this to impact our overall operating results for the fourth quarter of fiscal 2008. We believe the impact of this should be mitigated by our increased focus on sales and marketing, our work on non-WiMax related projects, including backhaul, and our efforts to diversify our customer base. Overall, we are excited by the trends currently affecting the wireless industry, and believe that BCI has the ability to take advantage of its positioning in order to increase shareholder value."
Financial Results
Revenue for the company for the three months ended
The increases in revenue during the third quarter of fiscal 2008 included
approximately
Interest expense and amortization of finance fees increased from
EBITDA, that is, income from operations, less gain or loss on sale of
fixed assets, plus depreciation and amortization expense, increased from $1.2
million to $2.5 million in the third quarter of fiscal 2008 compared to the
same period in the prior year. A reconciliation of EBITDA to income from
operations follows:
(Amounts in Thousands)
(Unaudited)
Three Months Ended Nine Months Ended
March 31, March 31,
2008 2007 2008 2007
Income from Operations $ 2,218 $ 1,134 $ 12,851 $ 2,266
Depreciation and
Amortization Expense 329 68 841 188
(Gain) loss on sale
of fixed assets - (7) 8 (5)
EBITDA $ 2,547 $ 1,195 $ 13,700 $ 2,449
Berliner reported net income allocable to common shareholders for the nine
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 revenues and operating
income for each segment for the three and nine months ended March 31, 2008,
and 2007, respectively:
Three months ended Nine months ended
March 31, March 31,
2008 2007 2008 2007
(Unaudited) (Unaudited)
Revenue:
Infrastructure
construction and
technical services $21,125 $12,621 $ 84,043 $29,348
Site acquisition and
zoning 7,571 2,773 19,928 7,539
Total $28,696 $15,394 $103,971 $36,887
Operating income:
Infrastructure
construction and
technical services $1,054 $602 $10,436 $860
Site acquisition and
zoning 1,164 532 2,415 1,406
Total $2,218 $1,134 $12,851 $2,266
About Berliner Communications, Inc.
Berliner Communications, Inc. and its wholly owned operating subsidiary,
BCI Communications, Inc., are headquartered in
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 on our business prospects, and other such statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from our expectations. Such risks and uncertainties include, without limitation, risks detailed in our filings with the United States Securities and Exchange Commission, the risk that future trends we have identified do not materialize or if they materialize that they do not have the beneficial effect we anticipate, as well as the risk that we will not be able to achieve our sales and profitability goals. All forward- looking statements in this document are made as of the date hereof, based on information available to us on the date hereof, and we disclaim any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events or otherwise.
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 Nine months ended
March 31, March 31,
2008 2007 2008 2007
Revenues $28,696 $15,394 $103,971 $36,887
Costs of revenues 20,207 11,222 71,255 25,597
Gross margin 8,489 4,172 32,716 11,290
Selling, general and
administrative expenses 5,942 2,977 19,016 8,841
Depreciation and
amortization 329 68 841 188
(Gain) loss on sale of
fixed assets - (7) 8 (5)
Income from operations 2,218 1,134 12,851 2,266
Other (income) expense
Interest expense 263 117 952 167
Amortization of deferred
financing fees and
accretion of debt
discount 355 283 1,076 287
Financing fees - - 36 -
Interest income (24) (20) (50) (28)
Income in equity
investments - (4) - (4)
Other (35) (14) (41) (28)
Income before income
taxes 1,659 772 10,878 1,872
Income tax expense 759 411 4,493 920
Net income allocable to
common shareholders $900 $361 $ 6,385 $952
Net income per share:
Basic $0.05 $0.02 $0.37 $0.06
Diluted $0.04 $0.02 $0.27 $0.05
Weighted average number
of shares outstanding:
Basic 17,358 17,035 17,174 17,035
Diluted 27,579 19,927 27,176 17,673
BERLINER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
March 31, June 30,
2008 2007
ASSETS (Unaudited)
CURRENT ASSETS
Cash and cash equivalents $ 1,247 $ 2,483
Accounts receivable, net of allowance
for doubtful accounts of $261 at
June 30, 2007 and $296 at
March 31, 2008, respectively 40,175 22,911
Inventories 1,010 666
Deferred tax assets - current 867 336
Prepaid expenses and other current
assets 1,110 771
44,409 27,167
Property and equipment, net 3,082 2,569
Amortizable intangible assets, net 932 960
Goodwill 2,084 2,270
Deferred tax assets - long-term 895 950
Other assets 281 387
Total Assets $ 51,683 $ 34,303
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 9,080 $ 7,399
Accrued liabilities 16,078 6,588
Accrued income taxes 1,781 326
Line of credit 2,593 5,537
Current portion of long-term debt 6,706 797
Current portion of capital lease
obligations 118 52
36,356 20,699
Long-term debt, net of current portion 637 5,765
Long-term capital lease obligations,
net of current portion 331 199
Other long-term liabilities 39 694
Deferred tax liabilities - long-term 118 39
Total liabilities 37,481 27,396
COMMITMENTS
STOCKHOLDERS' EQUITY
Common stock - -
Additional paid-in capital 16,565 15,655
Accumulated deficit (2,363) (8,748)
Total stockholders' equity 14,202 6,907
Total liabilities and stockholders'
equity $ 51,683 $ 34,303
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