Knowledge is King
14 years ago
MBND boosts FY10 EBITDA forecast for third time...
Company now sees $18-20M, up from $15-17M on 8/12. They bumped their FY10 revenue forecast as well...
(PR Wires) PRW: Multiband Expects Strong Third Quarter 2010 EBITDA
Third Quarter EBITDA Significantly Exceeds Guidance
Company Raises Revenue and EBITDA Guidance for Balance of Year
Earnings Conference Call set for Thursday November 11, 2010 at 3:30 p.m.
CST
Dial-in Number: 877-941-1428
MINNEAPOLIS--(BUSINESS WIRE)--November 09, 2010--
Multiband Corporation (NASDAQ:MBND), a leading Home Service Provider (HSP)
for DIRECTV and the nation's largest DIRECTV Master System Operator (MSO)
for Multiple Dwelling Units (MDUs), today announced that it expects third
quarter 2010 EBITDA(1) for the period ended September 30, 2010, will exceed
previously announced guidance. The Company also anticipates reporting
slightly stronger than expected revenue results driven by increased leverage
in its business model. Multiband expects to report overall financial results
for the fiscal quarter ended September 30, 2010 and hold a conference call
to discuss the third quarter on November 11, 2010.
James L. Mandel, CEO of Multiband, commented, "We are executing ahead of
plan and successfully leveraging our infrastructure to generate significant
year over year EBITDA growth. As expected, the operating efficiencies in our
expanded platform, which includes superior performance metrics as well as
the potential for diversified installation and ancillary services, are
driving improved efficiencies within our business model and delivering
tangible positive operating results. Coupled with a slightly stronger top
line, we now expect our EBITDA results to exceed the guidance we have
previously given on an annualized basis. Accordingly, we are raising our
2010 EBITDA Guidance from $15 to 17 Million to a new range of $18 million to
$20 million. We are slightly raising our Revenue Guidance from approximately
$ $250-$255 Million to a new target of approximately $255-$258 Million. We
look forward to reporting finalized financial results for the three and nine
months ended September 30, 2010 and discussing operational details in an
upcoming press release and conference call on November 11, 2010."
(1) NON-GAAP Financial Measures
To comply with Regulation G promulgated pursuant to the Sarbanes-Oxley
Act, Multiband Corporation, as is common in its industry, uses EBITDA as
a measure of performance to demonstrate earnings exclusive of interest
and non-cash events. The Company manages its business based on its cash
flows. The Company, in its daily management of its business affairs and
analysis of its monthly, quarterly and annual performance, makes its
decisions based on cash flows, not on the amortization of assets obtained
through historical activities. The Company, in managing its current and
future affairs, cannot affect the amortization of the intangible assets
to any material degree, and therefore uses EBITDA as its primary
management guide. Since an outside investor may base its evaluation of
the Company's performance based on the Company's net loss not its cash
flows, there is a limitation to the EBITDA measurement. EBITDA is not,
and should not be considered an alternative to net loss, loss from
operations, or any other measure for determining operating performance of
liquidity, as determined under accounting principles generally accepted
in the United States (GAAP). The most directly comparable GAAP reference
in the Company's case is the removal of interest, depreciation,
amortization, taxes and other non-cash expense.
About Multiband Corporation:
Multiband is the largest nationwide DIRECTV master system operator in the
Multiple Dwelling Unit (MDU) market and one of the largest full-service home
service providers (HSPs), handling around 20% of all DIRECTV's
installations, maintenance and upgrades for residents of single-family
homes. Multiband is a full-service provider for a number of other partners
within the footprint as well, offering solutions for watch, talk, surf and
security, and is equipped with a retail store and an online store to strive
to be a customer's "one source solution" for all electronic needs.
Additionally, Multiband is a leading provider of software and integrated
billing services to MDUs on a single bill, including video, voice, data and
other value-added local services, both directly and through strategic
partnerships. Multiband is headquartered in Minneapolis, MN, and has offices
strategically placed around the continental United States.
Statements about our future expectations are "forward-looking statements"
within the meaning of applicable Federal Securities Laws, and are not
guarantees of future performance. When used herein, the words "may," "will,"
"should," "anticipate," "believe," "appear," "intend," "plan," "expect,"
"estimate," "approximate," and similar expressions are intended to identify
such forward-looking statements. These statements involve risks and
uncertainties inherent in our business, including those set forth in our
most recent Annual Report on Form 10-K for the year ended December 31, 2009,
and other filings with the SEC, and are subject to change at any time. Our
actual results could differ materially from these forward-looking
statements. We undertake no obligation to update publicly any
forward-looking statement.
CONTACT: Multiband Corporation
James Mandel, CEO, 763-504-3000
or
Investor
Contact
Hayden IR
Cameron Donahue, 651-653-1854
cameron@haydenir.com
SOURCE: Multiband Corporation
Copyright Business Wire 2010
Knowledge is King
14 years ago
Multiband Announces 2010 Second Quarter Results
Record second quarter EBITDA of $7.3 million, up 249% year-over-year from a
$4.9 million loss in 2Q09
Gross margin expands to 32.5% in 2Q10 from 15.6% for the same period last
year
Record income from operations increases to $5.4 million from $7.7 million
loss in year-ago period
Company posts $0.24 per share Net Income
Company negotiates $10 million financing opportunity with institutional
investor
Company raises EBITDA guidance to $15-$17 Million
MINNEAPOLIS--(BUSINESS WIRE)--August 12, 2010--
Multiband Corporation, (NASDAQ:MBND), a leading Home Service Provider (HSP)
for DIRECTV and the nation's largest DIRECTV Master System Operator (MSO)
for Multiple Dwelling Units (MDU's), today announced financial results for
the second quarter and six months ended June 30, 2010.
Financial Highlights
-- Second quarter revenues were up 7.7% sequentially to $64.9 million from
$60.2 million in first quarter 2010 but down 3.7% compared to $67.4
million for the quarter ended June 30, 2009.
-- Second quarter 2010 gross margins were 32.5% compared to 15.6% for the
year-ago period.
-- Operating income increased to $5.4 million compared to an operating
loss
of $7.7 million in the year-ago period, a $13.1 million swing to the
positive.
-- Net income for the quarter attributable to common stockholders was $2.0
million, or $0.21 per share compared to a net loss of $7.2 million, or
$0.75 per share loss in the year-ago period, a $9.2 million positive
swing.
-- EBITDA, a non-GAAP measure, substantially exceeded guidance and was a
record $7.6 million for the second quarter of 2010, up $12.6 million
from $5.0 million loss for the same period in 2009 and up from $3.1
million sequentially in the first quarter of 2010.
-- Negotiated a $10 million funding opportunity with Lincoln Park Capital
Fund, LLC to be utilized at the Company's discretion for working
capital
or other general corporate purposes.
Second Quarter 2010 Financials
Revenues for the three month period ended June 30, 2010 increased 7.7%
sequentially to $64.9 million from $60.2 million in first quarter 2010 but
decreased 3.7% compared to $67.4 million for the quarter ended June 30,
2009. The year-over-year decrease in revenues is primarily due to fewer new
DirecTV subscriber installations and reduced DTV subsidies and more
stringent DTV credit standards, partially offset by an increase in earned
incentive revenue.
Second quarter 2010 gross margins improved to 32.5% compared to 15.6% for
the year-ago period. Improved margins were driven by efficiencies at the
Company's HSP segment including improved installation procedures, inventory
controls, fleet management, and reduced turnover. In addition, in the first
half of 2009, the Company incurred significant upfront costs due to the
substantial increase in the number of technicians employed by the Company.
Selling, general and administrative expenses decreased approximately 13% to
$13.5 million (20.8% of revenues) from $15.5 million (23.0% of revenues) in
the same period last year. The decrease in selling, general and
administrative expenses as a percentage of revenue is primarily due to
decreased insurance and telephone expense. The Company expects expenses to
stay consistent with second quarter levels for the remainder of the year.
Operating income was $5.4 million for the quarter ended June 30, 2010
compared to an operating loss of $7.7 million in the same period last year,
a $13.1 million positive swing.
EBITDA, a non-GAAP measure, was a record $7.3 million for the second quarter
of 2010, a substantial improvement from a $4.9 million loss in the second
quarter of 2009; and also up substantially from $3.1 million in the first
quarter of 2010.
In the second quarter of 2010, the Company generated net income of $2.4
million, or $0.24 per basic and diluted share compared to a net loss of $8.6
million or $0.89 loss per basic and diluted share in the second quarter of
2009, a $11 million positive swing.
James L. Mandel, CEO of Multiband, commented, "We spent 2009 repositioning
the Company and focusing our processes to significantly improve our
financial results and the resulting returns to our shareholders. The second
quarter results demonstrate the effectiveness of those efforts. Moving
forward, we have created a platform that will enable the company to leverage
our installation services to include other opportunities outside of the
DIRECTV single family home provisioning and we have already seen progress on
this front. Through the second three months of 2010, we have continued to
expand our installation services to include enhanced call and support center
services, security, and wireless high speed internet. We have the capacity
with our existing infrastructure to significantly expand these installation
services and we will update the investment community as we continue to
obtain additional customers in the consumer and commercial sectors."
Mr. Mandel continued, "Our new $10 million purchase agreement with Lincoln
Park Capital Fund, LLC provides us with additional flexibility to maintain
and expand current operations.
YTD 2010 Financial Results
Revenues for the six-month period ended June 30, 2010 decreased 3.5% to
$125.1 million from $129.6 million for the six months ended June 30, 2009.
Gross margins for the six month period improved to 29.9% compared to 19.6%
for the year-ago period.
Operating income was $5.8 million for the six months ended June 30, 2010
compared to an operating loss of $9.9 million in the same period last year.
The Company generated net income attributable to common stockholders of
$699, or $0.07 earnings per basic and diluted share compared to a net loss
of $9.8 million or $1.02 loss per basic and diluted share in the same period
of 2009. EBITDA, a non-GAAP measure, was a record $10.4 million for the
first six months of 2010, a 142% improvement from $4.3 million in the same
period in 2009.
The Company generated approximately $10.5 million in operating cash flow in
the period ended June 30, 2010 compared to cash used in operating activities
of $1.3 million in the same period last year, and had $5.3 million in cash
and cash equivalents as of June 30, 2010 compared to $2.2 million at
December 31, 2009.
Mr. Mandel concluded, "As previously announced, we have increased revenue
projections to the $250 million to $255 million range, up from our original
2010 top-line guidance of $250 million and have also again revised our
EBITDA projections from $14 million to $16 million to a new range of $15
million to $17 million."
Annual Meeting Information
Multiband will be hosting their annual meeting on August 18th at their
corporate headquarters located in New Hope, Minnesota. Proxies have been
mailed out and anyone who has not received their proxy, please contact Ms.
Suzanne Hemping at 763-504-3001.
Conference Call Information
A conference call and live webcast will take place at 4:30 p.m. Eastern
Time, on Thursday, August 12, 2010. Anyone interested in participating
should call 1-888-549-7742 if calling within the United States or
1-480-629-9859 if calling internationally. There will be a playback
available until August 19, 2010. To listen to the playback, please call
1-877-870-5176 if calling within the United States or 1-858-384-5517 if
calling internationally. Please use pin number 4345843 for the replay.
The call will also be accompanied live by webcast over the Internet and
accessible at http://viavid.net/dce.aspx?sid=00007961
About Multiband Corporation
Multiband Corporation (Nasdaq: MBND) is the largest nationwide DIRECTV
master system operator in the Multiple Dwelling Unit (MDU) market and one of
the largest full-service home service providers (HSPs), handling around 20%
of all DIRECTV's installations, maintenance and upgrades for residents of
single-family homes. Multiband is a full-service operator for a number of
other providers within the footprint as well, offering solutions for watch,
talk, surf and security, and is equipped with a retail store and an online
store to strive to be a customer's "one source solution" for all electronic
needs. Additionally, Multiband is a leading provider of software and
integrated billing services to MDUs on a single bill, including video,
voice, data and other value-added local services, both directly and through
strategic arrangements. Multiband is headquartered in Minneapolis, Minn.,
and has offices strategically placed around the continental United States.
Statements about our future expectations are "forward-looking statements"
within the meaning of applicable Federal Securities Laws, and are not
guarantees of future performance. When used herein, the words "may," "will,"
"should," "anticipate," "believe," "appear," "intend," "plan," "expect,"
"estimate," "approximate," and similar expressions are intended to identify
such forward-looking statements. These statements involve risks and
uncertainties inherent in our business, including those set forth in our
most recent Annual Report on Form 10-K for the year ended December 31, 2009,
and other filings with the SEC, and are subject to change at any time. Our
actual results could differ materially from these forward-looking
statements. We undertake no obligation to update publicly any
forward-looking statement.
EBITDA Computation (2Q10 and 2Q09) (in thousands)
2Q10 2Q09
------- ----------
(i) Net Income (Loss) $2,395 ($8,601)
(ii) Non Operating
Gains/Losses (322) (31)
(iii) Adjusted Net Income (Loss) 2,073 (8,632)
(Sum of (i)minus (ii))
(iv) Interest Expense 1,066 890
(v) Depreciation & Amortization 2,146 2,703
(vi) Taxes 1,983 102
----- ------- (PR Wires) PRW: Multiband Announces 2010 Second Quarter Results -2-
PRW: Multiband Announces 2010 Second Quarter Results -2-
(vii) EBITDA $7,268 ($4,937)
===== =======
(sum of (iii) +( iv) + (v) + (vi))
NON-GAAP Financial Measures
To comply with Regulation G promulgated pursuant to the Sarbanes-Oxley Act,
Multiband Corporation attached to this news release and will post to the
company's investor relations web site (www.multibandusa.com) any
reconciliation of differences between non-GAAP financial information that
may be required in connection with issuing the company's quarterly financial
results.
The Company, as is common in its industry, uses EBITDA as a measure of
performance to demonstrate earnings exclusive of interest and non-cash
events. The Company manages its business based on its cash flows. The
Company, in its daily management of its business affairs and analysis of its
monthly, quarterly and annual performance, makes its decisions based on cash
flows, not on the amortization of assets obtained through historical
activities. The Company, in managing its current and future affairs, cannot
affect the amortization of the intangible assets to any material degree, and
therefore uses EBITDA as its primary management guide. Since an outside
investor may base its evaluation of the Company's performance based on the
Company's net loss not its cash flows there is a limitation to the EBITDA
measurement. EBITDA is not, and should not be considered, an alternative to
net loss, loss from operations, or any other measure for determining
operating performance of liquidity, as determined under accounting
principals generally accepted in the United States (GAAP). The most directly
comparable GAAP reference in the Company's case is the removal of interest,
depreciation amortization, taxes and other non-cash expense.
MULTIBAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
------------------------------
------------------------------
June 30, June 30,
2010 June 30, 2009 2010 June 30,
2009
(unaudited) (unaudited) (unaudited)
(unaudited)
------------ --------------- ------------
---------------
REVENUES $ 64,888 $ 67,396 $ 125,136 $ 129,554
----------- ------- ----------- --------
COSTS AND
EXPENSES
Cost of products
and services
(exclusive of
depreciation and
amortization
shown separately
below) 43,814 56,894 87,767 104,210
Selling, general
and
administrative 13,500 15,509 27,017 29,249
Depreciation and
amortization 2,146 2,703 4,582 5,988
----------- ------- ----------- --------
Total costs and
expenses 59,460 75,106 119,366 139,447
----------- ------- ----------- --------
INCOME (LOSS)
FROM OPERATIONS 5,428 (7,710) 5,770
(9,893)
----------- ------- ----------- --------
OTHER EXPENSE
Interest expense (1,066) (890) (2,189)
(1,745)
Interest income 1 3 6 10
Other income 15 98 27 348
------------ ----------- ----------- --------
Total other
expense (1,050) (789) (2,156)
(1,387)
------------ ----------- ----------- --------
NET INCOME (LOSS)
BEFORE INCOME
TAXES AND
NONCONTROLLING
INTEREST IN
SUBSIDIARIES 4,378 (8,499) 3,614
(11,280)
PROVISION FOR
INCOME TAXES 1,983 102 2,183 202
----------- ------- ----------- --------
NET INCOME (LOSS) 2,395 (8,601) 1,431
(11,482)
LESS: NET LOSS
ATTRIBUTABLE TO
THE
NONCONTROLLING
INTEREST IN
SUBSIDIARIES - (1,482) -
(1,778)
----------- ------- ----------- --------
NET INCOME (LOSS)
ATTRIBUTABLE TO
MULTIBAND
CORPORATION AND
SUBSIDIARIES 2,395 (7,119) 1,431
(9,704)
Preferred stock
dividends 351 71 732 144
----------- ------- ----------- --------
INCOME (LOSS)
ATTRIBUTABLE TO
COMMON
STOCKHOLDERS $ 2,044 $ (7,190) $ 699 $
(9,848)
=========== ======= =========== ========
INCOME (LOSS) PER
COMMON SHARE --
BASIC:
INCOME (LOSS)
ATTRIBUTABLE
TO COMMON
STOCKHOLDERS $ 0.21 $ (0.75) $ 0.07 $
(1.02)
=========== ======= =========== ========
INCOME (LOSS) PER
COMMON SHARE --
DILUTED:
INCOME (LOSS)
ATTRIBUTABLE
TO COMMON
STOCKHOLDERS $ 0.20 $ (0.75) $ 0.07 $
(1.02)
=========== ======= =========== ========
Weighted average
common shares
outstanding --
basic 9,912 9,651 9,851 9,650
=========== ======= =========== ========
Weighted average
common shares
outstanding -
diluted 9,986 9,651 9,965 9,650
=========== ======= =========== ========
MULTIBAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands)
Three Months Ended Six Months Ended
----------------------------
------------------------------
June 30, 2010 June 30, 2009 June 30, 2010 June 30,
2009
(unaudited) (unaudited) (unaudited)
(unaudited)
------------- ------------- -------------
NET INCOME (LOSS) $ 2,395 $ (8,601) $ 1,431 $ (11,482)
OTHER
COMPREHENSIVE
LOSS, NET OF
TAX:
Unrealized
losses on
securities:
Unrealized
holding
losses
arising
during
period (5) (38) (6) (8)
--- ------- --- ------- ------- --------
COMPREHENSIVE
INCOME (LOSS)
BEFORE
NONCONTROLLING
INTEREST IN
SUBSIDIARIES 2,390 (8,639) 1,425 (11,490)
--- ------- --- ------- ------- --------
COMPREHENSIVE
INCOME (LOSS)
ATTRIBUTABLE TO
THE
NONCONTROLLING
INTEREST IN
SUBSIDIARIES - (1,482) - (1,778)
--- ------- --- ------- ------- --------
COMPREHENSIVE
INCOME (LOSS)
ATTRIBUTABLE TO
MULTIBAND
CORPORATION AND
SUBSIDIARIES $ 2,390 $ (7,157) $ 1,425 $ (9,712)
=== ======= === ======= ======= ========
MULTIBAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
(in thousands)
June 30, 2010 December 31, 2009
(unaudited) (audited)
--------------- -------------------
CURRENT ASSETS
Cash and cash equivalents $ 5,279 $ 2,240
Securities available for sale 1 7
Accounts receivable, net 15,727 14,336
Other receivable -- related party 518 518
Inventories 8,353 8,561
Prepaid expenses and other 6,752 549
Current portion of notes receivable 6 6
----------- --- --------------
Total Current Assets 36,636 26,217
----------- --- --------------
PROPERTY AND EQUIPMENT, NET 8,231 8,546
----------- --- --------------
OTHER ASSETS
Goodwill 38,067 38,067
Intangible assets, net 19,692 22,677
Other receivable -- related party --
long term 987 1,011
Notes receivable -- long-term, net of
current portion 24 25
Other assets 2,677 2,988
----------- --- --------------
Total Other Assets 61,447 64,768
----------- --- --------------
TOTAL ASSETS $ 106,314 $ 99,531
=========== === ==============
(PR Wires) PRW: Multiband Announces 2010 Second Quarter Results -3-
PRW: Multiband Announces 2010 Second Quarter Results -3-
MULTIBAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
(in thousands, except share and liquidation preference amounts)
June 30, 2010 December 31, 2009
(unaudited) (audited)
--------------- -------------------
CURRENT LIABILITIES
Line of credit $ 49 $ 49
Short term debt 4,111 66
Related parties debt -- short
term 715 1,345
Current portion of long-term
debt - 228
Current portion of capital
lease obligations 395 489
Accounts payable 27,474 28,008
Accrued liabilities 27,152 22,026
Deferred service obligations
and revenue 2,131 2,602
----------- --- --------------
Total Current Liabilities 62,027 54,813
LONG-TERM LIABILITIES
Accrued liabilities -- long
term 2,577 4,415
Long-term debt, net of current
portion and original issue
discount 4,899 4,853
Related parties debt -
long-term, net of current
portion and original issue
discount 29,678 29,856
Capital lease obligations, net
of current portion 409 491
----------- --- --------------
Total Liabilities 99,590 94,428
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Cumulative convertible
preferred stock, no par
value:
8% Class A (14,171 shares
issued and outstanding,
$148,796 liquidation
preference) 213 213
10% Class B (770 and 1,370
shares issued and
outstanding, $8,085 and
$14,385 liquidation
preference) 8 14
10% Class C (112,280 and
112,880 shares issued and
outstanding, $1,122,800 and
$1,128,800 liquidation
preference) 1,457 1,465
10% Class F (150,000 shares
issued and outstanding,
$1,500,000 liquidation
preference) 1,500 1,500
8% Class G (11,595 shares
issued and outstanding,
$115,950 liquidation
preference) 48 48
6% Class H (1.25 shares
issued and outstanding,
$125,000 liquidation
preference) - -
8% Class J (100 shares issued
and outstanding, $10,000,000
liquidation preference) 10,000 10,000
15% Class E cumulative
preferred stock, no par value,
(220,000 shares issued and
outstanding, $2,200,000
liquidation preference) 2,200 2,200
Common stock, no par value
(9,944,638 and 9,722,924
shares issued and
outstanding) 38,547 38,054
Stock subscriptions receivable (1) (26)
Stock-based compensation and
warrants 46,996 46,572
Accumulated other comprehensive
income -- unrealized gain on
securities available for sale 1 7
Accumulated deficit (94,245) (94,944)
----------- --- --------------
Total Stockholders' Equity 6,724 5,103
--------------- -------------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 106,314 $ 99,531
=========== === ==============
CONTACT: Company Contact
Multiband Corporation
James Mandel,
CEO
763-504-3000
or
Investor Contact
Hayden IR
Cameron
Donahue
651-653-1854
cameron@haydenir.com
SOURCE: Multiband Corporation
Copyright Business Wire 2010
Knowledge is King
14 years ago
Multiband Expects Record Second Quarter 2010 EBITDA
Second Quarter EBITDA Significantly Exceeds Guidance Company Raises Revenue
and EBITDA Guidance for Balance of Year
MINNEAPOLIS--(BUSINESS WIRE)--August 03, 2010--
Multiband Corporation, (NASDAQ:MBND), a leading Home Service Provider (HSP)
for DIRECTV and the nation's largest DIRECTV Master System Operator (MSO)
for Multiple Dwelling Units (MDU's), today announced that it expects second
quarter 2010 EBITDA(1) for the period ended June 30, 2010, will materially
exceed previously announced guidance and will represent a record level of
quarterly EBITDA. The Company also anticipates reporting slightly stronger
than expected revenue results driven by increased leverage in its business
model. Multiband expects to report overall financial results for the fiscal
quarter ended June 30, 2010 and hold a conference call to discuss the second
quarter on or about August 12, 2010.
James L. Mandel, CEO of Multiband, commented, "We are executing ahead of
plan and successfully leveraging our infrastructure to generate significant
EBITDA growth. As expected, the operating efficiencies in our expanded
platform, which includes superior performance metrics as well as diversified
installation and ancillary services, are driving additional leverage within
our business model and delivering tangible positive operating results.
Coupled with a slightly stronger top line, we now expect our EBITDA results
to exceed the guidance we have previously given on an annualized basis.
Accordingly, we are raising our 2010 EBITDA Guidance from $12 Million to a
new range of $14-$16 Million. We are slightly raising our Revenue Guidance
from approximately $250 Million to a new range of $250-$255 Million. We look
forward to reporting finalized and audited financial results for the second
quarter and first half of 2010 and discussing operational details in an
upcoming press release and conference call on or about August 12, 2010."
(1) NON-GAAP Financial Measures
To comply with Regulation G promulgated pursuant to the Sarbanes-Oxley Act,
Multiband Corporation, as is common in its industry, uses EBITDA as a
measure of performance to demonstrate earnings exclusive of interest and
non-cash events. The Company manages its business based on its cash flows.
The Company, in its daily management of its business affairs and analysis of
its monthly, quarterly and annual performance, makes its decisions based on
cash flows, not on the amortization of assets obtained through historical
activities. The Company, in managing its current and future affairs, cannot
affect the amortization of the intangible assets to any material degree, and
therefore uses EBITDA as its primary management guide. Since an outside
investor may base its evaluation of the Company's performance based on the
Company's net loss not its cash flows, there is a limitation to the EBITDA
measurement. EBITDA is not, and should not be considered an alternative to
net loss, loss from operations, or any other measure for determining
operating performance of liquidity, as determined under accounting
principles generally accepted in the United States (GAAP). The most directly
comparable GAAP reference in the Company's case is the removal of interest,
depreciation, amortization, taxes and other non-cash expense.
About Multiband Corporation:
Multiband is the largest nationwide DIRECTV master system operator in the
Multiple Dwelling Unit (MDU) market and one of the largest full-service home
service providers (HSPs), handling around 20% of all DIRECTV's
installations, maintenance and upgrades for residents of single-family
homes. Multiband is a full-service provider for a number of other partners
within the footprint as well, offering solutions for watch, talk, surf and
security, and is equipped with a retail store and an online store to strive
to be a customer's "one source solution" for all electronic needs.
Additionally, Multiband is a leading provider of software and integrated
billing services to MDUs on a single bill, including video, voice, data and
other value-added local services, both directly and through strategic
partnerships. Multiband is headquartered in Minneapolis, MN, and has offices
strategically placed around the continental United States.
Statements about our future expectations are "forward-looking statements"
within the meaning of applicable Federal Securities Laws, and are not
guarantees of future performance. When used herein, the words "may," "will,"
"should," "anticipate," "believe," "appear," "intend," "plan," "expect,"
"estimate," "approximate," and similar expressions are intended to identify
such forward-looking statements. These statements involve risks and
uncertainties inherent in our business, including those set forth in our
most recent Annual Report on Form 10-K for the year ended December 31, 2009,
and other filings with the SEC, and are subject to change at any time. Our
actual results could differ materially from these forward-looking
statements. We undertake no obligation to update publicly any
forward-looking statement.
CONTACT: Company Contact
Multiband Corporation
James Mandel, CEO,
763-504-3000
or
Investor Contact
Hayden IR
Cameron Donahue,
651-653-1854
cameron@haydenir.com
SOURCE: Multiband Corporation
Copyright Business Wire 2010
Knowledge is King
14 years ago
Multiband Retains Hayden IR to Develop Comprehensive IR
MINNEAPOLIS--(BUSINESS WIRE)--May 19, 2010--
Multiband Corporation, (NASDAQ: MBND), a leading Home Service Provider (HSP)
for DIRECTV and the nation's largest DIRECTV Master System Operator (MSO)
for Multiple Dwelling Units (MDU's), today announced that it has retained
Hayden IR, a national, New York-based investor relations consulting firm, to
develop an investor relations program to raise its visibility and strengthen
its relationships with the investment community.
James L. Mandel, CEO of Multiband, commented, "Multiband Corporation is a
much different Company than it was 18 months ago when we acquired,
integrated and repositioned the 2009 DirecTECH Holding Company HSP operating
assets into Multiband. We made a significant investment in the first half of
2009 to support this acquisition and we seeing the tangible positive
operating results from this transaction. We have created a platform that
will enable the company to leverage our installation services to include
other opportunities outside of the DIRECTV single family home provisioning
and we have already seen progress on this initiative. We recently announced
first quarter 2010 financial results, which included expanding gross
margins, profitability and a strengthened balance sheet. As a result of our
strategic repositioning and improved financial results, we have retained
Hayden IR to help us build shareholder value by developing a comprehensive
program that would communicate our new strategy, direction and business
model to the investment community."
With offices in New York, Phoenix, Minneapolis and San Diego, Hayden IR
provides a comprehensive range of investor relations services to a growing
list of clients. For more than a decade, Hayden IR has been a recognized
leader in driving market recognition and creating sustainable competitive
advantages for more than 100 micro- and small-cap companies. Hayden delivers
expertise and professionalism in such areas as investor management,
relationship building, awareness campaigns, online presence and corporate
identity.
Cameron Donahue, Partner at Hayden IR, commented, "Multiband is successfully
leveraging its infrastructure and operating efficiencies to generate
significant EBITDA growth in 2010 and now has the platform to layer on
additional installation contracts utilizing their current workforce capacity
which will demonstrate further leverage in the model. They are diversifying
both installation and ancillary services which include enhanced call and
support center services, security, and wireless high speed internet billing
platform. We look forward to helping Multiband to raise its visibility and
communicate its competitive strengths and market potential to the investment
community."
About Multiband Corporation:
Multiband is the largest nationwide DIRECTV master system operator in the
Multiple Dwelling Unit (MDU) market and one of the largest full-service home
service providers (HSPs), handling around 20% of all DIRECTV's
installations, maintenance and upgrades for residents of single-family
homes. Multiband is a full-service provider for a number of other partners
within the footprint as well, offering solutions for watch, talk, surf and
security, and is equipped with a retail store and an online store to strive
to be a customer's "one source solution" for all electronic needs.
Additionally, Multiband is a leading provider of software and integrated
billing services to MDUs on a single bill, including video, voice, data and
other value-added local services, both directly and through strategic
partnerships. Multiband is headquartered in Minneapolis, MN, and has offices
strategically placed around the continental United States.
Statements about our future expectations are "forward-looking statements"
within the meaning of applicable Federal Securities Laws, and are not
guarantees of future performance. When used herein, the words "may," "will,"
"should," "anticipate," "believe," "appear," "intend," "plan," "expect,"
"estimate," "approximate," and similar expressions are intended to identify
such forward-looking statements. These statements involve risks and
uncertainties inherent in our business, including those set forth in our
most recent Annual Report on Form 10-K for the year ended December 31, 2009,
and other filings with the SEC, and are subject to change at any time. Our
actual results could differ materially from these forward-looking
statements. We undertake no obligation to update publicly any
forward-looking statement.
CONTACT: Multiband Corporation
James Mandel, CEO, 763-504-3000
or
Investor
Contact
Cameron Donahue, 651-653-1854
Hayden IR
cameron@haydenir.com
SOURCE: Multiband Corporation
Copyright Business Wire 2010
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