Multiband Announces 2010 Third Quarter Results
Third quarter EBITDA of $6.0 million, up 81.8% year-over-year from $3.3 million in 3Q09
Gross margin expands to 29.3% in 3Q10 from 23.5% for the same period last year
Income from operations increases to $3.7 million in the third quarter from $588K in year-ago period
Company posts $0.12 per share net income or $1.2 million
Company raises EBITDA guidance to $18-$20 million
MINNEAPOLIS--(BUSINESS WIRE)-- Multiband Corporation, (NASDAQ:MBND), a leading Home Service Provider (HSP) for DIRECTV(DTV) and the nation's largest DIRECTV Master System Operator (MSO) for Multiple Dwelling Units (MDUs), today announced financial results for the third quarter and nine months ended September 30, 2010.
Financial Highlights
- Third quarter revenues were up 7.7% sequentially to $69.9 million from $64.9 million in second quarter 2010 but down 2.1% compared to $71.4 million for the quarter ended September 30, 2009.
- Third quarter 2010 gross margins were 29.3% compared to 23.5% for the year-ago period.
- Income from operations increased to $3.7 million compared to an operating income of $588K in the year-ago period, a $3.1 million positive swing.
- EBITDA, a non-GAAP measure, substantially exceeded guidance and was $6.0 million for the third quarter of 2010, up $2.7 million from $3.3 million for the same period in 2009.
Third Quarter 2010 Financials
Revenues for the three month period ended September 30, 2010 increased 7.7% sequentially to $69.9 million from $64.9 million in second quarter 2010 but decreased 2.1% compared to $71.4 million for the quarter ended September 30, 2009. The year-over-year decrease in revenues is primarily due to fewer new DirecTV HSP subscriber installations, partially offset by an increase in earned incentive revenue and reduced DTV MDU subsidies as well as fewer DTV MDU subscriber activations due to more stringent credit standards. The installation activity a year ago was positively impacted by the mandatory digital conversion of analog television signals.
Third quarter 2010 gross margins improved to 29.3% compared to 23.5% 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.
Selling, general and administrative expenses increased approximately 6.5% to $14.7 million (21.0% of revenues) from $13.8 million (19.3% of revenues) in the same period last year. The increase in selling, general and administrative expenses as a percentage of revenue is primarily due to increased wage and legal expenses partially offset by a decrease in insurance and telephone expenses. The Company expects expenses to stay consistent with third quarter levels for the remainder of the year.
Operating income was $3.7 million for the quarter ended September 30, 2010 compared to an operating income of $588K in the same period last year, a $3.1 million positive swing.
EBITDA, a non-GAAP measure, was a $6.0 million for the third quarter of 2010, a substantial improvement from $3.3 million in the third quarter of 2009.
In the third quarter of 2010, the Company generated net income of $1.2 million, or $0.12 net income per share compared to a net loss of $725K or $0.08 net loss per share in the third quarter of 2009, a $1.9 million positive swing. GAAP net income per common share was $0.08 basic and $0.07 diluted in the third quarter of 2010 compared to a GAAP net loss of $0.05 per common share for basic and diluted in the third quarter of 2009, a 260% and 240% improvement, respectively.
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 third 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 third quarter 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.”
YTD 2010 Financial Results
Revenues for the nine-month period ended September 30, 2010 decreased 3.0% to $195.0 million from $201.0 million for the nine months ended September 30, 2009. Gross margins for the nine-month period improved to 29.6% compared to 21.0% for the year-ago period. Revenues during 2009 included substantial activity attributed to the mandatory digital conversion of analog television.
Operating income was $9.5 million for the nine months ended September 30, 2010 compared to an operating loss of $9.3 million in the same period last year. The Company generated net income attributable to common stockholders of $1.5 million, or $0.15 earnings per basic and diluted share compared to a net loss of $10.4 million or $1.08 loss per basic and diluted share in the same period of 2009. EBITDA, a non-GAAP measure, was a record $16.4 million for the first nine months of 2010, a 4262% improvement from $393K loss in the same period in 2009.
The Company generated approximately $14.3 million in operating cash flow in the nine months ended September 30, 2010 compared to cash used in operating activities of $2.9 million in the same period last year, and had $4.9 million in cash and cash equivalents as of September 30, 2010 compared to $2.2 million at December 31, 2009.
Mr. Mandel concluded, “As previously announced, our revenue projections have been increased to a range of between $255 and $258 million, our EBITDA projections have been increased from the previously revised $15 million to $17 million to a new range of $18 million to $20 million.”
Conference Call Information
A conference call and live webcast will take place at 4:30 p.m. Eastern Time, on Thursday, November 11, 2010. Anyone interested in participating should call 1-877-941-1428 if calling within the United States or 1-480-629-9665 if calling internationally. There will be a playback available until November 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 4384558 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.
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EBITDA Computation (in thousands) |
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| 3Q10 | 3Q09 | ||||||||
| (i) | Net Income (Loss) | $ | 1,168 | ($725 | ) | ||||
| (ii) | Non Operating | ||||||||
| Gains/Losses | 239 | 251 | |||||||
| (iii) | Adjusted Net Income (Loss) | 1,407 | (474 | ) | |||||
| (Sum of (i)minus (ii)) | |||||||||
| (iv) | Interest Expense | 1,026 | 1,026 | ||||||
| (v) | Depreciation & Amortization | 2,027 | 2,414 | ||||||
| (vi) | Taxes | 1,573 | 372 | ||||||
| (vii) | EBITDA | $ | 6,033 | $ | 3,338 | ||||
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(sum of (iii) + ( iv) + (v) + (vi)) |
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Net Income (Loss) per Share (in thousands) |
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| 3Q10 | 3Q09 | |||||||
| (i) | Net Income (Loss) | $ | 1,168 | ($725 | ) | |||
| (ii) | Net Income (Loss) per Common Share | $ | 0.12 | ($0.08 | ) | |||
| (iii) | Weighted Average Common Shares | 10,084 | 9,659 | |||||
| ((i) / (iii) = (ii)) | ||||||||
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.
Net income per share is a non-GAAP measurement of earnings per share. The primary difference being the net income (loss) is used in the calculation rather than income (loss) attributable to common shareholders.
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FINANCIAL INFORMATION |
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CONSOLIDATED FINANCIAL STATEMENTS |
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MULTIBAND CORPORATION AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(in thousands, except per share amounts) |
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| Three Months Ended | Nine Months Ended | |||||||||||||
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September 30, |
September 30, |
September 30, |
September 30, |
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| REVENUES | $ | 69,875 | $ | 71,421 | $ | 195,011 | $ | 200,975 | ||||||
| COSTS AND EXPENSES | ||||||||||||||
|
Cost of products and services (exclusive of |
49,425 | 54,645 | 137,192 | 158,855 | ||||||||||
| Selling, general and administrative | 14,680 | 13,774 | 41,698 | 43,023 | ||||||||||
| Depreciation and amortization | 2,027 | 2,414 | 6,609 | 8,402 | ||||||||||
| Total costs and expenses | 66,132 | 70,833 | 185,499 | 210,280 | ||||||||||
| INCOME (LOSS) FROM OPERATIONS | 3,743 | 588 | 9,512 | (9,305 | ) | |||||||||
| OTHER EXPENSE | ||||||||||||||
| Interest expense | (1,026 | ) | (1,026 | ) | (3,215 | ) | (2,771 | ) | ||||||
| Interest income | 1 | 9 | 7 | 19 | ||||||||||
| Other income | 23 | 76 | 51 | 424 | ||||||||||
| Total other expense | (1,002 | ) | (941 | ) | (3,157 | ) | (2,328 | ) | ||||||
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NET INCOME (LOSS) BEFORE INCOME TAXES AND |
2,741 | (353 | ) | 6,355 | (11,633) | |||||||||
| PROVISION FOR INCOME TAXES | 1,573 | 372 | 3,756 | 574 | ||||||||||
| NET INCOME (LOSS) | 1,168 | (725 | ) | 2,599 | (12,207 | ) | ||||||||
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LESS: NET LOSS ATTRIBUTABLE TO THE |
- | (266 | ) | - | (2,044) | |||||||||
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NET INCOME (LOSS) ATTRIBUTABLE TO |
1,168 | (459 | ) | 2,599 | (10,163 | ) | ||||||||
| Preferred stock dividends | 408 | 70 | 1,140 | 214 | ||||||||||
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INCOME (LOSS) ATTRIBUTABLE TO COMMON |
$ | 760 | $ | (529 | ) | $ | 1,459 | $ | (10,377 | ) | ||||
| INCOME (LOSS) PER COMMON SHARE – BASIC: | ||||||||||||||
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INCOME (LOSS) ATTRIBUTABLE TO COMMON
|
$ | .08 | $ | (0.05 | ) | $ | .15 | $ | (1.08 | ) | ||||
| INCOME (LOSS) PER COMMON SHARE – DILUTED: | ||||||||||||||
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INCOME (LOSS) ATTRIBUTABLE TO COMMON
|
$ | .07 | $ | (0.05 | ) | $ | .15 | $ | (1.08 | ) | ||||
| Weighted average common shares outstanding – basic | 10,084 | 9,659 | 9,930 | 9,653 | ||||||||||
| Weighted average common shares outstanding - diluted | 10,188 | 9,659 | 10,047 | 9,653 | ||||||||||
See accompanying notes to the unaudited condensed consolidated financial statements
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MULTIBAND CORPORATION AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
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(in thousands) |
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| Three Months Ended | Nine Months Ended | ||||||||||||||
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|
September 30, |
September 30, |
September 30, |
September 30, |
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| NET INCOME (LOSS) | $ | 1,168 | $ | (725 | ) | $ | 2,599 | $ | (12,207 | ) | |||||
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OTHER COMPREHENSIVE INCOME (LOSS), NET OF |
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| Unrealized gains (losses) on securities: | |||||||||||||||
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Unrealized holding gains (losses) |
1 | (29 | ) | (5 | ) | (37 | ) | ||||||||
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COMPREHENSIVE INCOME (LOSS) BEFORE |
1,169 | (754 | ) | 2,594 | (12,244 | ) | |||||||||
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COMPREHENSIVE LOSS ATTRIBUTABLE TO THE |
- | (266 | ) | - | (2,044 | ) | |||||||||
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COMPREHENSIVE INCOME (LOSS) |
$ | 1,169 | $ | (488 | ) | $ | 2,594 | $ | (10,200 | ) | |||||
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MULTIBAND CORPORATION AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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ASSETS |
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(in thousands) |
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September 30, 2010 |
December 31, 2009 |
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| CURRENT ASSETS | |||||||
| Cash and cash equivalents | $ | 4,912 | $ | 2,240 | |||
| Securities available for sale | 2 | 7 | |||||
| Accounts receivable, net | 15,789 | 14,336 | |||||
| Other receivable – related party | 518 | 518 | |||||
| Inventories | 9,700 | 8,561 | |||||
| Prepaid expenses and other | 2,039 | 549 | |||||
| Current portion of notes receivable | 6 | 6 | |||||
| Total Current Assets | 32,966 | 26,217 | |||||
| PROPERTY AND EQUIPMENT, NET | 8,218 | 8,546 | |||||
| OTHER ASSETS | |||||||
| Goodwill | 38,067 | 38,067 | |||||
| Intangible assets, net | 18,391 | 22,677 | |||||
| Other receivable – related party – long term | 985 | 1,011 | |||||
| Notes receivable – long-term, net of current portion | 24 | 25 | |||||
| Other assets | 6,446 | 2,988 | |||||
| Total Other Assets | 63,913 | 64,768 | |||||
| TOTAL ASSETS | $ | 105,097 | $ | 99,531 | |||
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MULTIBAND CORPORATION AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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(in thousands, except share and liquidation preference amounts) |
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September 30, 2010 |
December 31, 2009 |
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| CURRENT LIABILITIES | |||||||||
| Line of credit | $ | 48 | $ | 49 | |||||
| Short term debt | 1,062 | 66 | |||||||
| Related parties debt – short term | 680 | 1,345 | |||||||
| Current portion of long-term debt | - | 228 | |||||||
| Current portion of capital lease obligations | 428 | 489 | |||||||
| Accounts payable | 28,606 | 28,008 | |||||||
| Accrued liabilities | 25,701 | 22,026 | |||||||
| Deferred service obligations and revenue | 2,193 | 2,602 | |||||||
| Total Current Liabilities | 58,718 | 54,813 | |||||||
| LONG-TERM LIABILITIES | |||||||||
| Accrued liabilities – long term | 3,441 | 4,415 | |||||||
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Long-term debt, net of current portion and original issue |
4,915 | 4,853 | |||||||
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Related parties debt - long-term, net of current portion and |
29,536 | 29,856 | |||||||
| Capital lease obligations, net of current portion | 461 | 491 | |||||||
| Total Liabilities | 97,071 | 94,428 | |||||||
| COMMITMENTS AND CONTINGENCIES | |||||||||
| STOCKHOLDERS' EQUITY | |||||||||
| Cumulative convertible preferred stock, no par value: | |||||||||
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8% Class A (14,171 shares issued and outstanding, $148,796 |
213 | 213 | |||||||
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10% Class B (470 and 1,370 shares issued and outstanding, |
5 | 14 | |||||||
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10% Class C (112,000 and 112,880 shares issued and outstanding, |
1,453 | 1,465 | |||||||
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10% Class F (150,000 shares issued and outstanding, $1,500,000 |
1,500 | 1,500 | |||||||
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8% Class G (11,595 shares issued and outstanding, $115,950 |
48 | 48 | |||||||
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6% Class H (1.25 shares issued and outstanding, $125,000 |
- | - | |||||||
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8% Class J (100 shares issued and outstanding, $10,000,000 |
10,000 | 10,000 | |||||||
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15% Class E cumulative preferred stock, no par value, (205,000 |
2,050 | 2,200 | |||||||
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Common stock, no par value (10,165,057 and 9,722,924 shares |
38,950 | 38,054 | |||||||
| Stock subscriptions receivable | - | (26 | ) | ||||||
| Stock-based compensation and warrants | 47,290 | 46,572 | |||||||
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Accumulated other comprehensive income – unrealized gain on |
2 | 7 | |||||||
| Accumulated deficit | (93,485 | ) | (94,944 | ) | |||||
| Total Stockholders' Equity | 8,026 | 5,103 | |||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 105,097 | $ | 99,531 | |||||
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MULTIBAND CORPORATION AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(in thousands) |
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| Nine Months Ended | ||||||||
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September 30, 2010 |
September 30, 2009 (unaudited) |
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| OPERATING ACTIVITIES | ||||||||
| Net income (loss) | $ | 2,599 | $ | (12,207 | ) | |||
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Adjustments to reconcile net income (loss) to net cash provided |
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| Depreciation and amortization | 6,609 | 8,402 | ||||||
| Loss on sale of assets | (1 | ) | (35 | ) | ||||
| Amortization of original issue discount | 72 | 35 | ||||||
| Amortization of imputed interest discount | - | 35 | ||||||
| Amortization of deferred financing costs | 42 | 15 | ||||||
| Interest receivable added to note receivable balance | 3 | - | ||||||
| Change in allowance for doubtful accounts on accounts receivable | (428 | ) | 51 | |||||
| Change in reserve for stock subscriptions and interest receivable | 25 | 43 | ||||||
| Expense related to repricing of warrants | - | 30 | ||||||
| Services provided in exchange for reduction of debt | (12 | ) | - | |||||
| Stock based compensation expense | 649 | 133 | ||||||
| Common shares issued for services | 10 | - | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (1,025 | ) | (7,104 | ) | ||||
| Other receivables – related party | (40 | ) | - | |||||
| Inventories | (1,072 | ) | 5,647 | |||||
| Prepaid expenses and other | 3,695 | (1,095 | ) | |||||
| Other assets | 341 | (21 | ) | |||||
| Accounts payable and accrued liabilities | 3,231 | 1,463 | ||||||
| Deferred service obligations and revenue | (409 | ) | 1,671 | |||||
| Net cash flows provided (used) by operating activities | 14,289 | (2,937 | ) | |||||
| INVESTING ACTIVITIES | ||||||||
| Purchases of property and equipment | (1,527 | ) | (2,166 | ) | ||||
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Checks issued in excess of bank balance with the purchase of |
- | (369 | ) | |||||
| Purchases of intangible assets | (36 | ) | (175 | ) | ||||
| Collections on notes receivable | 1 | 37 | ||||||
| Net cash flows used by investing activities | (1,562 | ) | (2,673 | ) | ||||
| FINANCING ACTIVITIES | ||||||||
| Payments on short-term debt | (7,949 | ) | (25 | ) | ||||
| Payments on long-term debt | (278 | ) | (2,657 | ) | ||||
| Payments on related parties debt – short term | (665 | ) | - | |||||
| Payments on related parties debt - long term | (242 | ) | (1,400 | ) | ||||
| Payments on capital lease obligations | (426 | ) | (335 | ) | ||||
| Payments for debt issuance costs | - | (144 | ) | |||||
| Net advances (repayments) on line of credit | (1 | ) | 5 | |||||
| Payments received on stock subscription receivable | (2 | ) | - | |||||
| Payment on mandatory redeemable preferred stock | - | (150 | ) | |||||
| Proceeds from related parties debt – short term | - | 3,700 | ||||||
| Proceeds from issuance of preferred stock | - | 500 | ||||||
| Proceeds from issuance of long-term debt | - | 6,100 | ||||||
| Stock issuance costs | (15 | ) | - | |||||
| Redemption of preferred stock | (168 | ) | (18 | ) | ||||
| Preferred stock dividends | (309 | ) | (59 | ) | ||||
| Net cash flows provided (used) by financing activities | (10,055 | ) | 5,517 | |||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 2,672 | (93) | ||||||
| CASH AND CASH EQUIVALENTS - Beginning of Period | 2,240 | 4,346 | ||||||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 4,912 | $ | 4,253 | ||||
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MULTIBAND CORPORATION AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(in thousands) |
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| Nine Months Ended | |||||||
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September 30, 2010 |
September 30, 2009 |
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Cash paid for interest, net of amortization of OID and interest |
$ | 3,078 | $ | 1,872 | |||
| Cash paid for federal and state income taxes | 3,734 | 611 | |||||
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Non-cash investing and financing transactions: |
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Purchase of property and equipment via increase in capital lease |
340 | 562 | |||||
| Increase in prepaid expense via increase in debt | 36 | - | |||||
|
Purchase of intangible assets via issuance of short-term notes |
163 | - | |||||
| Intrinsic value of preferred dividends | 3 | 3 | |||||
| Conversion of accrued interest into common stock | 2 | 2 | |||||
| Conversion of accrued dividends into common stock | 595 | 166 | |||||
| Increase in prepaid expense via short-term debt issued | 8,806 | - | |||||
| Increase in other assets via issuance of common stock | 180 | - | |||||
| Increase in short term debt via offset to accounts payable | - | 159 | |||||
|
Reduction in related party debt by other receivable – related |
66 | - | |||||
| Warrants issued for long-term notes payable | - | 372 | |||||
| Warrants issued in lieu of dividends | 57 | - | |||||
|
Reduction of notes payable -related party with exchange for |
- | 1,500 | |||||
|
Reduction of accounts payable with proceeds from sale of |
- | 446 | |||||
|
Reduction in accounts payable and accrued expenses with issuance |
- | 394 | |||||
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Purchase of 80% of outstanding stock of DirecTECH operating |
- | 38,240 | |||||
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Reduction in accrued compensation via issuance of stock options |
113 | - | |||||
|
Reduction of notes payable via reduction of related party |
- | 5,844 | |||||
|
Reduction of notes payable with issuance notes payable in |
- | 300 | |||||
|
Purchase of 29% of outstanding stock of NC (formerly MMT) via |
- | 1,660 | |||||
|
Purchase of 80% of outstanding stock of DirecTECH operating |
- | 500 | |||||
CONTACT:
Multiband Corporation
James Mandel, CEO, 763-504-3000
or
Hayden IR
Cameron Donahue, 651-653-1854
cameron@haydenir.com
KEYWORDS: United States North America Minnesota
INDUSTRY KEYWORDS: Entertainment TV and Radio Technology Telecommunications Construction & Property Residential Building & Real Estate
MEDIA:
