Inteliquent, a voice tandem service provider, has increased its revenue spending financial estimate for 2013 to $225 million, while increasing EBITDA and capex to $62 million and $16 million, respectively.
These revised numbers come after Inteliquent sold off its Tinet data services business to GTT for $54.5 million in April and refocused its attention on its original voice tandem business.
Following the Tinet sale, Inteliquent hatched a plan in May to return cash to its shareholders. Part of that plan included an agreement with the Clinton Group--the investment manager for several partnerships that collectively own more than 1.6 million shares of Inteliquent--to declare dividends and appoint a new independent director before the end of this year.
The past year has been a transitional time for Inteliquent. Late last year, two of its key management team members--Surendra Saboo, the company's president and chief operating officer and one of the chief architects behind acquisition of Tinet S.p.A. in 2010, and CFO Robert M. Junkroski--left the company. It also faced criticism from the Clinton Group that it spent too much to acquire Tinet.
For more:
- see the release
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