First and Second Quarter 2013 Reports on Form 10-Q Filed With the SEC
For the Six Months Ended June 30, 2013, Revenues Increased 26.2% Year-Over-Year to $235.0 Million; Adjusted EBITDA1 Improved 40.5% Year-Over-Year to $17.0 Million; and Net Loss Was $15.4 Million
BLUE BELL, Pa., Oct. 16, 2013 (GLOBE NEWSWIRE) -- UniTek Global Services, Inc. ("UniTek" or the "Company") (Nasdaq:UNTK), a premier provider of permanently outsourced infrastructure services to the telecommunications, broadband cable, wireless, transportation, public safety and satellite television industries, today announced that it has received notification from the NASDAQ Stock Market that it is now in compliance with the requirements for continued listing, as set forth in NASDAQ Listing Rule 5250(c)(1), as a result of filing its Quarterly Reports on Form 10-Q for the quarters ended March 30, 2013 and June 29, 2013 with the Securities and Exchange Commission prior to the market open on October 15, 2013.
These reports had been delayed due to a previously announced investigation conducted by the Audit Committee of the Company's Board of Directors.
The Company plans to report its financial results for the third quarter ended September 28, 2013 by November 12, 2013.
"The strength of our revenue and adjusted EBITDA results reflect the commitment of our employees, customers and shareholders who supported UniTek as we worked diligently to complete our filings. We view these results as indicative of the character of our people, strength of our leadership and the soundness of our business model and strategy. I would like to express my gratitude to everyone for their support in what has been a critical period in the history of the Company," commented Rocky Romanella, Chief Executive Officer of UniTek.
"Our focus remains fully on the development of our business now that we have met our reporting obligations. We intend to operate a more unified business by mobilizing our enterprise around shared capabilities and capacity, aligning resources with opportunities and diversification of our business and inspiring our constituents – our people, customers, shareholders and suppliers – to trust and grow with us. We recognize that there is still more work to do, but we are confident that we are building a strong brand, becoming an Employer of Choice and building shareholder value, which we expect to be evident in our operating results over the long-term," concluded Mr. Romanella.
First Quarter Financial Highlights:
Revenues increased 32.2% to $113.8 million in the three months ended March 30, 2013, from $86.1 million in the first quarter of 2012.
Revenues for the Company's Fulfillment segment increased 8.1% to $74.4 million for the three months ended March 30, 2013, from $68.9 million in the first quarter of 2012. The increase in revenues was attributable to $7.1 million related to the acquisition of a fulfillment satellite installation service provider in September 2012, partially offset by lower volume from cable fulfillment customers.