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Total revenues were $82.2 million for the second quarter 2006, a 5.4% decrease compared to the second quarter 2005
August 9, 2006
2 Min Read
TAMPA, Fla. -- Syniverse Holdings, Inc. (NYSE:SVR), a leading provider of mission-critical technology services to wireless telecommunications companies worldwide, today reported results for second quarter 2006.
Total revenues were $82.2 million for the second quarter 2006, a 5.4% decrease compared to the second quarter 2005.
Net revenue, which excludes off-network database queries or pass-thru revenue, was $78.9 million for the second quarter 2006, a decrease of 5.4% compared to the second quarter 2005.
Net income attributable to common stockholders was $9.5 million in the second quarter 2006, a decrease of 19.5% compared to the second quarter 2005.
Cash net income, a non-GAAP measure of profitability, was $12.9 million for the second quarter 2006, an 18.4% decrease compared to the second quarter 2005. Cash net income reflects the positive cash impact resulting from the significant difference in amortization of goodwill for financial reporting and tax purposes and is determined by adding the cash savings arising from the tax deductible goodwill amortization to adjusted net income.
Cash net income per share was $0.19 in the second quarter 2006, compared to $0.23 the second quarter 2005.
Adjusted EBITDA, a non-GAAP measure of operating cash flow, was $29.3 million for the second quarter 2006, an 18.6% decrease compared to the second quarter 2005.
"We continued to execute our international expansion strategy in the second quarter," said Syniverse President and CEO Tony Holcombe. "We have now successfully implemented eight Vodafone plus four TeliaSonera properties. Additionally, we added two European properties, one in Turkey and the other in Luxembourg. Late in the quarter, we expanded our position in Asia when we acquired Hong Kong-based ITHL."
Chief Financial Officer Ray Lawless added, "During the second quarter, we exceeded our revenue guidance, and met our adjusted EBITDA and cash net income guidance. We expect to see continued improvements in all significant financial metrics through the year as we integrate ITHL and newly signed customers come on line. Because we closed ITHL late in the second quarter, there is no impact from ITHL on the income statement this quarter, but we will have a full quarter impact in the third quarter."
"Our business model continued to generate significant free cash from operations," said Lawless. "We generated $19.1 million during the second quarter, and continue to expect that free cash flow will exceed $75 million for the full year."
Syniverse Technologies LLC
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