– EBITDA Positive in the Second Quarter –
– Gross Profits up 74% –-
LOUISVILLE, Ky. — August 16, 2011 – Lightyear Network Solutions, Inc. (OTCBB:LYNS, news, filings), a provider of data, voice and wireless telecommunication services to business and residential customers throughout North America, today announced its financial results for the quarter ended June 30, 2011. Results for the second quarter of 2011 include Lightyear’s acquisition of SouthEast Telephone, which was completed on October 1, 2010.
Financial highlights for the Second Quarter include:
- Revenue of $17.8 million for the second quarter 2011 increased 58.3% from $11.3 million in the year-ago quarter;
- Gross profit of $6.2 million increased 74.4% over the second quarter 2010;
- Gross profit margins increased 3.2% for the quarter to 35.0% from 31.8% in the year-ago quarter;
- Loss from operations was reduced to $250 thousand from $1.052 million in the year-ago quarter;
- EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) improved to a gain of $178 thousand compared with an EBITDA loss of $1.254 million in the year-ago second quarter;
- Net loss of $222 thousand compared with a net loss of $1.315 million in the year-ago second quarter;
- Loss attributable to common stockholders, including $379 thousand of cumulative preferred stock dividends, was $601 thousand, compared with a net loss of $1.644 million, including a $329 thousand cumulative preferred stock dividend in the year-ago second quarter;
- Net loss per common share, including the cumulative preferred stock dividends, was $0.03 for the quarter, compared with a net loss of $0.09 per share for the year-ago second quarter.
“Our financial results for the second quarter 2011 showed several positive trends,” said Stephen M. Lochmueller, Chief Executive Officer of Lightyear. “We were EBITDA positive in the second quarter compared with a loss in the same period in 2010, and our gross profit increased nearly 75 percent to $6.2 million compared with the year-ago quarter.”
“Also in the second quarter, we completed the integration of the approximately 30,000 customers from our subsidiary, SouthEast Telephone, into Lightyear’s Portal System, our in-house client service and account management system. We expect to continue to see positive results in our operating efficiencies as we move forward.”
“We are pleased with our company’s progress and believe we’ll see continued improvement in our financial results in 2011.”
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