– Positive Financial Trends Continue –
LOUISVILLE, Ky., November 15, 2011 — Lightyear Network Solutions, Inc. (the “Company”) (OTCBB:LYNS, news, filings), an established 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 September 30, 2011. Results for the third quarter of 2011 include Lightyear’s acquisition of SouthEast Telephone, which was completed on October 1, 2010.
Financial highlights for the Third Quarter include:
- Net income of $103 thousand for the third quarter 2011 compared with a net loss of $222 thousand in the second quarter 2011 and a net loss of $828 thousand in the year-ago third quarter;
- Gross profit increased 1.2%, or $78 thousand, compared with the second quarter of this year;
- SGA (Selling, General and Administrative) expenses were reduced 6.1% compared with the second quarter 2011;
- Loss from operations was reduced to $45 thousand from $250 thousand in the second quarter 2011 and from $987 thousand in the year-ago third quarter;
- EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) improved to $515 thousand compared with an EBITDA of $178 thousand in the second quarter of this year and a loss before interest, taxes, depreciation and amortization of $935 thousand in the year-ago third quarter;
- Net loss per common share, including the cumulative preferred stock dividends, was $0.01 compared with a net loss of $0.06 per share for the year-ago third quarter.
“Lightyear continues to make significant strides forward as we again had several encouraging financial trends in the third quarter,” said Stephen M. Lochmueller, Lightyear’s Chief Executive Officer. “One of the more important indicators was that the Company recorded net income compared with a net loss in the year-ago quarter, and we were EBITDA positive in the quarter compared with a net loss last year. Lightyear also had some encouraging quarter-to-quarter figures, as our gross profit margin increased 1.2%, and our SGA operating expenses were reduced 6.1%.”
“We believe that our improving financial results, along with our recently announced redemption of convertible preferred stock, positions Lightyear well for the future,” Mr. Lochmueller added. “Had the stock redemption been recorded as of January 1, 2011, the net loss per share would have been reduced by $.02 per share during the first nine months of 2011. We are pleased with the progress our Company is making, and we believe we’ll continue to see improvement in our financial results this year.”
Earnings Conference Call set for Nov. 22 at 11 a.m. EST
Management of Lightyear will host an earnings conference call on Tuesday, Nov. 22, 2011, at 11 a.m. EST. Those who wish to participate in the conference call may dial 877-597-2663 (conference code: 5351842) from the United States; international callers may dial 678-809-2332.
An audio replay and transcript of the conference call will be available. For details, visit www.lightyear.net.
To download the complete Press Release in PDF format, click here.