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| May 12, 2014 07:09 PM EDT |
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PHILADELPHIA, PA -- (Marketwired) -- 05/12/14 -- Alteva, Inc. ("Alteva" or the "Company") (NYSE MKT: ALTV), a premier provider of hosted Unified-Communications-as-a-Service ("UCaaS"), today announced selected financial results for the first quarter ended March 31, 2014.
First Quarter 2014 Financial Results Highlights
- For the first quarter of 2014, the Company achieved Adjusted EBITDA* of $1.2 million, an improvement from $1.0 million from the same period in 2013; Adjusted EBITDA* included $2.0 million and $3.25 million of income from the Company's O-P investment for the first quarters of 2014 and 2013 respectively;
- The Company narrowed its operating loss for the first quarter of 2014 to $(2.2) million, as compared to $(4.3) million for the same period in 2013;
- The Company narrowed its net loss for the first quarter of 2014 to $(0.2) million, as compared to $(0.7) million for the same period in 2013;
- For the first quarter of 2014, UC revenues increased by 7%, which includes the results of the Syracuse, NY operations that were sold in September 2013, to $4.2 million from $4.0 million for the first quarter of 2013; excluding the Syracuse operations, UC revenues increased 23% for the first quarter of 2014 as compared to the same period in 2013;
- At the end of the first quarter 2014, there were over 40,000 users on Alteva's hosted platform, which represents an increase of 23% of the installed base compared to the end of first quarter 2013; excluding the seats associated with the divested Syracuse operations, users on Alteva's hosted platform increased 38%;
- Gross profit margin increased to 59% in the first quarter of 2014 from 51% for the same period in 2013;
- The Company continues to invest in its UCaaS platform technologies while strengthening its financial position; accordingly the Company has made enhancements to its service offerings to add new mobile applications that seamlessly integrate Alteva's HD voice with Microsoft's Lync Communication services, Google Apps for Business and leading cloud-based CRM applications like Salesforce.com;
- The Company intends to continue its focus on profitable growth and we expect Adjusted EBITDA* to improve with rationalization of the business model, focused channel growth and business development.
First Quarter 2014 Results
Revenues were $7.5 million in the first quarter of 2014, a decrease of 3% from $7.7 million for the same period in 2013. Revenues increased 5% year-over-year excluding the revenue from the Syracuse operations that were sold in September 2013.
UC revenues were $4.2 million in the first quarter of 2014, an increase of 5% from $4.0 million for the same period in 2013. UC revenues in the first quarter of 2014 increased 23% on a year-over-year basis excluding the revenue from the Syracuse operations, and improved by 8% from the fourth quarter of 2013 on a similar comparison. As a percentage of consolidated revenue, the UC segment contributed approximately 56% of revenues in the first quarter of 2014 as compared with 51% for the same period in 2013. The increase in UC revenues was attributable to the addition of new clients and the increase in services to existing clients. Approximately 86% of first quarter UC revenues were from licenses and services which are expected to be recurring in nature, with the balance of revenues derived from equipment sales for UC customer implementations.
Telephone revenues were $3.3 million in the first quarter of 2014, as compared with $3.8 million for the same period in 2013. The Telephone segment contributed approximately 44% of revenues in the first quarter 2014 as compared with 49% for the same period of 2013. Telephone revenues were slightly lower year-over-year as a result of continued access line losses and decreases in revenue from pooling arrangements. These decreases were partially offset by an increase in access line rates earlier in the year and modest growth in broadband Internet services revenues.
Gross profit increased by 13% to $4.5 million in the first quarter of 2014 from $4.0 million for the same period in 2013. Gross profit as a percentage of revenues was 59% in the first quarter 2014, as compared with 51% for the same period in 2013. The improvement in gross profit primarily reflects the increase in revenues contributed by the UC segment and the Company's ability to leverage its existing infrastructure, and impact of the cost reduction initiatives, which included the sale of the Syracuse operations, and the previously disclosed workforce reduction in the Telephone segment.
Selling, general and administrative ("SG&A") expenses in the first quarter of 2014 were $5.8 million, as compared with $7.2 million for the same period in 2013. The $1.4 million, or 19%, decrease in SG&A expenses was primarily associated with a reduction in wages, including the impact from the restructuring of the Telephone segment in the second quarter of 2013, the sale of the Syracuse operations, severance charges in the first quarter of 2013, and other expense management initiatives implemented throughout the year.
Total other income for the first quarters of 2014 and 2013 was $1.9 million and $3.1 million, respectively. Other income included the income from the Company's equity investment in the O-P partnership in the first quarters of 2014 and 2013 of $2.0 million and $3.25 million, respectively. In 2013, the Company received guaranteed annual distributions of $13 million. In 2014, in accordance with to the O-P agreement, the guaranteed distribution levels stopped and the Company will receive income from the equity investment only for its ownership share of 8.108% of the O-P's net income.
For the first quarter of 2014, the Company had an income tax benefit of $58,000, or 19% of loss before income taxes, as compared to an income tax benefit of $0.5 million, or 43% of loss before income taxes, for the first quarter of 2013. The estimated effective tax rate for each period includes projections of tax expense on the expected change in our valuation allowance for deferred tax assets. The decrease in the effective tax rate is due to the expected increase in the valuation allowance for deferred tax assets reducing the overall tax benefit recorded for the period ended March 31, 2014.
For the first quarter of 2014, the Company's net loss was $(0.2) million, as compared to a net loss of $(0.7) million for the same period of 2013.
Basic and diluted net loss per share was $(0.04) for the first quarter of 2014, as compared with basic and diluted net loss per share of $(0.12) in the same period of the prior year.
O-P Partnership
On April 30, 2014, the Company announced that, in accordance with its previously announced plans, the Company has exercised the put option to sell its interest in the Orange County-Poughkeepsie Limited Partnership (the "O-P"). The gross proceeds of $50 million, which the Company received on April 30, 2014, will be used to pay taxes on the related gain, repay outstanding senior debt, fund working capital needs and support growth initiatives, including supporting Alteva's current customers and deploying solutions for new customers. After April 30, 2014, the Company will no longer have any interest in the O-P and will no longer receive any income from the O-P.
Conference Call
The Company will conduct a conference call to discuss first quarter results on Tuesday, May 13, 2014 at 10:00 a.m. eastern. Investors and other interested parties can listen to the call by dialing the participant number of 412-317-6789 or 877-317-6789 (toll free), no access code required, approximately 10 minutes prior to the start of the conference call. A simultaneous webcast of the conference call can be accessed through Alteva's website at www.alteva.com in the Investors section.
A replay of this conference call will also be available by dialing 412-317-0088 or 877-344-7529 (toll free), access code: 10045809, beginning 12:00 p.m. eastern on May 14, 2014 through 9:00 a.m. eastern June 4, 2014, and via the Company's website at www.alteva.com.
About Alteva
Alteva (NYSE MKT: ALTV) is a premier provider of hosted Unified-Communications-as-a-Service ("UCaaS") that significantly enhances business productivity and efficiency. Alteva's UCaaS solution integrates and optimizes best-in-class cloud-based technologies and business applications to deliver a comprehensive voice, video and collaboration service for the office and mobile workforce. Alteva is committed to delivering meaningful value to our customers through a consistent, high quality and unified user experience across multiple devices, platforms and operating systems. These attributes have positioned Alteva as a leading hosted communications provider and the partner of choice for a growing number of business customers nationwide and internationally. To learn more about Alteva, please visit www.alteva.com. You can also follow Alteva on Twitter @AltevaInc or LinkedIn.
*Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization adjusted to exclude non-cash stock-based compensation, severance related expense, and nonrecurring charges associated with the disposal of the Syracuse operations. A reconciliation of adjusted EBITDA to net income (loss) can be found at the end of the following tables. Adjusted EBITDA is commonly used by management and investors as an indicator of operating performance and liquidity. Adjusted EBITDA is not considered a measure of financial performance under GAAP and it should not be considered as an alternative to net income (loss), or other financial statement data presented in accordance with GAAP in our consolidated financial statements.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements, without limitation, regarding expectations, beliefs, intentions, growth, profitability, or strategies regarding the future. Alteva intends that such forward-looking statements be subject to the safe-harbor provided by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Alteva's actual results, performance or achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: expectations of future profitability; general economic and business conditions, both nationally and in the geographic regions in which Alteva operates; industry capacity; demographic changes; technological changes and changes in consumer demand; the successful integration of Alteva's acquired businesses; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; legislative proposals relating to the businesses in which Alteva operates; competition; or the loss of any significant ability to attract and retain qualified personnel. Given these uncertainties, current and prospective investors should be cautioned in their reliance on such forward-looking statements. Except as required by law, Alteva disclaims any obligation to update any such factors or to publicly announce the results of any revision to any of the forward-looking statements contained herein to reflect future events or developments. A more comprehensive discussion of risks, uncertainties, financial reporting restatements, and forward-looking statements may be seen in Alteva's Annual Report on Form 10-K and other periodic filings with the U.S. Securities and Exchange Commission.
(tables follow)
ALTEVA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended
March 31,
------------------------
2014 2013
----------- -----------
Operating revenues
Unified Communications $ 4,211 $ 3,956
Telephone 3,313 3,784
----------- -----------
Total operating revenues 7,524 7,740
Operating expenses
Cost of services and products (exclusive of
depreciation and amortization expense)
3,052 3,789
Selling, general and administration expenses 5,798 7,248
Depreciation and amortization 903 1,002
----------- -----------
Total operating expenses 9,753 12,039
----------- -----------
Operating loss (2,229) (4,299)
Other income (expense)
Interest expense (139) (236)
Income from equity method investment 2,040 3,250
Other income, net 21 108
----------- -----------
Total other income 1,922 3,122
----------- -----------
Loss before income taxes (307) (1,177)
Income tax benefit (58) (506)
----------- -----------
Net loss (249) (671)
Preferred dividends 6 6
----------- -----------
Loss applicable to common stock $ (255) $ (677)
=========== ===========
Basic loss per common share $ (0.04) $ (0.12)
=========== ===========
Diluted loss per common share $ (0.04) $ (0.12)
=========== ===========
Weighted average shares of common stock used to
calculate loss per share:
Basic (common) 6,161 5,751
=========== ===========
Diluted (common) 6,161 5,751
=========== ===========
ALTEVA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
March 31, December 31,
2014 2013
------------ ------------
(Unaudited)
Assets
Current assets
Cash and cash equivalents $ 259 $ 1,636
Trade accounts receivable - net of allowance
for uncollectibles - $406 and $378 at March
31, 2014 and December 31, 2013, respectively 3,126 2,836
Other accounts receivable 557 480
Equity method investment 2,040 -
Materials and supplies 225 237
Prepaid expenses 817 774
Prepaid income taxes 204 -
Deferred income taxes 108 108
------------ ------------
Total current assets 7,336 6,071
------------ ------------
Property, plant and equipment, net 13,563 13,837
Intangibles, net 5,644 5,856
Seat licenses 1,736 1,749
Goodwill 9,006 9,006
Other assets 822 744
------------ ------------
Total assets $ 38,107 $ 37,263
============ ============
Liabilities and Shareholders' Equity
Current liabilities
Short-term debt $ 10,898 $ 10,126
Accounts payable 1,354 944
Advance billing and payments 334 341
Accrued taxes 1,203 1,692
Pension and post retirement benefit
obligations 267 267
Other accrued expenses 4,200 3,934
------------ ------------
Total current liabilities 18,256 17,304
------------ ------------
Long-term debt 404 297
Deferred income taxes 711 649
Pension and post retirement benefit
obligations 5,929 6,007
------------ ------------
Total liabilities 25,300 24,257
------------ ------------
Commitments and contingencies
Shareholders' equity
Preferred shares - $100 par value, authorized
and issued shares of 5; $0.01 par value
authorized and unissued shares of 10,000;
500 500
Common stock - $0.01 par value, authorized
shares of 10,000 6,862 and 6,971 shares
issued at March 31, 2014 and December 31,
2013, respectively
69 70
Treasury stock - at cost, 875 and 830 common
shares at March 31, 2014 and December 31,
2013, respectively (8,010) (7,612)
Additional paid in capital 13,586 13,279
Accumulated other comprehensive loss (1,288) (1,436)
Retained earnings 7,950 8,205
------------ ------------
Total shareholders' equity 12,807 13,006
------------ ------------
Total liabilities and shareholders' equity $ 38,107 $ 37,263
============ ============
ALTEVA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Three Months Ended March 31,
----------------------------
2014 2013
------------- -------------
CASH FLOW FROM OPERATING ACTIVITIES
Net loss $ (249) $ (671)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities:
Depreciation and amortization 903 1,002
Stock based compensation expense 306 218
Undistributed earnings from equity
investment (2,040) -
Distribution in excess of income from equity
investments included in net loss - (1,424)
Other non-cash operating activities 113 193
Changes in assets and liabilities
Trade accounts receivable (290) 364
Other assets (473) (597)
Accounts payable 410 144
Other accruals and liabilities (274) 1,331
------------- -------------
Net cash (used in) provided by operating
activities (1,594) 560
------------- -------------
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures (48) (176)
Proceeds from sale of assets 33 -
Acquired intangibles - (58)
Purchase of seat licenses - (194)
Distribution in excess of income from equity
investments - 1,424
------------- -------------
Net cash (used in) provided by investing
activities (15) 996
------------- -------------
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from debt 1,300 16,273
Repayment of debt and capital leases (664) (15,845)
Payment of fees for acquisition of debt - (119)
Purchase of treasury stock (398) (62)
Dividends (Common and Preferred) (6) (1,670)
------------- -------------
Net cash provided by (used in) financing
activities 232 (1,423)
------------- -------------
Net change in cash and cash equivalents (1,377) 133
Cash and cash equivalents at beginning of
period 1,636 1,799
------------- -------------
Cash and cash equivalents at end of period $ 259 $ 1,932
============= =============
Supplemental disclosure of non-cash investing
activities:
Acquisition of equipment under capital
leases $ 242 $ -
Seat licenses acquired but not paid $ 114 $ -
ALTEVA, INC.
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)
AS IT IS PRESENTED ON THE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands)
Three Months Ended March 31,
----------------------------
2014 2013
------------- -------------
Net loss $ (249) $ (671)
Depreciation and amortization 903 1,002
Stock-based compensation 306 218
Severance related charges 170 714
Interest expense, net 139 236
Income tax benefit (58) (506)
------------- -------------
Adjusted EBITDA $ 1,211 $ 993
============= =============
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