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Alteva Reports Second Quarter 2014 Financial Results

PHILADELPHIA, PA -- (Marketwired) -- 08/11/14 -- 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 second quarter ended June 30, 2014.

Second Quarter 2014 Financial Results Highlights

  • For the second quarter of 2014, UC revenues increased by 8% to $4.2 million from $3.9 million for the second quarter of 2013, which included the results of the Syracuse, NY operations that were sold in September 2013; excluding the Syracuse operations, UC revenues increased 27% for the second quarter of 2014 as compared to the same period in 2013;
  • Gross profit margin increased to 62% in the second quarter of 2014 from 57% for the same period in 2013;
  • Alteva recorded a $49.8 million gain on the sale of its interest in the O-P partnership;
  • For the second quarter of 2014, the Company achieved Adjusted EBITDA* of $50.2 million, an improvement from $2.1 million from the same period in 2013; Adjusted EBITDA* included $50.3 million and $3.25 million of income from the Company's O-P investment for the second quarters of 2014 and 2013, respectively;
  • The Company narrowed its operating loss for the second quarter of 2014 to $(1.4) million, as compared to $(3.0) million for the same period in 2013;
  • The Company had net income of $31.5 million, or $5.19 per share, for the second quarter of 2014, as compared to a net loss of $(9,000), or $0.00 per share, for the same period in 2013;
  • There were over 47,000 users on Alteva's hosted platform at the end of the second quarter of 2014, which represented an increase of 17% of the installed base compared to the end of the second quarter of 2013; excluding the seats associated with the divested Syracuse operations, users on Alteva's hosted platform increased 28%.

O-P Partnership

On April 30, 2014, the Company 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.

Second Quarter 2014 Results

Revenues were $7.6 million in the second quarter of 2014, an increase of 2% from $7.4 million for the same period in 2013. Revenues increased 11% year-over-year excluding the revenue from the Syracuse operations that were sold in September 2013.

UC revenues were $4.2 million in the second quarter of 2014, an increase of 8% from $3.9 million for the same period in 2013. UC revenues in the second quarter of 2014 increased 27% on a year-over-year basis excluding the revenue from the Syracuse operations, which were sold in September 2013. As a percentage of consolidated revenue, the UC segment contributed approximately 56% of revenues in the second quarter of 2014 as compared with 53% 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 91% of second 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 that were primarily related to new customer implementations.

Telephone revenues were $3.4 million in the second quarter of 2014, as compared with $3.5 million for the same period in 2013. The Telephone segment contributed approximately 44% of revenues in the second quarter 2014 as compared with 47% for the same period of 2013. Telephone revenues were slightly lower year-over-year as a result of continued access line losses. 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 12% to $4.7 million in the second quarter of 2014 from $4.2 million for the same period in 2013. Gross profit as a percentage of revenues was 62% in the second quarter 2014, as compared with 57% for the same period in 2013. The improvement in gross profit primarily reflects the increase in revenues contributed by the UC segment, the Company's ability to leverage its existing infrastructure, and the impact of the cost reduction initiatives. The cost reduction initiatives 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 second quarter of 2014 were $5.3 million, as compared with $6.2 million for the same period in 2013. The $0.9 million, or 16%, 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 second quarter of 2013, and other expense management initiatives implemented throughout the year.

Total other income for the second quarters of 2014 and 2013 was $50.3 million and $3.1 million, respectively. Other income included the income from the Company's equity investment in the O-P partnership in the second quarters of 2014 and 2013 of $50.3 million and $3.25 million, respectively. In 2013, the Company received guaranteed annual distributions of $13 million. In 2014, in accordance with the O-P agreement, the guaranteed distribution levels stopped and the Company received income from the equity investment only for its ownership share of 8.108% of the O-P's net income. The $50.3 million of income from the O-P partnership in the second quarter of 2014 included a $49.8 million gain on the sale of the Company's interest in the O-P partnership on April 30, 2014.

For the second quarter of 2014, the Company had income tax expense of $17.3 million, or 35% of income before income taxes, as compared to an income tax expense of $0.2 million, or 106% of income before income taxes, for the second 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.

For the second quarter of 2014, the Company's net income was $31.5 million, as compared to a net loss of $(9,000) for the same period of 2013.

Basic and diluted net income per share was $5.19 for the second quarter of 2014, as compared with basic and diluted net loss per share of $0.00 in the same period of 2013.

Conference Call

The Company will conduct a conference call to discuss second quarter results on Tuesday, August 12, 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: 10050899, beginning 12:00 p.m. eastern on August 13, 2014 through 9:00 a.m. eastern August 27, 2014, and via the Company's website at www.alteva.com.

About Alteva
Alteva (NYSE MKT: ALTV) is a premier provider of Unified Communications and Collaboration solutions for business. Alteva's Unified-Communications-as-a-Service (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)
              (amounts in thousands, except per share amounts)

                                     Three Months Ended   Six Months Ended
                                          June 30,            June 30,
                                     ------------------  ------------------
                                       2014      2013      2014      2013
                                     --------  --------  --------  --------

Net Revenue
  Unified Communications             $  4,234  $  3,920  $  8,445  $  7,876
  Telephone                             3,370     3,527     6,683     7,311
                                     --------  --------  --------  --------
  Total operating revenues              7,604     7,447    15,128    15,187

Operating expenses
  Cost of services and products
   (exclusive of depreciation and
   amortization expense)                2,867     3,215     5,919     7,004
  Selling, general and
   administrative expenses              5,262     6,226    11,060    13,474
  Depreciation and amortization           919       961     1,822     1,963
                                     --------  --------  --------  --------
  Total operating expenses              9,048    10,402    18,801    22,441
                                     --------  --------  --------  --------
  Operating loss                       (1,444)   (2,955)   (3,673)   (7,254)

Other income (expense)
  Interest income (expense), net          (54)     (178)     (193)     (414)
  Income from investment               50,333     3,250    52,373     6,500
  Other income (expense), net               6        29        27       137
                                     --------  --------  --------  --------
  Total other income                   50,285     3,101    52,207     6,223
                                     --------  --------  --------  --------
  Income (loss) before income taxes    48,841       146    48,534    (1,031)

Income tax expense (benefit)           17,304       155    17,246      (351)
                                     --------  --------  --------  --------
  Net income (loss)                    31,537        (9)   31,288      (680)

Preferred dividends                         7         7        13        13
                                     --------  --------  --------  --------
  Income (loss) applicable to common
   stock and participating
   securities                        $ 31,530  $    (16) $ 31,275  $   (693)
                                     ========  ========  ========  ========

Basic earnings (loss) per share      $   5.19  $      -  $   5.11  $  (0.12)
                                     ========  ========  ========  ========

Diluted earnings (loss) per share    $   5.19  $      -  $   5.11  $  (0.12)
                                     ========  ========  ========  ========

Weighted average shares of common
 stock used to calculate earnings
 per share
  Basic                                 5,917     5,775     5,842     5,760
                                     ========  ========  ========  ========
  Diluted                               5,917     5,775     5,842     5,760
                                     ========  ========  ========  ========

                                     ========  ========  ========  ========
  Dividends declared per common
   share                             $   0.00  $   0.27  $   0.00  $   0.54
                                     ========  ========  ========  ========



                                ALTEVA, INC.
                   CONDENSED CONSOLIDATED BALANCE SHEETS
                  (in thousands, except per share amounts)

                                                   June 30,    December 31,
                                                     2014          2013
                                                 ------------  ------------
                                                  (Unaudited)
Assets

Current assets
  Cash and cash equivalents                      $     40,095  $      1,636
  Trade accounts receivable - net of allowance
   for uncollectibles - $354 and $378 at June
   30, 2014 and December 31, 2013, respectively         3,335         2,836
  Other accounts receivable                             1,135           480
  Materials and supplies                                  221           237
  Prepaid expenses                                        796           774
  Deferred income taxes                                   108           108
                                                 ------------  ------------
Total current assets                                   45,690         6,071
                                                 ------------  ------------

  Property, plant and equipment, net                   13,172        13,837
  Intangibles, net                                      5,446         5,856
  Seat licenses                                         1,608         1,749
  Goodwill                                              9,006         9,006
  Other assets                                            934           744
                                                 ------------  ------------
Total assets                                     $     75,856  $     37,263
                                                 ============  ============

Liabilities and Shareholders' Equity

Current liabilities
  Short-term debt                                $        401  $     10,126
  Accounts payable                                        917           944
  Advance billing and payments                            356           341
  Accrued taxes                                        17,692         1,692
  Pension and post retirement benefit
   obligations                                            267           267
  Other accrued expenses                                4,510         3,934
                                                 ------------  ------------
Total current liabilities                              24,143        17,304
                                                 ------------  ------------

  Long-term debt                                          408           297
  Deferred income taxes                                   773           649
  Pension and post retirement benefit
   obligations                                          5,846         6,007
                                                 ------------  ------------
Total liabilities                                      31,170        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 6,858 and 6,971 shares
   issued at June 30, 2014 and December 31,
   2013, respectively                                      70            70
  Treasury stock - at cost, 875 and 830 common
   shares at June 30, 2014 and December 31,
   2013, respectively                                  (8,011)       (7,612)
  Additional paid in capital                           13,786        13,279
  Accumulated other comprehensive loss                 (1,139)       (1,436)
  Retained earnings                                    39,480         8,205
                                                 ------------  ------------
Total shareholders' equity                             44,686        13,006
                                                 ------------  ------------
Total liabilities and shareholders' equity       $     75,856  $     37,263
                                                 ============  ============


                                ALTEVA, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (Unaudited)
                               (in thousands)

                                                  Six Months Ended June 30,
                                                 --------------------------
                                                     2014          2013
                                                 ------------  ------------
CASH FLOW FROM OPERATING ACTIVITIES

Net income (loss)                                $     31,288  $       (680)
  Adjustments to reconcile net income (loss) to
   net cash provided by (used in) operating
   activities:
  Depreciation and amortization                         1,822         1,963
  Stock based compensation expense                        507           687
  Unpaid distributions and gain on sale from
   equity investment included in net income           (50,284)       (2,839)
  Other non-cash operating activities                     218           468
Changes in assets and liabilities
  Trade accounts receivable                              (499)          428
  Other assets                                           (470)         (731)
  Accrued taxes                                        16,000          (149)
  Accounts payable                                        (27)          253
  Other accruals and liabilities                          727           419
                                                 ------------  ------------

Net cash used in operating activities                    (718)         (181)
                                                 ------------  ------------

CASH FLOW FROM INVESTING ACTIVITIES
  Capital expenditures                                   (151)         (414)
  Proceeds from sale of assets                             33             -
  Acquired intangibles                                    (16)          (57)
  Purchase of seat licenses                               (74)         (333)
  Proceeds received in excess of income from
   equity investments                                  49,776         2,839
                                                 ------------  ------------
Net cash provided by investing activities              49,568         2,035
                                                 ------------  ------------


CASH FLOW FROM FINANCING ACTIVITIES
  Proceeds from debt                                    2,443        17,593
  Repayment of debt and capital leases                (12,422)      (16,878)
  Payment of fees for acquisition of debt                   -          (119)
  Purchase of treasury stock                             (399)         (126)
  Dividends (Common and Preferred)                        (13)       (3,333)
                                                 ------------  ------------
Net cash used in financing activities                 (10,391)       (2,863)
                                                 ------------  ------------

Net change in cash and cash equivalents                38,459        (1,009)

Cash and cash equivalents at beginning of period        1,636         1,799
                                                 ------------  ------------

Cash and cash equivalents at end of period       $     40,095  $        790
                                                 ============  ============

Supplemental disclosure of non-cash investing
 activities: Acquisition of seat licenses and
 equipment under capital leases                  $        365  $        101



                                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     Six Months Ended
                                         Ended June 30,        June 30,
                                       -----------------  -----------------
                                         2014     2013      2014     2013
                                       -------- --------  -------- --------
Net income (loss)                      $ 31,537 $     (9) $ 31,288 $   (680)
Depreciation and amortization               919      961     1,822    1,963
Stock-based compensation                    201      469       507      687
Severance related charges                   227      324       396    1,039
Interest (income) expense, net               54      178       193      414
Income tax expense (benefit)             17,304      155    17,246     (351)
                                       -------- --------  -------- --------
Adjusted EBITDA                        $ 50,242 $  2,078  $ 51,452 $  3,072
                                       ======== ========  ======== ========

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