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Syniverse Holdings Inc. has a market cap of $1.38 billion; its shares were traded at around $19.92 with a P/E ratio of 14.9 and P/S ratio of 2.8. Syniverse Holdings Inc. had an annual average earning growth of 11.9% over the past 5 years.SVR is in the portfolios of Eric Mindich of Eton Park Capital Management, L.P., Jeremy Grantham of GMO LLC, Charles Brandes of Brandes Investment, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations: For the three months ended March 31, 2010, total revenue increased $40.1 million, or 36.8%, to $149.0 million from $108.9 million for the same period in 2009. Net income increased $3.7 million, or 23.1%, to $19.7 million for the three months ended March 31, 2010 from $16.0 million for the same period in 2009. Diluted earnings per share was $0.29 and $0.23 for the three months ended March 31, 2010 and 2009, respectively.
Messaging services revenues increased $38.0 million, or 403.2%, to $47.4 million for the three months ended March 31, 2010 from $9.4 million for the same period in 2009. The increase in revenues is primarily a result of $41.8 million in messaging revenues associated with our acquisition of VM3 in the fourth quarter of 2009, partially offset by the impact of Verizon’s acquisition and integration of Alltel during 2009.
Network services revenues decreased $1.8 million, or 5.2%, to $33.4 million for the three months ended March 31, 2010 from $35.2 million for the same period in 2009. The decrease is primarily due to certain customer consolidations and the migration of a certain customer from our SS7 solutions partially offset by increases in our IPX transport services.
Other services revenues decreased $2.6 million, or 53.0%, to $2.3 million for the three months ended March 31, 2010 from $4.9 million for the same period in 2009. Our technology turnkey solutions offering has experienced lower sales due to timing of capital spending by operators in the Asia Pacific region.
Interest expense decreased $0.6 million to $6.8 million for the three months ended March 31, 2010 from $7.4 million for the same period in 2009. The decrease was primarily due to lower variable interest rates on our Euro denominated senior credit facility.
Provision for income taxes increased $5.8 million to $12.6 million for the three months ended March 31, 2010 from $6.8 million for the same period in 2009. During the three months ended March 31, 2010 and 2009, the effective tax rate was 38.9% and 29.7%, respectively. During the three months ended March 31, 2009, the income tax provision was adjusted for a tax benefit of approximately $1.5 million due to an adjustment for an item believed to be non-deductible in prior periods. Excluding the effect of discrete tax adjustments, the effective tax rate for the three months ended March 31, 2009 was 36.1%. The increase in our effective tax rate is attributed to the mix of income from domestic and foreign tax jurisdictions with higher tax rates offset by our tax planning initiatives.
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