Premiere Global Services Inc. (PGI, Financial) filed Quarterly Report for the period ended 2010-06-30.
Premiere Global Services Inc. has a market cap of $367.95 million; its shares were traded at around $6.13 with a P/E ratio of 9.43 and P/S ratio of 0.61. Premiere Global Services Inc. had an annual average earning growth of 4.9% over the past 10 years.PGI is in the portfolios of Pioneer Investments, Chuck Royce of Royce& Associates.
In the first six months of 2010, we generated nearly 41% of our consolidated net revenues in countries outside the United States. Because we generate a significant portion of our consolidated net revenues from our international operations, movements in foreign currency exchange rates affect our reported results. We estimate that changes in foreign currency exchange rates during the three and six months ended June 30, 2010 increased our consolidated net revenues by approximately $1.1 million and $5.9 million, respectively, as compared to the same periods in 2009. We estimate that changes in foreign currency exchange rates decreased our consolidated net revenues by $1.8 million during the three months ended June 30, 2010, compared to the three months ended March 31, 2010, and without this foreign currency pressure, our consolidated net revenues would have been $146.4 million in the three months ended June 30, 2010.
activity. Net revenue from our PGiMeet solutions in the three months ended June 30, 2010 and 2009 was $110.9 million and $116.7 million, respectively. Net revenue from our PGiMeet solutions in the six months ended June 30, 2010 and 2009 was $223.4 million and $234.6 million, respectively.
We have experienced revenue declines in our broadcast fax services, primarily as a result of decreased volume and average selling price, partially offset by fluctuations in foreign currency exchange rates. Net revenue from these services in the three months ended June 30, 2010 and 2009 was $9.6 million and $10.9 million, respectively. Net revenue from these services in the six months ended June 30, 2010 and 2009 was $19.3 million and $22.3 million, respectively. Although we intend to continue to convert these customers to our alternative solutions, we expect this overall revenue decline to continue.
We have historically used our cash flows from operating activities for debt repayments, acquisitions, capital expenditures and stock repurchases. As of June 30, 2010, borrowings under our credit facility were $253.2 million. On May 10, 2010, we closed the refinancing of our prior credit facility by entering into a new, four-year $325.0 million credit facility consisting of a $275.0 million revolver and a $50.0 million Term A Loan. Our new credit facility includes a $75.0 million accordion feature, which allows for additional credit commitments up to a maximum of $400.0 million, subject to its term and conditions. See Capital resources for a description of our new credit facility.
Asia Pacific cost of revenue as a percentage of operating segment net revenue for the three and six months ended June 30, 2010 did not materially change when compared to the same periods in 2009. Fluctuations in foreign currency exchange rates resulted in increased Asia Pacific cost of revenue of $0.7 million and $1.6 million for the three and six months ended June 30, 2010, respectively, as compared to the same periods in 2009.
Read the The complete Report
Premiere Global Services Inc. has a market cap of $367.95 million; its shares were traded at around $6.13 with a P/E ratio of 9.43 and P/S ratio of 0.61. Premiere Global Services Inc. had an annual average earning growth of 4.9% over the past 10 years.PGI is in the portfolios of Pioneer Investments, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Decreased our total debt less cash and cash equivalents by 5.8% from $237.3 million at June 30, 2009 to $223.6 million at June 30, 2010.In the first six months of 2010, we generated nearly 41% of our consolidated net revenues in countries outside the United States. Because we generate a significant portion of our consolidated net revenues from our international operations, movements in foreign currency exchange rates affect our reported results. We estimate that changes in foreign currency exchange rates during the three and six months ended June 30, 2010 increased our consolidated net revenues by approximately $1.1 million and $5.9 million, respectively, as compared to the same periods in 2009. We estimate that changes in foreign currency exchange rates decreased our consolidated net revenues by $1.8 million during the three months ended June 30, 2010, compared to the three months ended March 31, 2010, and without this foreign currency pressure, our consolidated net revenues would have been $146.4 million in the three months ended June 30, 2010.
activity. Net revenue from our PGiMeet solutions in the three months ended June 30, 2010 and 2009 was $110.9 million and $116.7 million, respectively. Net revenue from our PGiMeet solutions in the six months ended June 30, 2010 and 2009 was $223.4 million and $234.6 million, respectively.
We have experienced revenue declines in our broadcast fax services, primarily as a result of decreased volume and average selling price, partially offset by fluctuations in foreign currency exchange rates. Net revenue from these services in the three months ended June 30, 2010 and 2009 was $9.6 million and $10.9 million, respectively. Net revenue from these services in the six months ended June 30, 2010 and 2009 was $19.3 million and $22.3 million, respectively. Although we intend to continue to convert these customers to our alternative solutions, we expect this overall revenue decline to continue.
We have historically used our cash flows from operating activities for debt repayments, acquisitions, capital expenditures and stock repurchases. As of June 30, 2010, borrowings under our credit facility were $253.2 million. On May 10, 2010, we closed the refinancing of our prior credit facility by entering into a new, four-year $325.0 million credit facility consisting of a $275.0 million revolver and a $50.0 million Term A Loan. Our new credit facility includes a $75.0 million accordion feature, which allows for additional credit commitments up to a maximum of $400.0 million, subject to its term and conditions. See Capital resources for a description of our new credit facility.
Asia Pacific cost of revenue as a percentage of operating segment net revenue for the three and six months ended June 30, 2010 did not materially change when compared to the same periods in 2009. Fluctuations in foreign currency exchange rates resulted in increased Asia Pacific cost of revenue of $0.7 million and $1.6 million for the three and six months ended June 30, 2010, respectively, as compared to the same periods in 2009.
Read the The complete Report
