With its recent acquisition of Arbinet Corporation, McLean-based Primus Telecommunications Group, Incorporated (NYSE: PTGI) posted financial results with revenues increasing by the double digits from last year.
Primus reported $254.7 million in net revenue for the third quarter ended September 30, 2011 a year-over-year increase of 35.3% from the $188.2 million reported in the third quarter of 2010.
But Primus reported a net loss of $10.0 million, or $-0.73 cents per basic and diluted common share versus a net income of $5.1 million, or $0.52 cents per basic and diluted common share in the third quarter 2010.
Cash and cash equivalents in the third quarter of 2011 was $27.2 million, a decrease from $31.5 million at June 30, 2011.
Peter D. Aquino, Chairman, President and Chief Executive Officer, stated, "In the third quarter, we accomplished a major milestone with the completion of our debt exchange in early July, and recorded the first full quarter of ICS and Arbinet integration with profitability initiatives built in. Overall, we executed well on margin expansion across the board, while continuing to invest in business segments that create value, such as our IP-based products and services, data centers, and metro fiber projects. Our progress to date generated a significant Adjusted EBITDA increase of 45% year-over-year, and contributed to our positive free cash flow profile and momentum."