Mclean-based Primus Telecommunications Group, Incorporated (PTGi) (NYSE: PTGI), reported net revenues of $282.5 Million which was an increase of 45.2% year-over-year.
Although Primus reported an increase in revenue for the second quarter ended June 30, 2011 -- the company that provides communication services including VOIP, mobile services, and broadband Internet -- reported a net loss of $6.3 Million or $-0.48 cents per basic and diluted common share. That was still better than the second quarter 2010 when the net loss was $13.0 Million or $-1.34 per basic and diluted common share.
Primus Telecommunications had $31.5 Million in cash and cash equivalents as of June 30, 2011.
"PTGi took significant steps forward during the second quarter 2011 with several key accomplishments. With the transformation of our balance sheet, we can progress in executing our strategy to continue to improve operations, generate additional free cash flow given interest savings achieved and unlock the value in the sum of the parts. In addition, we are very excited to be recently listed as PTGi on the NYSE to broaden investment in the company and to have named Ken Schwarz as our new CFO. Overall, it was an action packed quarter that better positions the company to pursue our objectives for the year." said Peter D. Aquino, Chairman, President and Chief Executive Officer of Primus.