Due to Hurricane Sandy's Impact, PGi Anticipates 2012 Results will be toward the Low End of its Prior Guidance
ATLANTA, Nov. 29, 2012 /PRNewswire/ -- Premiere Global Services, Inc. (NYSE: PGI), a global leader in virtual meetings for over 20 years, today provided an update on the impact of Hurricane Sandy on its 2012 financial guidance. Due to fourth quarter revenue loss associated with the storm, PGi anticipates that its 2012 financial results will be within, but toward the low end the 2012 financial outlook ranges it previously provided on October 18, 2012: net revenues from continuing operations are projected to be in the range of $504-$507 million and non-GAAP diluted EPS from continuing operations is projected to be in the range of $0.73-$0.74*.
"Our thoughts continue to be with the victims still struggling to recover from the storm, and we are thankful that all of our associates are safe and our facilities and operations were unaffected," said Boland T. Jones, PGi founder, chairman and CEO. "We have a number of customers whose businesses were disrupted by the hurricane, which temporarily affected our revenue. However, our global business trends remain strong, and we are optimistic in our outlook for the remainder of the year and for 2013."
While PGi is still assessing the full financial impact of the storm, the statements above are based on PGi's current expectations, business trends and foreign currency exchange rates. These statements contain forward-looking statements and company estimates, and actual results may differ materially. PGi assumes no duty to update any forward-looking statements made in this press release.
* Non-GAAP diluted net income per share (EPS) from continuing operations excludes equity-based compensation, amortization expenses, non-recurring tax adjustments, restructuring costs, excise and sales tax expense, excise and sales tax interest, asset impairments and net legal settlements and related expenses. Management uses non-GAAP measures of financial performance to supplement the company's consolidated financial statements presented in accordance with GAAP and internally as a means of analyzing the company's current and future financial performance and identifying trends in our financial condition and results of operations. We have provided this information to investors to assist in meaningful comparisons of past, present and future operating results and to assist in highlighting the results of ongoing core operations. These non-GAAP financial measures may differ materially from comparable or similarly titled measures provided by other companies and should be considered in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP.
About Premiere Global Services, Inc. │ PGi
PGi has been a global leader in virtual meetings for more than 20 years. Our cloud-based solutions deliver multi-point, real-time virtual collaboration using video, voice and file sharing technologies. PGi solutions are available via desktops, tablets or mobile devices, helping businesses worldwide be more productive, mobile and green. PGi has a global presence in 25 countries and an established base of more than 35,000 enterprise customers, including 75% of the Fortune 100™. In the last five years, we have hosted more than 725 million people from 137 countries in over 165 million meetings.
For more information, visit us at http://www.pgi.com.