We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lightyear Network Solutions Inc (CE) | USOTC:LYNS | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00155 | 0.00 | 01:00:00 |
Lightyear Network Solutions, Inc. (the “Company”) (OTC Markets: LYNS), an established provider of data, voice and wireless telecommunication services to business and residential customers throughout North America, announced today its financial results for the third quarter ended September 30, 2012.
Financial highlights for the Third Quarter of 2012 include:
“We continue to manage through these challenging economic times and the continued decrease in residential local phone service throughout the industry,” said Stephen M. Lochmueller, Lightyear’s Chief Executive Officer. “While we were disappointed with our EBITDA results, we were pleased with the increase of cash generated from operations and the growth of our wireless services revenue. The Company will continue to focus of providing the highest quality services in the most efficient manner possible. We are implementing plans that we expect will improve our EBITDA performance in coming quarters.”
About Lightyear Network Solutions, Inc.
Through its wholly owned subsidiaries, Lightyear Network Solutions, Inc. provides telecommunication services to large, medium and small businesses and to residential consumers throughout North America. Lightyear’s product offerings include local PRI and digital T1, enhanced Internet services, MPLS, Ethernet, Voice over Internet Protocol (VoIP), local and long distance service, and conferencing. Lightyear also offers wireless services to customers in the U.S. through wholesale contracts with multiple wireless providers. Lightyear built its own VoIP network in 2004 to enhance its product offerings and has partnered with some of the most prominent names in telecom including: Sprint, Verizon, AT&T, Level 3, Windstream, CenturyLink, tw telecom, XO Communications and Cisco. Lightyear Network Solutions is headquartered in Louisville, Ky. Additional information can be found at: www.lightyear.net.
Forward-Looking Statements
This press release contains "forward-looking statements" for purposes of the Securities and Exchange Commission's "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 and Rule 3b-6 under the Securities Exchange Act of 1934. These forward-looking statements are subject to various risks and uncertainties that could cause Lightyear’s actual results to differ materially from those currently anticipated. These forward-looking statements may include, without limitation, statements about our marketing and acquisition opportunities, business strategies, competition, expected activities and expenditures as we pursue our business plan. Although we believe that the expectations reflected in any forward-looking statements are reasonable, the risks and uncertainties which could cause our actual results to differ materially from those currently anticipated includes changes in market conditions, our ability to integrate acquired operations, the ability to obtain additional financing on satisfactory terms, customer acceptance of products, regulatory issues, competitive factors, or other business circumstances and risk factors described in our Form 10-K for the year ended December 31, 2011, filed on March 30, 2012, and other filings with the Securities and Exchange Commission. Lightyear undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.
Lightyear Network Solutions, Inc. and Subsidiaries Condensed Consolidated Balance Sheets September 30, December 31, 2012 2011 (unaudited) Assets Current Assets: Cash $ 27,841 $ 108,133 Accounts receivable, net 4,730,574 5,237,404 Vendor deposits 1,898,788 1,771,028 Inventories, net 244,707 335,964 Prepaid expenses and other current assets 1,525,112 2,523,039 Total Current Assets 8,427,022 9,975,568 Property and equipment, net 6,862,059 7,161,057 Intangible assets, net 1,601,249 1,928,749 Total Assets $ 16,890,330 $ 19,065,374 Liabilities and Stockholders' Deficiency Current Liabilities: Accounts payable $ 6,781,160 $ 7,216,117 Interest payable - related parties 46,370 47,282 Accrued agent commissions 520,717 530,268 Accrued agent commissions - related parties 986 1,069 Deferred revenue 489,636 427,715 Other liabilities 1,616,476 1,876,163 Other liabilities - related parties 127,111 81,718 Current portion of notes payable 921,907 895,918 Current portion of capital lease obligations 174,355 239,203 Total Current Liabilities 10,678,718 11,315,453 Notes payable, non-current portion 2,638,783 3,334,992 Capital lease obligation, non-current portion 741,730 758,750 Note payable - related party 6,250,000 6,250,000 Deferred tax liability, non-current portion, net 326,683 326,683 Total Liabilities 20,635,914 21,985,878 Commitments and contingencies Stockholders' Deficiency:Common stock, $0.001 par value; 70,000,000 shares authorized; 22,086,641 shares issued and outstanding at September 30, 2012 and December 31, 2011
22,087 22,087 Note receivable from affiliate (1,223,203 ) (1,223,203 ) Additional paid-in capital 10,067,172 9,490,226 Accumulated deficit (12,611,640 ) (11,209,614 ) Total Stockholders' Deficiency (3,745,584 ) (2,920,504 ) Total Liabilities and Stockholders' Deficiency $ 16,890,330 $ 19,065,374 Lightyear Network Solutions, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (unaudited) For The Three Months For The Nine Months Ended September 30, Ended September 30, 2012 2011 2012 2011 Revenues $ 16,690,248 $ 17,409,514 $ 50,484,592 $ 53,886,561 Cost of revenues 11,535,727 11,089,139 33,786,834 34,735,187 Gross Profit 5,154,521 6,320,375 16,697,758 19,151,374Operating Expenses
Commission expense 1,355,499 1,544,955 4,246,221 4,581,358 Commission expense - related parties 18,435 13,734 54,912 (2,834 ) Depreciation and amortization 332,423 437,182 999,335 1,282,970 Bad debt expense 314,423 195,429 774,301 698,937 Selling, general and administrative expenses 3,677,626 4,098,751 11,578,934 13,341,507Selling, general and administrative expenses - related party
- 75,159 96,769 125,231 Total Operating Expenses 5,698,406 6,365,210 17,750,472 20,027,169 Loss From Operations (543,885 ) (44,835 ) (1,052,714 ) (875,795 ) Other (Expense) Income Interest income 5,704 8,151 8,779 24,183 Interest income - related parties - 192,664 - 570,967 Interest expense (57,424 ) (77,180 ) (182,256 ) (234,878 ) Interest expense - related parties (70,075 ) (98,459 ) (209,985 ) (296,276 ) Other income 32,723 122,304 34,150 233,372 Total Other (Expense) Income (89,072 ) 147,480 (349,312 ) 297,368 (Loss) income before income taxes (632,957 ) 102,645 (1,402,026 ) (578,427 ) Income tax benefit - - - 123,800 Net (Loss) Income (632,957 ) 102,645 (1,402,026 ) (454,627 ) Cumulative Preferred Stock Dividends - (383,122 ) - (1,136,877 ) Loss Attributable to Common Stockholders $ (632,957 ) $ (280,477 ) $ (1,402,026 ) $ (1,591,504 ) Net Loss Per Common Share - Basic and Diluted $ (0.03 ) $ (0.01 ) $ (0.06 ) $ (0.07 )Weighted Average Number of Common Shares Outstanding - Basic and Diluted
22,344,829 22,242,475 22,312,119 21,641,444Non-U.S. GAAP Financial Measures
The Company has utilized the non-GAAP information set forth below as an additional device to aid in understanding and analyzing its financial results for the three months ended September 30, 2012. Management believes that these non-GAAP measures will allow for an evaluation of the operating performance of the Company’s business and facilitate meaningful comparison of the results in the current period to those in prior and future periods. Reference to these non-GAAP measures should not be considered a substitute for results that are presented in a manner consistent with GAAP.
A limitation of utilizing these non-GAAP measures is that GAAP accounting does in fact reflect the underlying financial results of the Company’s business. Therefore, management believes that the GAAP measures as well as the corresponding non-GAAP measures of the Company’s financial performance should be considered together.
A reconciliation of the Company’s GAAP net (loss) income for the quarters ended September 30, 2012, and June 30, 2012, to its non-GAAP EBITDA for the same periods are set forth below:
For The Three Months Ended September 30, 2012 June 30, 2012 (unaudited) (unaudited) GAAP Net (Loss) $ (632,957 ) $ (147,850 ) Depreciation and Amortization 332,423 332,342 Interest expense, net 121,795 130,797 Non-Cash Stock-Based Compensation 67,992 102,546 Non-GAAP EBITDA adjusted for non-cash stock-based compensation $ (110,747 ) $ 417,835
1 Year Lightyear Network Soluti... (CE) Chart |
1 Month Lightyear Network Soluti... (CE) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions