2014

Multiband Announces 2011 Fourth Quarter and Record Year End Results; Provides 2012 Guidance Record Revenues of $300.2 million in 2011, up 13.0% from $265.6 million in 2010

Record Full year Adjusted EBITDA of $24.0 million, up 10% from $21.8 million in 2010

Income from operations increased to $14.7 million from $13.7 million in year-ago period

Income before Taxes Totals $10.7 million, up 11.2% over 2010

Multiband Provides 2012 Revenue Guidance of $320 million and EBITDA of $23 to $26 million

MINNEAPOLIS, March 26, 2012 /PRNewswire/ -- Multiband Corporation, (NASDAQ: MBND), a leading Home Service Provider (HSP) for DIRECTV and the nation's largest DIRECTV Master System Operator (MSO) for Multiple Dwelling Units (MDU's), today announced financial results for the fourth quarter and year ended December 31, 2011.  

2011 Financial and Business Highlights

  • Fourth quarter revenues were up 9.9% to $77.6 million compared to $70.6 million for the quarter ended December 31, 2010.
  • Operating income for the year increased to $14.7 million compared $13.7 million in the year-ago period.
  • Adjusted EBITDA, a non-GAAP measure, was $24.0 million for 2011, up 10.0% from $21.8 million in 2010.
  • Net Income before Taxes was $10.7 million, up 11.2% over the $9.6 million a year ago.
  • Net cash flow from operations grew to $21.1 million compared to $11.7 million in the year-ago period.
  • In June, completed a secondary public offering of stock that provided net proceeds of $16.2 million, distributing 12.9 million shares amongst a large number of institutional holders and significantly reducing outstanding preferred shares.
  • In September, acquired two entities from WPCS International, Inc. that provide intellectual property in the areas of wired and wireless telecommunications, including public safety networks,  and renewable energy services including wind and solar applications, as well as other design and construction services.
  • In August, signed a new Master System Operator agreement with DIRECTV.


 

Fourth Quarter 2011 Results

Revenues for the three month period ended December 31, 2011 of $77.6 million increased $7.0 million, or 9.9%, compared to $70.6 million for the quarter ended December 31, 2010. In the 2011 quarter, Field services segment (FS) revenues increased by $4.9 million, or 7.6%, fueled by increases in DIRECTV upgrade work orders and DIRECTV incentive income.  MDU revenues were consistent year-over-year while the two entities acquired from WPCS in September 2011 contributed revenues of $2.9 million during the quarter.

Fourth quarter 2011 gross margins were 29.9%, comparable to 30.4% for the year-ago period.

Selling, general and administrative expenses for the fourth quarter of 2011 increased $3.3 million, or 21.3%, to $18.8 million (24.2% of revenues) from $15.5 million (21.9% of revenues) in the same period last year. In 2011, increases in non-cash compensation costs and legal expenses together with expenses associated with the two entities acquired from WPCS in September 2011, including the balance of the security deposited that was forfeited in February 2012, collectively accounted for the increase.

Operating income was $2.4 million for the quarter ended December 31, 2011, compared to operating income of $4.1 million in the same period last year. The increase in revenue was offset by the slight decline in gross margins and the increase in selling, general & administrative expenses as noted above.

In the fourth quarter of 2011, Multiband generated net income attributable to common stockholders of $1.4 million, or $0.06 per basic and diluted share, compared to net income of $11.7 million, which included an $8.9 million income tax benefit, or $1.14 per basic and $0.73 per diluted share in the year-ago period.  The current year results were impacted by an adjustment to the book value of securities held which resulted in a write down of $1.1 million, or $.05 per basic and fully diluted share. In the year ago period, absent the tax benefit, net income attributable to common stockholders would have been $2.8 million or $0.27 per basic and $0.17 per diluted share.

Adjusted EBITDA, a non-GAAP measure, was $5.2 million for the fourth quarter of 2011 compared to $5.5 million in the year-ago period.  Multiband maintains a revolving lease facility for the vehicles used in its daily operations. These leases are required to be treated as an operating lease for purposes of GAAP.  Certain peers in our sector may have vehicle leases that qualify for capital lease treatment for GAAP purposes.  Accordingly, the vehicle lease payments made of approximately $2.5 million and $2.0 million during the three months ended December 31, 2011 and 2010, respectively, would need to be added back to the adjusted EBITDA figures above in order to be comparable to a company whose vehicle leases are accounted for as capital leases.  If these lease payments were added back, our adjusted EBITDA would be $7.7 million and $7.5 million for the three months ended December 31, 2011 and 2010, respectively.

Annual 2011 Financial Results

Revenues for the year ended December 31, 2011 increased $34.6 million, or 13.0%, to $300.2 million from $265.6 million for the year ended December 31, 2010. FS segment revenues increased $29.4 million, or 12.1%, as a result of a 4.8% increase in DIRECTV work order volume, an increase in incentive income of $10.0 million and because of amounts received from DIRECTV under a fuel subsidy program which totaled $2.3 million. MDU segment revenue declined by 3.0%, or $0.7 million, during 2011 due to a decline in system operator related revenues. The slight decrease was caused by tighter credit policies imposed by DIRECTV which, in turn, is expected to improve customer churn and reduce bad debt expense.  MDU construction related revenue increased $2.0 million over 2010 levels while the two entities acquired from WPCS in September 2011 contributed revenue of $3.9 million.

Gross margins for the 2011 year were 28.5% compared to 29.9% last year.   Fleet expenses increased as a percentage of revenue as a result of a rise in fuel costs between the periods.

Selling, general and administrative expenses for 2011 increased $6.7 million, or 11.8%, to $63.9 million (21.3% of revenues) from $57.2 million (21.5% of revenues) in the same period last year.

Operating income was $14.7 million for the year ended December 31, 2011 compared to income of $13.7 million in the same period last year. This $1.0 million (7%) improvement was achieved due to the increased revenues together with stabilized gross margins and operating expenses.

Multiband generated net income attributable to common stockholders of $6.3 million, or $0.37 per basic and $0.32 per diluted share compared to income of $13.2 million, which included a $5.1 million income tax benefit, or $1.32 per basic and $0.91 per diluted share in the same period of 2010. The current year results were impacted by an adjustment to the book value of securities held which resulted in a write down of $1.1 million, or $0.06 per basic and $0.05 per diluted share. In the year ago period, absent the tax benefit, net income attributable to common stockholders would have been $8.1 million or $0.81 per basic and $0.52 per diluted share.

Adjusted EBITDA, a non-GAAP measure, was $24.0 million for 2011 compared to $21.8 million in the year-ago period, an increase of 10.0%.  The Company maintains a revolving lease facility for the vehicles used in its daily operations. These leases are required to be treated as an operating lease for purposes of GAAP.  Certain peers in our sector may have vehicle leases that qualify for capital lease treatment for GAAP purposes.  Accordingly, the vehicle lease payments made of approximately $9.3 million and $7.9 million during the years ended December 31, 2011 and 2010, respectively, would need to be added back to the adjusted EBITDA figures above in order to be comparable to a company whose vehicle leases are accounted for as capital leases.  If these lease payments were added back, our adjusted EBITDA would be $33.3 million and $29.7 million for the years ended December 31, 2011 and 2010, respectively.

Multiband generated approximately $21.1 million in operating cash flow for the year ended December 31, 2011 compared to $11.7 million in the same period last year, which resulted in a $17.9 million improvement in working capital from a deficit of $10.4 million as of the end of 2010 to a positive position of $7.5 million as of the end of 2011. Cash and cash equivalents, available-for-sale securities and accounts receivable, net totaled $47.7 million as of December 31, 2011 compared to $18.4 million at December 31, 2010.

James L. Mandel, CEO of Multiband, commented, "2011 was another successful year for Multiband, a year in which we produced record levels of revenue and EBITDA. We continue to be the premier provider of installation services for our partner, DIRECTV. In addition, we started to execute on our diversification plan and have successfully integrated the businesses acquired from WPCS and have obtained a fulfillment contract with two major broadband cable providers. These new announced businesses will contribute significant levels of revenue and EBITDA in the future."

Mr. Mandel continued, "2012 will no doubt present continued challenges for us but I remain confident in our team's ability to execute on our plans. We are actively discussing new financing alternatives with several lending groups to replace certain seller financing which matures next year and we're focused on securing not only replacement but, expanded levels of debt capital so we can continue our diversification plan via other strategic acquisitions."

Mr. Mandel concluded, "We continue to strengthen our balance sheet. Working capital has improved from a deficit position at the end of 2010 to $7.5 million at the end of 2011. Stockholders' equity has increased by 113% to $43.0 million as of December 31, 2011, from $20.2 million as of December 31, 2010."

2012 Revenue and Adjusted EBITDA Guidance

Based on our current visibility, we expect 2012 revenue of approximately $320 million and adjusted EBITDA of approximately $23-26 million.

Conference Call Information

A conference call and live webcast will take place Monday, March 26, 2012 at 4:30 p.m. Eastern Daylight Time.

Anyone interested in participating should call 1-877-941-2068 if calling within the United States or 1-480-629-9712 if calling internationally. There will be a playback available until April 2, 2012. To listen to the playback, please call 1-877-870-5176 if calling within the United States or 1-858-384-5517 if calling internationally. Please use pin number 4525679 for the replay.

The call will also be accompanied live by webcast over the Internet and accessible at: http://viavid.net/dce.aspx?sid=00009515

About Multiband Corporation

Multiband Corporation (Nasdaq: MBND) engages with a vast and growing array of technologies including renewable energy, wireless infrastructure, electrical power systems, digital signage, commercial audio/video solutions, hospitality IPTV and VOD systems. Multiband completes nearly 20% of all DIRECTV's installations, maintenance and upgrades for residents of single-family homes. Multiband also supplies broadband cable and satellite internet solutions for homes and businesses across the nation. As the largest nationwide DIRECTV master system operator in the Multiple Dwelling Unit (MDU) market and one of the largest full-service home service providers (HSPs), Multiband is a driven leader in a competitive industry. Additionally, Multiband is a leading provider of software and integrated billing services to MDUs on a single bill, including video, voice, data and other value-added local services, both directly and through strategic partnerships. Multiband focuses on providing world-class customer service and the highest level of performance for all partners and customers, from multinational corporations to individual families. Multiband is headquartered in Minneapolis, Minn., and has offices strategically placed around the continental United States.

Statements about our future expectations are "forward-looking statements" within the meaning of applicable Federal Securities Laws, and are not guarantees of future performance. When used herein, the words "may," "will," "should," "anticipate," "believe," "appear," "intend," "plan," "expect," "estimate," "approximate," and similar expressions are intended to identify such forward-looking statements. These statements involve risks and uncertainties inherent in our business, including those set forth in our most recent Annual Report on Form 10-K for the year ended December 31, 2010, and other filings with the SEC, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.

Company Contact
Contact: James Mandel, CEO for Multiband Corporation at (763)504-3000

Investor Contact
Cameron Donahue, Hayden IR, (651) 653-1854 or cameron@haydenir.com

- tables follow –

MULTIBAND CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

Three Months Ended


 

Years Ended

 

 

 

December 31,

2011 (unaudited)


 

 

December 31,

2010 (unaudited)


 

 

December 31,

2011 (unaudited)


 

 

December 31,

2010 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 
 

REVENUES


 

$

77,563


 

 

$

70,583


 

$

300,186


 

$

265,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

COSTS AND EXPENSES


 

 

 

 

 

 

 

 

 

 

 

 

 
 

Cost of products and services (exclusive of depreciation and
amortization shown separately below)


 

 

54,358


 

 

 

49,102


 

 

214,559


 

 

186,294

 

Selling, general and administrative


 

 

18,807


 

 

 

15,476


 

 

63,939


 

 

57,173

 

Depreciation and amortization


 

 

1,771


 

 

 

1,689


 

 

6,757


 

 

8,298

 

Impairment of assets


 

 

246


 

 

 

160


 

 

246


 

 

160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

Total costs and expenses


 

 

75,182


 

 

 

66,427


 

 

285,501


 

 

251,925

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

INCOME FROM OPERATIONS


 

 

2,381


 

 

 

4,156


 

 

14,685


 

 

13,669

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

OTHER EXPENSE


 

 

 

 

 

 

 

 

 

 

 

 

 
 

Interest expense


 

 

(850)


 

 

 

(987)


 

 

(3,838)


 

 

(4,202)

 

Interest income


 

 

15


 

 

 

1


 

 

35


 

 

8

 

Proceeds from life insurance


 

 

-


 

 

 

-


 

 

409


 

 

-

 

Gain on bargain purchase


 

166


 

 

-


 

 

166


 

 

-

 

Other-than-temporary impairment loss on available-for-sale
securities


 

(1,078)


 

 

-


 

 

(1,078)


 

 

-

 

Other income


 

30


 

 

53


 

 

276


 

 

103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

Total other expense


 

(1,717)


 

 

(933)


 

 

(4,030)


 

 

(4,091)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

INCOME BEFORE INCOME TAXES


 

 

664


 

 

 

3,223


 

 

10,655


 

 

9,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

PROVISION FOR (BENEFIT FROM) INCOME TAXES


 

 

(758)


 

 

 

(8,872)


 

 

3,611


 

 

(5,116)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

NET INCOME


 

 

1,422


 

 

 

12,095


 

 

7,044


 

 

14,694

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

Preferred stock dividends


 

 

58


 

 

 

348


 

 

787


 

 

1,488

 

INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS        


 

$

1,364


 

 

$

11,747


 

$

6,257


 

$

13,206

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

INCOME PER COMMON SHARE – BASIC:


 

 

 

 

 

 

 

 

 

 

 

 

 
 

    INCOME ATTRIBUTABLE TO COMMON

    STOCKHOLDERS


 

$

0.06


 

 

$

1.14


 

$

0.37


 

$

1.32

 

INCOME PER COMMON SHARE – DILUTED:


 

 

 

 

 

 

 

 

 

 

 

 

 
 

    INCOME ATTRIBUTABLE TO COMMON

    STOCKHOLDERS


 

$

0.06


 

 

$

0.73


 

$

0.32


 

$

0.91

 

Weighted average common shares outstanding - basic


 

 

21,600


 

 

 

10,275


 

 

16,976


 

 

10,017

 

Weighted average common shares outstanding - diluted


 

 

23,100


 

 

 

16,539


 

 

20,627


 

 

15,617

 
                               


 

MULTIBAND CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

Three Months Ended


 

Twelve Months Ended

 

 

 

December 31,

2011 (unaudited)


 

 

December 31,

2010 (unaudited)


 

 

December 31,

2011 (unaudited)


 

 

December 31,

2011 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 
 

NET INCOME


 

$

1,422


 

 

$

12,095


 

$

7,044


 

$

14,694

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:      


 

 

 

 

 

 

 

 

 

 

 

 

 
 

Changes in net unrealized losses on securities available for sale, for which a portion of an other than temporary impairment has been recognized in earnings, net of tax ($0)


 

 

823


 

 

 

-


 

 

-


 

 

-

 

Unrealized gains (losses) on securities:


 

 

 

 

 

 

 

 

 

 

 

 

 
 

Unrealized holding gains (losses) arising during period       


 

 

-


 

 

 

-


 

 

(2)


 

 

(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

COMPREHENSIVE INCOME


 

$

2,245


 

 

$

12,095


 

$

7,042


 

$

14,689

 

 
 
                           


 

MULTIBAND CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2011 AND 2010


ASSETS

(in thousands)

 

 
 

 

 

2011


 

 

2010


 
 

CURRENT ASSETS


 

 

 

 

 

 
 

Cash and cash equivalents


 

$

18,169


 

 

$

1,204


 
 

Available-for-sale securities (see Note 3)


 

 

1,191


 

 

 

2


 
 

Accounts receivable, net


 

 

28,359


 

 

 

17,223


 
 

Other receivable (see Note 18)


 

 

-


 

 

 

518


 
 

Inventories


 

 

14,276


 

 

 

11,066


 
 

Costs and estimated earnings in excess of billings on uncompleted contracts


 

 

998


 

 

 

-


 
 

Prepaid expenses and other


 

 

1,351


 

 

 

1,939


 
 

Current portion of notes receivable


 

 

10


 

 

 

6


 
 

Income tax receivable


 

 

42


 

 

 

3,133


 
 

Deferred tax assets – current


 

 

6,862


 

 

 

7,527


 
 

Total Current Assets


 

 

71,258


 

 

 

42,618


 
 

PROPERTY AND EQUIPMENT, NET


 

 

6,304


 

 

 

7,177


 
 

OTHER ASSETS


 

 

 

 

 

 

 

 
 

Goodwill


 

 

37,796


 

 

 

38,042


 
 

Intangible assets, net


 

 

14,597


 

 

 

17,435


 
 

Other receivable – long-term (see Note 18)


 

 

14


 

 

 

352


 
 

Notes receivable – long-term, net of current portion


 

 

18


 

 

 

27


 
 

Insurance collateral – long-term


 

 

8,061


 

 

 

3,749


 
 

Other assets


 

 

2,420

1,134


 

 

 

2,300

-


 
 

Deferred income tax benefit – long-term


 

 

 

 
 

Total Other Assets


 

 

64,040


 

 

 

61,905


 
 

 

 

 

 

 

 

 

 

 
 

TOTAL ASSETS


 

$

141,602


 

 

$

111,700


 
 

 
 
                 


 

MULTIBAND CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2011 AND 2010


LIABILITIES AND STOCKHOLDERS' EQUITY

(in thousands, except share and liquidation preference amounts)

 

 
 

 

 

2011


 

 

2010


 
 

CURRENT LIABILITIES


 

 

 

 

 

 
 

Line of credit


 

$

-


 

 

$

49


 
 

Short-term debt


 

 

457


 

 

 

544


 
 

Related party debt – short-term


 

 

-


 

 

 

165


 
 

Current portion of long-term debt, net of original issue discount


 

 

4,936


 

 

 

-


 
 

Current portion of capital lease obligations


 

 

324


 

 

 

444


 
 

Accounts payable


 

 

32,354


 

 

 

26,997


 
 

Billings in excess of costs and estimated earnings on uncompleted contracts


 

 

41


 

 

 

-


 
 

Accrued liabilities - current


 

 

24,113


 

 

 

22,971


 
 

Deferred service obligations and revenue


 

 

1,570


 

 

 

1,822


 
 

Total Current Liabilities


 

 

63,795


 

 

 

52,992


 
 

LONG-TERM LIABILITIES


 

 

 

 

 

 

 

 
 

Accrued liabilities – long term


 

 

5,352


 

 

 

3,697


 
 

Long-term debt, net of current portion and original issue discount (see Note 18)


 

 

29,229


 

 

 

34,380


 
 

Capital lease obligations, net of current portion


 

 

274


 

 

 

356


 
 

Deferred tax liabilities – long term


 

 

-


 

 

 

32


 
 

Total Liabilities


 

 

98,650


 

 

 

91,457


 
 

COMMITMENTS AND CONTINGENCIES


 

 

 

 

 

 

 

 
 

STOCKHOLDERS' EQUITY


 

 

 

 

 

 

 

 
 

Cumulative convertible preferred stock, no par value:


 

 

 

 

 

 

 

 
 

8% Class A (12,696 and 14,171 shares issued and outstanding, $133,308 and $148,796 liquidation preference)


 

 

191


 

 

 

213


 
 

10% Class C (109,000 and 112,000 shares issued and outstanding, $1,090,000 and $1,120,000 liquidation preference)


 

 

1,411


 

 

 

1,453


 
 

10% Class F (150,000 shares issued and outstanding, $1,500,000 liquidation preference)


 

 

1,500


 

 

 

1,500


 
 

8% Class G (10,000 and 11,595 shares issued and outstanding, $100,000 and $115,950 liquidation preference)


 

 

41


 

 

 

48


 
 

6% Class H (1.00 and 1.23 shares issued and outstanding, $100,000 and $123,000 liquidation preference)


 

 

-


 

 

 

-


 
 

8% Class J (0 and 100 shares issued and outstanding, $0 and  $10,000,000 liquidation preference)


 

 

-


 

 

 

10,000


 
 

15% Class E cumulative preferred stock, no par value, (0 and 195,000 shares issued and outstanding, $0 and $1,950,000 liquidation preference)


 

 

-


 

 

 

1,950


 
 

Common stock, no par value (21,612,380 and 10,305,845 shares issued and outstanding)


 

 

66,290


 

 

 

39,311


 
 

Stock-based compensation


 

 

49,000


 

 

 

47,504


 
 

Accumulated other comprehensive income – unrealized gain on available-for-sale securities


 

 

-


 

 

 

2


 
 

Accumulated deficit


 

 

(75,481)


 

 

 

(81,738)


 
 

Total Stockholders' Equity


 

42,952


 

 

20,243


 
 

 

 

 

 

 

 

 

 
 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


 

$

141,602


 

 

$

111,700


 
 

 
 
                 


 

EBITDA Computation (2011, 1Q11 – 4Q11) (in thousands)

 

 
 

 

 

2011

4Q11

3Q11

2Q11

1Q11

 

(i)

Net Income (Quarter)

$7,044

$1,422

$3,679

$2,035

$(92)

 

(ii)

Non Operating


 

 

 

 

 
 

 

Gains/Losses

2,524

1,624

208

191

501

 

(iii)

Adjusted Net Income

$9,568

$3,046

$3,887

$2,226

$409

 

 

(Sum of (i)minus (ii)


 

 

 

 

 
 

(iv)

Interest Expense

3,838

849

1,038

965

986

 

(v)

Depreciation & Amortization

7,004

2,018

1,566

1,705

1,715

 

(vi)

Taxes

3,611

( 758)

2,869

1,549

(49)

 

(vii)

EBITDA

$24,021

$5,155

$9,360

$6,445

$3,061

 

 

iii + iv + v + vi


 

 

 

 

 
 

 
 
             


 

NON-GAAP Financial Measures

To comply with Regulation G promulgated pursuant to the Sarbanes-Oxley Act, Multiband Corporation attached to this news release and will post to the company's investor relations web site (www.multibandusa.com) any reconciliation of differences between non-GAAP financial information that may be required in connection with issuing the company's quarterly financial results.

The Company, as is common in its industry, uses Adjusted EBITDA as a measure of performance to demonstrate earnings exclusive of interest and non-cash events. The Company manages its business based on its cash flows. The Company, in its daily management of its business affairs and analysis of its monthly, quarterly and annual performance, makes its decisions based on cash flows, not on the amortization of assets obtained through historical activities. The Company, in managing its current and future affairs, cannot affect the amortization of the intangible assets to any material degree, and therefore uses Adjusted EBITDA as its primary management guide.  Since an outside investor may base its evaluation of the Company's performance based on the Company's net loss not its cash flows, there is a limitation to the Adjusted EBITDA measurement. Adjusted EBITDA is not, and should not be considered, an alternative to net loss, loss from operations, or any other measure for determining operating performance of liquidity, as determined under accounting principals generally accepted in the United States (GAAP).  The most directly comparable GAAP reference in the Company's case is the removal of interest, depreciation, amortization, taxes and other non-cash expense.

SOURCE Multiband Corporation




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