News Article | November 2, 2016
OMAHA, Neb., Nov. 01, 2016 (GLOBE NEWSWIRE) -- West Corporation (Nasdaq:WSTC), a global provider of communication and network infrastructure services, today announced its third quarter 2016 results. “Our non-conferencing businesses grew 5.3 percent, with particularly strong results in our UCaaS, healthcare advocacy and interactive services businesses,” said Tom Barker, chairman and chief executive officer. “Conferencing revenue declined in the third quarter driving our consolidated revenue down 0.5 percent. Our adjusted organic revenue growth was 1 percent. We expect to finish the year with revenue and adjusted earnings per share within our original guidance ranges, albeit the low end, despite the decrease in conferencing revenue.” Dividend The Company today also announced a $0.225 per common share dividend. The dividend is payable on November 23, 2016 to shareholders of record as of the close of business on November 14, 2016. Operating Results For the third quarter of 2016, revenue was $571.4 million compared to $574.4 million for the same quarter of the previous year, a decrease of 0.5 percent. Revenue from acquired entities3 was $6.5 million during the third quarter of 2016. The Company had strong growth in its Unified Communications as a Services (“UCaaS”), healthcare advocacy and Interactive Services businesses. The Company’s revenue was negatively impacted by $5.3 million from foreign currency exchange rate fluctuations and by $10.3 million from a lost Telecom Services client previously disclosed in 2015. Adjusted organic growth5 for the third quarter was 1.0 percent. Details of the Company’s revenue growth are presented in the selected financial data table below. The Unified Communications Services segment had revenue of $352.4 million in the third quarter of 2016, a 3.7 percent decrease compared to the same quarter of 2015. This decrease was primarily due to $10.3 million from the previously disclosed lost Telecom Services client, $5.3 million from the impact of foreign currency exchange rates and a decline in conferencing revenue, partially offset by growth in the UCaaS business and $2.1 million in revenue from Magnetic North, which was acquired on October 31, 2015. Adjusted organic growth5 for the Unified Communications Services segment was flat for the third quarter of 2016. During the third quarter, the Company had lower than expected revenue from its automated conferencing business, with July being the weakest month of the quarter. Conferencing clients also used fewer operator assisted calls and add-on services such as call recording and transcription in the third quarter. Revenue in the Company’s UCaaS line of business was up over 25 percent on an organic basis in the third quarter compared to the same quarter last year. This growth was partially due to higher than expected equipment sales during the quarter. The Safety Services segment had revenue of $75.1 million in the third quarter of 2016, an increase of 1.7 percent from the third quarter of 2015. The increase in revenue was primarily due to clients adopting new technologies, partially offset by price compression and lower equipment sales compared to the same quarter last year. The Interactive Services segment had revenue of $76.4 million in the third quarter of 2016, 12.0 percent higher than the same quarter last year. This increase included $4.4 million from the acquisitions of ClientTell and Synrevoice. Adjusted organic revenue5 growth for the Interactive Services segment was 5.5 percent for the third quarter of 2016. Organic revenue growth was primarily due to new clients and increased volumes from existing clients. The Specialized Agent Services segment had revenue of $70.3 million in the third quarter of 2016, an increase of 3.0 percent compared to the same quarter of the previous year. The increase in revenue was primarily due to double-digit revenue growth in the healthcare advocacy business, partially offset by slower than historical recoveries in the cost management services business. Operating income was $109.5 million in the third quarter of 2016 compared to $124.4 million in the third quarter of 2015, a decrease of 11.9 percent. This decrease was primarily due to a decline in minute growth as well as price compression in the conferencing and collaboration business, an increase in SG&A expenses related to acquisitions and higher labor-related costs, partially offset by cost savings initiatives. Adjusted operating income1 was $133.3 million in the third quarter of 2016 compared to $146.6 million in the third quarter of 2015. Adjusted operating income as a percentage of revenue was 23.3 percent in the third quarter of 2016 compared to 25.5 percent in the same quarter of 2015. Income from continuing operations decreased 6.3 percent to $47.5 million in the third quarter of 2016 compared to $50.7 million in the same quarter of 2015. Adjusted income from continuing operations1 was $64.3 million in the third quarter of 2016, a decrease of 5.6 percent from the same quarter of 2015. EBITDA1 was $158.5 million in the third quarter of 2016 compared to $165.5 million in the third quarter of 2015. Adjusted EBITDA1 for the third quarter of 2016 was $165.3 million compared to $171.3 million for the third quarter of 2015, a decrease of 3.5 percent. Adjusted EBITDA margin was 29 percent for the third quarter of 2016, compared to 30 percent for the third quarter of 2015. Balance Sheet, Cash Flow and Liquidity At September 30, 2016, West Corporation had cash and cash equivalents totaling $191.3 million and working capital of $228.5 million. Interest expense and other financing charges were $38.2 million during the third quarter of 2016 compared to $38.6 million during the comparable period of the prior year. “During the third quarter, we repaid $91.3 million of debt, bringing the total for the year to $123.2 million, consistent with our guidance at the beginning of the year. This drove our debt covenant leverage ratio down to the lowest level since our IPO,” said Jan Madsen, chief financial officer. The Company’s net debt to pro forma adjusted EBITDA ratio, as calculated pursuant to the Company’s senior secured term debt facilities4, was 4.46x at September 30, 2016, down from 4.68x at December 31, 2015. Cash flows from operations were $104.1 million for the third quarter of 2016 compared to $126.7 million in the same period of 2015, a decrease of 17.8 percent. Free cash flow1,2 decreased 17.5 percent to $78.7 million in the third quarter of 2016 compared to $95.4 million in the third quarter of 2015. This decrease was primarily from timing differences in cash interest and working capital variances, partially offset by lower cash taxes. During the third quarter of 2016, the Company invested $25.4 million, or 4.5 percent of revenue, in capital expenditures. Exploration of Financial and Strategic Alternatives West also announced today the commencement of a process to explore the Company’s range of financial and strategic alternatives, including, but not limited to, the sale or separation of one or more of its operating businesses, or a sale of the Company. West has retained Centerview Partners LLC as its financial advisor and Sidley Austin LLP as its legal advisor in connection with the analysis. Mr. Barker added: “We are excited about our portfolio of industry-leading assets, both individually and as a component of our overall strategy. At the same time, as part of our ongoing evaluation of our portfolio of assets, we have decided to engage advisors to help us evaluate possible alternatives and strategies to maximize long-term shareholder value.” No decision has been made to enter into any transaction. There can be no assurance that this exploration will result in any transaction being announced or consummated or, if a transaction does occur, the terms or timing thereof. The Company does not intend to discuss or disclose further developments during this process unless and until the Board of Directors has approved a specific action or otherwise determined that further disclosure is appropriate. Conference Call The Company will hold a conference call to discuss these topics on Wednesday, November 2, 2016 at 8:00 AM Eastern Time (7:00 AM Central Time). Investors may access the call by visiting the Financials section of the West Corporation website at www.west.com and clicking on the Webcast link. A replay of the call will be available on the Company’s website at www.west.com. About West Corporation West Corporation (Nasdaq:WSTC) is a global provider of communication and network infrastructure services. West helps its clients more effectively communicate, collaborate and connect with their audiences through a diverse portfolio of solutions that include unified communications services, safety services, interactive services such as automated notifications, telecom services and specialized agent services. For 30 years, West has provided reliable, high-quality voice and data services. West has sales and operations in the United States, Canada, Europe, the Middle East, Asia Pacific and Latin America. For more information, please call 1-800-841-9000 or visit www.west.com. Forward-Looking Statements This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "intends," "continue" or similar terminology. These statements reflect only West's current expectations and are not guarantees of future performance or results. These statements are subject to various risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties include, but are not limited to, the strategic alternatives available to the Company and the ability to execute on strategic alternatives, competition in West’s highly competitive markets; increases in the cost of voice and data services or significant interruptions in these services; West’s ability to keep pace with its clients’ needs for rapid technological change and systems availability; the continued deployment and adoption of emerging technologies; the loss, financial difficulties or bankruptcy of any key clients; security and privacy breaches of the systems West uses to protect personal data; the effects of global economic trends on the businesses of West’s clients; the non-exclusive nature of West’s client contracts and the absence of revenue commitments; the cost of pending and future litigation; the cost of defending against intellectual property infringement claims; the effects of extensive regulation affecting many of West’s businesses; West’s ability to protect its proprietary information or technology; service interruptions to West’s data and operation centers; West’s ability to retain key personnel and attract a sufficient number of qualified employees; increases in labor costs and turnover rates; the political, economic and other conditions in the countries where West operates; changes in foreign exchange rates; West’s ability to complete future acquisitions, integrate or achieve the objectives of its recent and future acquisitions; and future impairments of our substantial goodwill, intangible assets, or other long-lived assets. In addition, West is subject to risks related to its level of indebtedness. Such risks include West’s ability to generate sufficient cash to service its indebtedness and fund its other liquidity needs; West’s ability to comply with covenants contained in its debt instruments; West’s ability to obtain additional financing; the incurrence of significant additional indebtedness by West and its subsidiaries; and the ability of West’s lenders to fulfill their lending commitments. West is also subject to other risk factors described in documents filed by the Company with the United States Securities and Exchange Commission. These forward-looking statements speak only as of the date on which the statements were made. West undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. Adjusted Operating Income Reconciliation Adjusted operating income is not a measure of financial performance under generally accepted accounting principles ("GAAP"). The Company believes adjusted operating income provides a relevant measure of operating profitability and a useful basis for evaluating the ongoing operations of the Company. Adjusted operating income is used by the Company to assess operating income before the impact of acquisitions and acquisition-related costs and certain non-cash items. Adjusted operating income is used by the Company as a benchmark for performance and compensation by certain executives. Adjusted operating income should not be considered in isolation or as a substitute for operating income or other profitability data prepared in accordance with GAAP. Adjusted operating income, as presented, may not be comparable to similarly titled measures of other companies. Set forth below is a reconciliation of adjusted operating income from operating income. Adjusted Net Income, Adjusted Income from Continuing Operations and Adjusted Earnings per Share Reconciliation Adjusted net income, adjusted income from continuing operations and adjusted earnings per share (EPS) are non-GAAP measures. The Company believes these measures provide a useful indication of profitability and basis for assessing the operations of the Company without the impact of bond redemption premiums, acquisitions and acquisition-related costs and certain non-cash items. Adjusted net income and adjusted income from continuing operations should not be considered in isolation or as a substitute for net income or other profitability metrics prepared in accordance with GAAP. Adjusted net income and adjusted income from continuing operations, as presented, may not be comparable to similarly titled measures of other companies. The Company utilizes these non-GAAP measures to make decisions about the use of resources, analyze performance, measure management’s performance with stated objectives and compensate management relative to the achievement of such objectives. Set forth below is a reconciliation of adjusted income from continuing operations from income from continuing operations and adjusted net income from net income. Free Cash Flow Reconciliation The Company believes free cash flow provides a relevant measure of liquidity and a useful basis for assessing the Company’s ability to fund its activities, including the financing of acquisitions, debt service, stock repurchases and distribution of earnings to shareholders. Free cash flow is calculated as cash flows from operating activities less cash capital expenditures. Free cash flow is not a measure of financial performance under GAAP. Free cash flow should not be considered in isolation or as a substitute for cash flows from operating activities or other liquidity measures prepared in accordance with GAAP. Free cash flow, as presented, may not be comparable to similarly titled measures of other companies. Set forth below is a reconciliation of free cash flow from cash flows from operating activities. EBITDA and Adjusted EBITDA Reconciliation The common definition of EBITDA is “Earnings Before Interest Expense, Taxes, Depreciation and Amortization.” In evaluating liquidity and performance, the Company uses “Adjusted EBITDA.” The Company defines Adjusted EBITDA as earnings before interest expense, share-based compensation, taxes, depreciation and amortization, gain on assets held for sale and transaction costs. EBITDA and Adjusted EBITDA are not measures of financial performance or liquidity under GAAP. Although the Company uses Adjusted EBITDA as a measure of its liquidity and performance, the use of Adjusted EBITDA is limited because it does not include certain material costs, such as depreciation, amortization and interest, necessary to operate the business. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for net income, cash flow from operating activities or other income or cash flow data prepared in accordance with GAAP. Adjusted EBITDA, as presented, may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is presented here as the Company understands investors use it as a measure of its historical ability to service debt and compliance with covenants in its senior credit facilities. Further, Adjusted EBITDA is presented here as the Company uses it to measure its performance and to conduct and evaluate its business during its regular review of operating results for the periods presented. Set forth below is a reconciliation of EBITDA and Adjusted EBITDA from cash flow from operating activities and net income. 1 See Reconciliation of Non-GAAP Financial Measures below. 2 Free cash flow is calculated as cash flows from operating activities less cash capital expenditures. 4 Based on loan covenants. Covenant loan ratio is debt net of cash and excludes accounts receivable securitization debt. 5 Adjusted organic revenue growth is provided on the Selected Financial Data tables and excludes revenue from acquired entities, revenue from previously disclosed lost clients and the estimated impact of foreign currency exchange rates. The Company believes adjusted organic revenue growth provides a useful measure of growth in its ongoing business.
News Article | November 2, 2016
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Magnetic North | Date: 2013-09-29
A method for producing neodymium-iron-boron rare earth permanent magnetic materials comprises: controlling technological parameters of alloy smelting, coarsely pulverization, milling by jet mill, and compaction; and adding nano-sized micro powder of oxide, in such a manner that a particle size of milling by the jet mill is decreased, and fine powder collected by the powder filter and powder collected by a cyclone collector are mixed. Utilization rate of the materials and performance of magnets are significantly improved. Usage amount of rare earth is significantly saved, especially usage amount of heavy rare earth. Thus, the scarce resources are protected.
Magnetic North | Date: 2013-10-07
A rotating vacuum heat treatment equipment, applicable for heat treatment of rare earth permanent magnetic devices, hydrogen pulverization of rare earth permanent magnetic alloy, and heat treatment of mechanical electronic components, mainly comprises: a vacuum unit, a gas cooling device, and a vacuum furnace, wherein an insulating layer is provided in the vacuum furnace, a heater is provided in the insulating layer, a rotating cylinder is provided in the heater, a nozzle, connected with pipelines of the gas cooling device, is provided on the insulating layer, and cooled gas is sprayed to the rotating cylinder via the nozzle.
Magnetic North | Date: 2013-10-09
In the method for producing a high-performance neodymium-iron-boron rare earth permanent magnetic material of the present invention, the degree of alignment of the magnet can be improved by preparing the pre-sintered alloy material, the particle size of the powder ground by the jet mill can be refined and the fine powder in the filter of the jet mill can be mixed with the powder collected by the cyclone collector by controlling the oxygen content of the jet mill and adding the nanoscale oxide fine powder. The present invention can significantly improve the utilization ratio of the material and the performance of the magnet, save the use of the rare earth, and especially the heavy rare earth, thereby protecting the scare resources.
Magnetic North | Date: 2013-09-11
A vacuum heat treatment method for NdFeB rare earth permanent magnetic devices and an equipment thereof are disclosed. A rotary vacuum heat treatment equipment is for processing the NdFeB rare earth permanent magnetic devices with a vacuum heat treatment and obviously improves magnetic performance of the NdFeB rare earth permanent magnetic device, especially coercivity, which facilitates reducing a usage of heavy rare earth elements and protecting rare earth resources. Thus the vacuum heat treatment method and the equipment thereof are able to manufacture high-performance rare earth permanent magnetic devices.
Magnetic North | Date: 2013-10-07
A double-alloy NdFeB rare earth permanent magnetic material and manufacturing method thereof are provided. The method comprises respectively melting an A1 alloy comprising heavy rare earth such as Dy, Tb, Ho and Gd as well as an A2 alloy comprising light rare earth such as La, Ce, Pr and Nd; mixing the A1 alloy and the A2 alloy by a two-dimensional or three-dimensional mixer with a ratio of A1/A2=00.5 under protection of nitrogen; producing powder in a jet mill after mixing; collecting fine powder; putting and mixing the powder and the fine powder in the two-dimensional or three-dimensional mixer; putting into a magnetic field pressing machine for pressing under the protection of the nitrogen after mixing and producing permanent magnetic products by sintering, aging, etc. The present invention can obviously decrease rare earth utilization and increase a magnetic energy product and coercivity of the rare earth permanent magnet.
Magnetic North | Date: 2013-09-29
A method for producing neodymium-iron-boron rare earth permanent magnetic materials mainly comprises processes of: alloy smelting, coarsely pulverization, milling, magnetic compaction, sintering, machining, vacuum heat treatment, and etc. Magnetic performance of permanent magnetic devices is increased by improving technologies of hydrogen pulverization, milling by jet mill, and vacuum heat treatment, in such a manner that usage amount of rare earth is decreased. The present invention is applicable in producing rare earth permanent magnetic materials having high performance.
Magnetic North | Date: 2016-05-18
Tote bags. Clothing, namely, tee shirts, sweatshirts and hats. Retail store services and online retail store services featuring clothing, handbags, totes, shoes, hats, books, jewelry, housewares, glasses, gifts and accessories for all of the aforementioned.