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November 4, 2010

Vonage Q3 revenue decreases marginally to $214.1m

Loss on diluted EPS decreased to $0.26 from $0.33

By CBR Staff Writer

Vonage Holdings (Vonage), a US-based provider of broadband telephone service, has reported net revenue of $214.1m for the third quarter of 2010, a decrease of 4% compared to $222m for the same quarter last year.

Revenue from Telephony services decreased to $212.1m compared to $216.1m for the third quarter 2009 and customer equipment and shipping revenue decreased by 63% to $2m from $5.4m for the same period previous year.

The company added 8,058 net subscriber lines in the third quarter 2010 and finished the quarter with more than 2.4 million lines in service.

For the third quarter ended 30 September 2010, the company’s operating income increased by 9% to $20m compared to $18.3m for the same period last year.

The company posted net loss of $55.4m, or $0.26 per share, compared to net loss of $55m, or $0.33 per share, in the corresponding period of 2009.

Vonage CEO Marc Lefar said the announcement of global refinancing marks a major milestone in the continued transformation of their company and in many ways. It is the culmination of the significant and sustained improvements they’ve achieved in their operating performance over the past two years.

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"With the stabilisation of our customer base, our strong cash flow and a transformed capital structure, we have a very strong platform on which we can continue to build the future of Vonage," Lefar said.

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