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May 12, 2009

Virgin Mobile USA Q1 net income up 301%

Total operating revenue were $337.28m compared to $330.01m in the first quarter of 2008

By CBR Staff Writer

Virgin Mobile USA has posted a net income of $19.1m for the first quarter ended March 31, 2009, an increase of 301%, compared to a net income of $4.7m for the same period in 2008.

The company posted total operating revenue of $337.28m for the first quarter of 2009 as compared to $330.01m in the first quarter of 2008. Operating income for the first quarter of 2009 increased to $36.20m from $16.60m in the same quarter of 2008.

Adjusted EBITDA for the first quarter ended March 31, 2009 increased to $49.54m from $28.70m in the comparable period of 2008. Adjusted EBITDA margin for the first quarter of 2009 was 15.6% compared to 9.3% in the first quarter of 2008.

Dan Schulman, CEO of Virgin Mobile USA, said: We are pleased with our first quarter results and the initial success of our new offers focused on high-quality customer additions. Gross customer additions on hybrid plans grew to 55% of the total in the first quarter. Because of our strong performance in the first quarter, we are increasing our guidance for adjusted EBITDA and free cash flow for 2009. Adjusted EBITDA excluding transition and restructuring expenses is expected to be $127 to $142m, and free cash flow is expected to be $45 to $55m for the full year 2009.

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