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UniTek Global (UGLB.OB) Posts Q2 Results, Reflecting 53% Increase in Revenue

UniTek Global Services Inc. yesterday posted its financial results for the second quarter ended July 3, 2010.

The company reported revenue at $105.8 million, up 53 percent from the $69.2 million reported for the comparable period of 2009. Of total revenue, $10.5 million of this increase is attributable to organic growth in the company’s fulfillment segment, as well as to acquisitions completed in the fourth quarter of 2009; the remaining revenue of $25.4 million reflects operations of Berliner, which are included in consolidated results since the merger on January 27, 2010.

Gross profit from continuing operations for the second quarter was $16.3 million, as compared to $9.1 million reported for the second quarter of 2009.

For the second quarter of 2010, UniTek Global posted an improved net loss of ($6.1) million, or ($0.04) per basic and fully diluted share, as compared to a loss of ($9.2) million, or ($0.08) per basic and fully diluted share, for the second quarter of 2009.

The company’s three-year backlog was approximately $735.0 million as of July 3, 2010, as compared to a backlog of $709.0 million as of July 4, 2009, on a pro forma basis factoring in the merger with Berliner.

UniTek CEO C. Scott Hisey highlighted Berliner’s position in the market, as well as UniTek’s ability to maintain its current customer base, as well as its ability to attract new customers.

“We are very pleased with the results of our second quarter for 2010. The Berliner merger and subsequent integration have gone well and proven our scalable model can produce operational efficiencies in a rapidly expanding wireless service business. We continue to win new business in all four of our vertical markets, increasing our backlog and participating in escalated bid activity in the wireline construction industry. Our fulfillment segment remains strong as we continue to win new business and grow our recurring revenue stream. We have a history of consistent growth that we have successfully executed through our comprehensive operational metrics and ability to differentiate our performance with our internal systems and rapid deployment of a skilled workforce. Our management team continues to innovate and we believe that we are poised to execute our backlog and win new business,” Hisey stated in the press release.

UniTek Global provides engineering, construction management and installation fulfillment services to companies specializing in the telecommunications, broadband cable, wireless and satellite industries.

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