Wonder why wireless play WFII isn't participating, after these earnings and today's upgrade?
Wireless Facilities Reports Record First Quarter Revenue and Profit; WFI Delivers 188 Percent Revenue Growth
(BusinessWire, 04/26/2000 16:12)
SAN DIEGO--(BUSINESS WIRE)--April 26, 2000--Wireless Facilities, Inc. (WFI) (NASDAQ:WFII), a global leader in the design, deployment and management of wireless telecommunications networks, today reported record revenues and earnings for its first quarter ended March 31, 2000.
Revenue for the quarter increased 188 percent to a record $43.3 million, compared to $15.0 million in the first quarter of 1999. Revenue growth reflects continued strong worldwide demand for mobile voice and personal communications services (PCS) as well as increased capital investment by network operators and equipment suppliers to establish wireless data networks.
Net income for the quarter rose 267 percent to a record $5.8 million, or $0.12 per diluted share, compared to $1.6 million in net income, or $0.05 per diluted share in the corresponding quarter a year ago. The number of shares used in the calculation of Earnings Per Share in the current period increased 54 percent from the first quarter of 1999. Also, the impact of goodwill from acquisitions was approximately two cents per share. Without goodwill, the Company would have reported $0.14 per share in the first quarter.
Gross profit margin for the first quarter was 42 percent, compared to 39 percent for the same period in 1999.
"WFI enjoyed a very strong quarter, which we believe demonstrates our unique value proposition as an independent provider of turnkey outsourcing services for the wireless industry," said Massih Tayebi, WFI's Chief Executive Officer. "Wireless networks are rapidly expanding to meet growing subscriber demand for enhanced voice and mobile data applications, and increasingly, carriers are building high-speed broadband wireless data networks to extend the reach of existing fiber optic networks in business settings. We continue to strengthen and expand our end-to-end service capabilities through key hires and strategic acquisitions in response to these market opportunities.
"During the quarter we made two key acquisitions. The Walter Group, an established leader in telecom network development and management consulting, provides WFI with expanded capabilities in business planning, site acquisition and program management services. The acquisition of a Network Operations Center near Dallas, Texas from Ericsson provides the Company with network management and operations capabilities that enable WFI to deliver a complete suite of network management solutions to multiple wireless operators and service providers across a wide platform of technologies. Both of these acquisitions brought us many talented people, extended our service offerings and strengthened our customer relationships."
Dr. Tayebi finished by saying, "Armed with end-to-end network deployment and management services, WFI is exceptionally well positioned to contribute to and benefit from the phenomenal growth of wireless communications and its convergence with the Internet."
About Wireless Facilities
A global leader in telecommunications outsourcing, Wireless Facilities, Inc. plans, designs, deploys and manages wireless networks for some of the largest cellular, PCS and broadband wireless carriers and equipment suppliers worldwide. Specializing in network architecture and dimensioning of mobile and high speed wireless data systems, WFI provides a complete range of network services - from business and market planning to RF engineering, fixed network engineering, IP and data engineering, site acquisition and development, installation, optimization and maintenance. Headquartered in San Diego, WFI has grown to more than 1,100 employees and has performed work in 37 countries since the company was founded in late 1994. The company has offices in Chicago, Seattle, Washington, D.C., Mexico City, London, Sao Paulo and New Delhi. News and information are available at www.wfinet.com.
RESEARCH ALERT-Wireless Facilities outlook upped
(Reuters, 04/27/2000 10:03)
NEW YORK, April 27 (Reuters) - Credit Suisse First Boston said analyst Marc Cabi raised his outlooks for revenues and earnings from telecommunications company Wireless Facilities Inc. (NASDAQ:WFII) Thursday.
-- raised 2000 revenue outlook to $189.9 million.
-- raised 2000 earnings-per-share outlook to 60 cents, excluding goodwill.
-- raised 2001 revenue outlook to $255.4 million.
-- raised 20001 earnings-per-share estimate to 78 cents.
-- reiterated strong buy rating. |
