http://www.advfn.com/...6989&article=37077068&symbol=L%5EBILLRNS Number : 6661P
Billing Services Group Limited
30 March 2009
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from any jurisdiction where to do so would constitute a violation of the
relevant laws of such jurisdiction.
March 30, 2009
Billing Services Group Limited
("BSG" or the "Company")
Audited results for the year ended 31 December 2008
SOLID PERFORMANCE CREATES SOUND PLATFORM FOR CURRENT YEAR
BSG, a leading provider of clearing, settlement, payment and financial risk
management solutions to the telecommunications industry, today announces its
audited results for the twelve months ended 31 December 2008.
Financial Highlights
Note: Unless otherwise indicated, the 2007 revenue and EBITDA figures below
exclude the results of the wireless business, which was sold in December 2007
and is accordingly treated as a "discontinued operation" in the accompanying
financial statements. Net income in 2007, however, includes the results of
discontinued operations, under applicable accounting rules.
* Turnover grew by 12% to $142.6 million (2007: $127.5 million).
* EBITDA(1) increased by 23% to $37.2 million (2007: $30.2 million). Excluding
corporate overhead expenses, EBITDA was $41.2 million (2007: $37.5 million).
* Income from continuing operations was $7.9 million (2007: Loss of $6.7 million).
* Net income of $7.9 million or $0.028 per share (2007: $27.4 million or $0.098
per share) was composed of the following:
+--------+--------------+-----+--------+--------+-
| $ millions | | | | | 2008 | | 2007 |
+-----------------------+-----+--------+--------+-
| | | | | | | | |
+--------+--------------------+--------+--------+-
| Net income (loss) from continuing operations | | $ 7.9 | | $ |
| | | | | (6.7) |
+-------------------------------------------------
| Net income from discontinued operations | - | | 5.5 |
+-------------------------------------------------
| Gain on disposal of wireless business | | - | | 28.6 |
+-----------------------------------------------+-
| | Total net income | | $ 7.9 | | $ 27.4 |
| | | | | | |
+--------+--------------+-----+--------+--------+-
* The Company reduced long-term debt by $18.9 million, or 17%, to $93.6 million
(31 December 2007: $112.5 million), inclusive of all unamortized original issue
discount.
(1)EBITDA (a non-GAAP measure) is computed as earnings before interest expense,
income taxes, depreciation, amortization and other non-cash and/or non-recurring
expenses.
Operational Highlights
* Gained $10.7 million of incremental revenue from enhanced billing services, both
through aggressive recruitment of new customers and volume increases from
historical customers.
* Reduced corporate overhead expenses by $3.3 million as a result of the planned
transition and separation of several senior managers.
Current Trading
* Year-to-date results are in line with expectations.
Commenting on the results, Pat Heneghan, Non-Executive Chairman, said:
"I am pleased to report a solid performance amid economic turbulence.
We have benefited from our tightly focused approach and prudent cost management,
as well from strong growth in our customers' enhanced service offerings, and we
have been able to use our robust cash flow aggressively to pay down a
significant portion of outstanding debt.
Trading to date in 2009 has remained in line with expectations, and we believe
this will be another year of satisfactory performance."