Syniverse Reports Second Quarter 2007 Results.(Financial report)

Publication: Business Wire

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COPYRIGHT 2007 Business Wire

TAMPA, Fla. -- Syniverse Technologies (NYSE:SVR), a leading provider of technology and business solutions for the global mobile telecommunications industry, today reported results for the second quarter 2007.

* Total revenues were $91.4 million for the second quarter 2007, an 11.2% increase compared to the second quarter 2006.

* Net revenues, which exclude off-network database queries or pass-through revenue, were $89.8 million for the second quarter 2007, a 13.7% increase compared to the second quarter 2006.

* Net income was $11.7 million in the second quarter 2007, a 23.0% increase compared to $9.5 million in the second quarter 2006.

* Cash net income, a non-GAAP measure of profitability, was $17.9 million for the second quarter 2007, a 38.7% increase compared to the second quarter 2006. Cash net income reflects the positive cash impact resulting from the significant difference in amortization of goodwill for financial reporting and tax purposes, and is determined by adding the cash savings arising from the tax deductible goodwill amortization to adjusted net income.

* Cash net income per diluted share was $0.26 in the second quarter 2007, a 36.8% increase compared to the second quarter 2006.

* Adjusted EBITDA, a non-GAAP measure of operating cash flow, was $37.1 million for the second quarter 2007, a 26.7% increase compared to $29.3 million in the second quarter 2006.

"Syniverse continued to execute its strategic plan in the second quarter, with strong growth in data services and global expansion driving financial outperformance. Key data services such as SMS-IG for SMS interoperability and mobile data roaming saw accelerating growth, while new contracts in Singapore, Hong Kong and Georgia expanded our global reach," said Tony Holcombe, CEO and President of Syniverse. "Given the robust results through six months, combined with strong...

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