Slide 1: 2nd Quarter Fiscal 2010 Results Presentation
® 2nd Quarter Fiscal 2010 Results Presentation February 24,
Slide 2: Participants
Steven E. Nielsen President & Chief Executive Officer H. Andrew DeFerrari Chief Financial Officer Richard B. Vilsoet General Counsel Participants
Slide 3: Forward-Looking Statements and Non-GAAP Information
Forward-Looking Statements and Non-GAAP Information This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to the Company’s fiscal 2010 third quarter results. The words “believe,” “expect,” “
Slide 4: Overview
Q2-2010 Overview n Q2-10 results of $(0.10) per share n Revenue of $216.3 million in Q2-10 declined sequentially by 16.5%; Year over year decline was 11.9%. n Solid contract awards and extensions secured during the quarter n Strong operating cash flows during the quarter n Net cash position at Janua
Slide 5: Revenue by Customer
Revenue by Customer n Top 5 customers represented 65.1% of revenue in Q2-10 and 64.3% of revenue in Q2-09 n Overall revenue decline was 11.9%, with top 5 customers down approximately 10.8% and all other customers down approximately 13.9%. Q2-09 included $3.3 million in storm work. * For comparison p
Slide 6: Backlog and Employees
Customer Area Description Term (in years) n AT&T Central Florida Master Service Agreement 3 n Comcast California Master Service Agreement 3 n Verizon Northeast Other Long-Term Agreement 1 n Comcast Nationally Various Long-Term Agreements 1 n Charter Nationally Various Long-Term Agreements 1 n AT&T G
Slide 7: Summary Results
Summary Results Year over year revenue decline of 11.9% reflects customer reductions in capital spending. Revenue in Q2-09 included $3.3 million of restoration services for storm work compared to none in Q2-10.Note: See “Regulation G Disclosure” slide 10 for a reconciliation of GAAP to Non-GAAP fina
Slide 8: Selected Financial Information
Selected Financial Information Q2-40__Q209__Change (b) Contract Revenues $2163 Cost of Eamed Revenues $ 1809 83.6% General & Administrative $ 239 11.0% Depreciation & Amortization $ 155 7.2% Goodwill impairment charge a) S$ - Interest expense S$ 35 16% Income taxes - Non-GAAP (a) $ (27) Gin millions
Slide 9: Cash Flow and Liquidity
n Cash flow from operations was strong at $32.3 million for Q2-10. n Combined days sales outstanding on trade receivables and net unbilled revenues were 56 days in Q2-10 and 60 days in Q1-10 (a). n Capital expenditures, net of disposals at $16.4 million reflecting the replacement cycle of our assets
Slide 10: Summary
Summary n Challenging economic environment n Solid customer relationships n At the forefront of evolving industry opportunities including those resulting from industry mergers and acquisitions n Growing market share as customers consolidate vendors n Encouraged by deployment of new technologies by c
Slide 11: Appendix: Regulation G Disclosure
Appendix: Regulation G Disclosure
Slide 12: Appendix: Regulation G Disclosure
Appendix: Regulation G Disclosure
Slide 13: Regulation G Disclosure
® 2nd Quarter Fiscal 2010 Results Presentation February 24,