Local companies announce 1Q finances
by MDJ staff
May 11, 2014 12:44 AM | 1240 views | 0 0 comments | 11 11 recommendations | email to a friend | print
Cumberland-based companies Numerex Corp and Cbeyond Inc. announced results for the first quarter, which ended on March 31.

Numerex Corp.

Numerex Corp., a leading provider of interactive and on-demand machine-to-machine solutions enabling the Internet of Things, reported total revenues of $20.8 million in the first quarter, up 26 percent year-over-year. Gross margins improved to 47.4 percent, up 13 percent year-over-year. Subscription and support revenues were up 17 percent year-over-year to $13.9 million. Adjusted EBITDA increased 50 percent year-over-year to $2.8 million. The company also recorded $1.1 million in GAAP earnings or six-centers per share.

Gross margin generated by subscriptions and support revenues was 61.4 percent compared to 56.2 percent. Gross profit increased to $9.8 million, up 42.5 percent from $6.9 million. GAAP income from continuing operations was $1.1 million, compared to $28,000. GAAP income from continuing operations was six-cents per diluted share compared to zero cents. Adjusted EBITDA margin (non-GAAP) was 13.4 percent, which was up 19 percent. Embedded devices and hardware revenues were $6.9 million, which was up 52 percent.

Cbeyond Inc.

Cbeyond Inc., the technology ally for small and mid-sized businesses, reported first quarter 2014 total revenue of $108.5 million compared with $119.9 million in the first quarter of 2013 and $111.5 million in the fourth quarter of 2013. Cbeyond 2.0 revenue was $24.5 million, or 22.5 percent of total revenue in the first quarter of 2014, an increase of 78.1 percent from the first quarter of 2013 and an increase of 19 percent from the fourth quarter of 2013.

Average monthly revenue per customer was $661 during the first quarter of 2014 compared with $656 in the first quarter of 2013 and $658 in the fourth quarter of 2013. Adjusted EBITDA was $16.9 million in the first quarter of 2014 compared with $20.8 million in the first quarter of 2013 and $17.7 million in the fourth quarter of 2013.

Free cash flow, defined as adjusted EBITDA less cash capital expenditures, was $4 million in the first quarter of 2014 compared with $8.4 million in the first quarter of 2013 and $3.6 million in the fourth quarter of 2013. A net loss of $5.9 million was reported in the first quarter of 2014 compared with a net loss of $600,000 in the first quarter of 2013 and a net loss of $4.9 million in the fourth quarter of 2013.

On April 21, Cbeyond also announced a definitive agreement in which Birch Communications would acquire Cbeyond in an all-cash transaction valued at approximately $323.4 million, subject to certain conditions.

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