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Hughes Communications, Inc. Announces First Quarter 2006 Results17 May 2006
Hughes Communications, Inc. (Hughes) (OTC Bulletin Board: HGCM), the global leader in broadband satellite network solutions and services, today announced financial results for the quarter ended March 31, 2006, its first quarter as a publicly traded company. Hughes' consolidated operations are classified into three reportable segments: VSAT; Telecom Systems; and Other. VSAT and Telecom Systems represent all of the operations of Hughes Network Systems, LLC (HNS), Hughes' principal operating subsidiary. The Other segment includes the financial results of Hughes Corporate, Electronic System Products, Inc., and the minority interest in the other companies that were contributed from SkyTerra Communications, Inc., Hughes' predecessor, prior to the separation of SkyTerra and Hughes in February 2006.
Hughes Network Systems, LLC (HNS)
Revenue in Hughes' wholly owned subsidiary, HNS, was $196.8 million in the first quarter of 2006, an increase of $18.6 million or 10% over revenues of $178.2 million in the same period in 2005.
Net income improved by $14.6 million to $0.2 million for the first quarter of 2006, compared to a loss of $14.4 million for the same period in 2005.
EBITDA improved by $18.3 million to $16.2 million for the quarter ended March 31, 2006 from negative $2.1 million for the same period in 2005.
Commenting on the first quarter performance, Pradman Kaul, President and Chief Executive Officer, said, "Overall, we are very pleased with the performance of the company in the first quarter. Revenue growth of 10% over the same quarter last year combined with approximately $18 million growth in EBITDA, underscore the excellent operating results. In addition, we launched the new HughesNet(TM) brand for all our broadband services."
Mr. Kaul added, "Our financial results for the first quarter indicate that our key strategic thrusts are working well. We continue to see revenue growth being fueled by our North America Consumer/SMB and International service businesses for the rest of 2006. The cost cutting measures that we took in 2004 and 2005 are producing the desired results as evidenced by the significant improvement in operating and net income."
Grant Barber, Chief Financial Officer, said, "We are pleased with the solid operating results posted in this quarter. In addition, our successful closing of $450 million of senior unsecured notes in early April, allowed us to retire our bank debt of $325 million. We also had a successful rights offering of $100 million to repay the Apollo debt borrowed in connection with the purchase of the remaining 50% of HNS' equity from DIRECTV in January 2006. We are confident that, due to these actions, we now have a strong balance sheet with the resources available for us to pursue appropriate strategic initiatives, including SPACEWAY(TM)."
HNS operates in two business segments consisting of the very small aperture terminal, or VSAT, segment (including SPACEWAY), which provides satellite-based private networks to large enterprises and broadband Internet access to consumers and small and medium businesses and other business users such as small office and home office users, or SMBs, and the Telecom Systems segment consisting of HNS' mobile satellite systems business unit and its terrestrial microwave business unit. Revenues in the VSAT segment increased 13%, driven by the strong performance of HNS' North American Consumer/SMB and International businesses. During this quarter, there were more than 36,000 gross additions to HNS' total subscriber base, with a churn of approximately 2%. Increased growth in HNS' Indian and Brazilian subsidiaries contributed to the International revenue growth.
Set forth below is a table highlighting certain of HNS' results for the three months ended March 31, 2006 and March 31, 2005 and the increase or decrease between the periods presented:
HNS ($'000) Three Months Ended March 31,
2006 2005 Change
Revenue
VSAT $ 181,307 $ 160,885 $ 20,422
Telecom Systems 15,485 17,346 (1,861)
Total HNS $ 196,792 $ 178,231 $ 18,561
Operating income (loss)
VSAT $ 7,237 $ (15,654) $ 22,891
Telecom Systems 1,751 1,903 (152)
Total HNS $ 8,988 $ (13,751) $ 22,739
Net Income (loss) $ 194 $ (14,363) $ 14,557
EBITDA $ 16,202 $ (2,085) $ 18,287
Adjusted EBITDA (a) $ 17,717 $ 16,586 $ 1,131
(a) For the definition of Adjusted EBITDA, see "Reconciliation of Non-
GAAP Financial Measures to GAAP Financial Measures" below.
On April 13, 2006, Hughes' wholly owned subsidiaries, HNS and HNS Finance Corp., issued $450 million in aggregate principal amount of 9.5% Senior Notes due 2014 in a private placement. The notes are guaranteed on a senior unsecured basis by each of HNS' current and future domestic subsidiaries that guarantee HNS' indebtedness or the indebtedness of any other HNS subsidiary guarantor. A portion of the net proceeds of the offering was used to repay term loan borrowings under HNS' prior credit facilities. The remainder is available to HNS for general corporate purposes. In connection with the offering, HNS also amended its $50.0 million senior secured revolving credit facility pursuant to an amendment and restatement of the credit agreement governing this credit facility.
Select First Quarter Highlights
* Shipped one millionth VSAT terminal. This marks a major milestone in
the global VSAT industry.
* Launched the HughesNet brand to replace the DIRECWAY(R) brand.
HughesNet encompasses all of HNS' broadband service offerings for
Enterprise, Government, and Consumer/SMB businesses.
* Launched the HughesNet Managed Network Services offerings. HughesNet
Managed Network Services are designed to maximize reliability,
minimize complexity, and optimize access techniques associated with
operating enterprise-wide broadband networks.
* HN7740S was added to the HN7000S series of high-performance satellite
routers. The HN7740S features two Voice over IP (VoIP) ports combined
with two broadband LAN ports, enabling international service operators
to deliver a flexible range of voice and high-speed data services from
a single, compact, integrated platform.
* Successfully tested the SPACEWAY technology using DIRECTV's SPACEWAY 2
satellite and HNS' Network Operations and Control Center and remote
terminals.
Hughes Communications, Inc. (Hughes)
On January 1, 2006, Hughes Communications, Inc. consummated the purchase (the "January 2006 Acquisition"), from DTV Network Systems, Inc. of the remaining 50% of Hughes Network Systems, LLC for a purchase price of $100.0 million. As a result of the January 2006 Acquisition, Hughes Communications, Inc. now owns 100% of the Class A membership interests of HNS. As a result of the January 2006 Acquisition, Hughes Communications, Inc.'s business has changed materially. For periods following the closing of the January 2006 Acquisition, financial position and operating results of HNS is included in Hughes Communications Inc.'s consolidated financial statements. From April 22, 2005 (the date of the April 2005 Acquisition of the initial 50% interest in HNS) through December 31, 2005, Hughes Communications, Inc.'s investment in HNS is recorded using the equity method of accounting.
Certain financial information for Hughes is shown below. The financial information for the three months ended March 31, 2006 is a combination of the HNS and Other Businesses. Because the initial 50% interest in HNS was not acquired until April 2005, the financial information for the three months ended March 31, 2005 consists solely of the Other Businesses.
The condensed financial statements of Hughes and HNS as of March 31, 2006 and for the three months ended March 31, 2006 are attached to this press release.
HCI ($'000) Three Months Ended March 31,
2006 2005 Change
Revenue
VSAT $ 181,307 $ - $ 181,307
Telecom Systems 15,485 - 15,485
Other 82 135 (53)
Total HCI $ 196,874 $ 135 $ 196,739
Operating income (loss)
VSAT $ 7,237 $ - $ 7,237
Telecom Systems 1,751 - 1,751
Other (2,229) (2,155) (74)
Total HCI $ 6,759 $ (2,155) $ 8,914
Net Loss $ (55,544) $ (7,175) $ (48,369)
EBITDA $ 12,821 $ (7,723) $ 20,544
(a) For the definition of EBITDA, see "Reconciliation of Non-GAAP
Financial Measures to GAAP Financial Measures" below.
The net loss for the three months ended March 31, 2006 includes a tax charge of approximately $51.3 million in connection with the SkyTerra/Hughes separation. As Hughes is the accounting successor to SkyTerra, the taxes associated with the separation are included in Hughes' results for the quarter ended March 31, 2006 and a portion of the deferred tax assets were utilized to satisfy the tax expense resulting from the taxable gain. Accordingly, Hughes does not expect this expense to have a significant impact on its cash from operations.
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
The following table reconciles the differences between HNS' net income as determined under United States of America generally accepted accounting principles (GAAP) and Adjusted EBITDA.
HUGHES NETWORK SYSTEMS, LLC
RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA
Three Months
Ended March 31,
(Dollars in thousands) 2006 2005
Net income (loss) $ 194 $(14,363)
Add:
Interest expense 9,394 1,014
Foreign income tax expense (benefit) 487 (81)
Depreciation and amortization 7,129 11,264
Less:
Interest income (1,001) 81
EBITDA $ 16,202 $ (2,085)
Add:
Facilities costs - 1,462
Transaction costs related to the April
2005 Acquisition - 38
Elimination of payroll and benefits
reflective of headcount reductions - 5,418
Assumed net reduction of SPACEWAY
operating costs - 4,542
Benefits/insurance programs sponsored
by DIRECTV 653 5,362
Legal expenses related to non-acquired
business - 1,849
Equity incentive plan compensation 59 -
Management fee to Hughes
Communications, Inc. 250 -
HughesNet branding costs 552 -
Adjusted EBITDA $ 17,717 $ 16,586
HUGHES COMMUNICATIONS, INC.
RECONCILIATION OF NET INCOME TO EBITDA
Three Months Ended March 31,
2006 2005
(Dollars in thousands)
Net loss $(55,544) $ (7,175)
Add:
Interest expense 11,101 -
Income tax expense 51,321 -
Depreciation and amortization 7,129 7
Less:
Interest income (1,186) (555)
EBITDA $ 12,821 $ (7,723)
Note:
EBITDA is defined as HNS' earnings (loss) before interest, income taxes, depreciation and amortization. Adjusted EBITDA is used in calculating covenant compliance under HNS' credit agreement and the indenture governing HNS' 9 1/2% Senior Notes due 2014. Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain adjustments, including the net costs of SPACEWAY for the first quarter of 2005 to reflect the effects of the implementation of the SPACEWAY services agreement with DIRECTV, Inc. as if it had occurred on January 1, 2005. EBITDA and Adjusted EBITDA are not recognized terms under GAAP. EBITDA and Adjusted EBITDA do not represent net income or cash flows from operations, as these terms are defined under GAAP, and should not be considered as alternatives to net income as an indicator of HNS' operating performance or to cash flows as a measure of liquidity. Additionally, EBITDA and Adjusted EBITDA are not intended to be measures of cash flow available to management for discretionary use, as such measures do not consider certain cash requirements such as capital expenditures (including expenditures on VSAT operating lease hardware and capitalized software development costs), tax payments, and debt service requirements (including VSAT operating lease hardware). EBITDA and Adjusted EBITDA as presented herein are not necessarily comparable to similarly titled measures reported by other companies. EBITDA and Adjusted EBITDA are presented herein because HNS and Hughes use such information in their review of the performance of management and in the performance of their business. In addition, information concerning Adjusted EBITDA is being presented because it reflects important components included in the financial covenants under the senior note indenture and HNS' credit agreement.
About Hughes Communications, Inc.
Hughes Communications, Inc. (OTC Bulletin Board: HGCM) is the 100 percent owner of Hughes Network Systems, LLC. Hughes is the global leader in providing broadband satellite networks and services for enterprises, governments, small businesses, and consumers. HughesNet encompasses all broadband solutions and managed services from Hughes, bridging the best of satellite and terrestrial technologies. Its broadband satellite products are based on the IPoS (IP over Satellite) global standard, approved by the TIA, ETSI, and ITU standards organizations. To date, Hughes has shipped more than one million systems to customers in over 100 countries.
Headquartered outside Washington, D.C., in Germantown, Maryland, USA, Hughes maintains sales and support offices worldwide. For more information, please visit http://www.hughes.com.
Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995
This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, discussions regarding industry outlook and the Company's expectations regarding the performance of its business, its future liquidity and capital resource needs, its strategic plans and objectives and the ability to launch and deploy SPACEWAY 3. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words "believe," "anticipate," "estimate," "expect," "intend," "project," "plans" and similar expressions and the use of future dates are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. These statements are subject to certain risks, uncertainties and assumptions, including, but not limited to, the following: risks related to the Company's substantial leverage and restrictions contained in its debt agreements, technological developments, its reliance on providers of satellite transponder capacity, changes in demand for the Company's services and products, competition, industry trends, regulatory changes, foreign currency exchange rate fluctuations and other risks identified and discussed under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2005 filed with the Securities and Exchange Commission on April 17, 2006 and in the other documents the Company files with the Securities and Exchange Commission from time to time.
HUGHES, HUGHESNET, SPACEWAY, and IPOS are trademarks of Hughes Network Systems, LLC. DIRECTV and DIRECWAY are registered trademarks of The DIRECTV Group, Inc.
Attachments
Hughes Communications, Inc.
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Cash Flows
Hughes Network Systems, LLC
Condensed Balance Sheets
Condensed Statements of Operations
Condensed Statements of Cash Flows
HUGHES COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share data)
(Unaudited)
March 31, December 31,
2006 2005
ASSETS
Current Assets
Cash and cash equivalents $ 89,860 $ 21,964
Short-term investments 15,516 6,000
Receivables, net 178,740 47
Inventories, net 72,754 -
Prepaid expenses and other 48,069 2,773
Deferred income taxes - 23,378
Asset held for sale - 468
Total current assets 404,939 54,630
Property, net 246,925 18
Capitalized software costs, net 26,237 -
Intangible assets, net 31,540 -
Investment in Hughes Network Systems, LLC - 75,282
Investment in Mobile Satellite Ventures LP - 42,761
Deferred income taxes - 26,956
Other assets 37,964 5,690
Total Assets $ 747,605 $ 205,337
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $ 58,758 $ 2,380
Short term borrowings 27,105 -
Accrued liabilities 100,580 2,473
Due to affiliates 38 -
Liabilities held for sale - 525
Total current liabilities 186,481 5,378
Long-term debt 344,557 -
Other long-term liabilities 12,907 -
Total liabilities 543,945 5,378
Commitments and contingencies
Minority interests 6,527 8,474
Series A Redeemable Convertible Preferred
Stock, $0.01 par value, net of amortized
discount of $28,194 at December 31, 2005 - 93,100
Stockholders' Equity
Preferred stock, $0.001 par value. Authorized
1,000,000 shares, no shares issued and
outstanding - -
Preferred stock, $0.01 par value. Authorized
10,000,000 shares, issued 1,199,007 shares as
Series A Redeemable Convertible Preferred
Stock at December 31, 2005 - -
Common stock, $0.001 par value. Authorized
64,000,000 shares; issued and outstanding
18,669,787 shares at March 31, 2006 and
4,365,988 shares at December 31, 2005 19 4
Non-voting common stock, $0.01 par value.
Authorized 50,000,000 shares; issued and
outstanding 4,495,106 shares at December 31,
2005 - 45
Additional paid in capital 624,223 473,737
Accumulated deficit (426,839) (371,295)
Accumulated other comprehensive loss (270) (4,106)
Total Stockholders' Equity 197,133 98,385
Total Liabilities and Stockholders' Equity $ 747,605 $ 205,337
HUGHES COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share data)
(Unaudited)
Three Months Ended
March 31,
2006 2005
Revenues
Services $ 105,316 $ 135
Hardware sales 91,558 -
Total Revenues 196,874 135
Operating Costs and Expenses
Cost of services 72,469 137
Cost of hardware products sold 73,672 -
Research and development 7,937 -
Sales and marketing 19,705 -
General and administrative 15,265 2,153
Amortization of intangibles 1,067 -
Total Operating Costs and Expenses 190,115 2,290
Operating income (loss) 6,759 (2,155)
Interest expense (11,101) -
Equity in loss of Mobile Satellite
Ventures LP (1,521) (4,589)
Other income, net 1,442 85
Loss before discontinued operations and taxes (4,421) (6,659)
Income tax expense (51,321) -
Loss before discontinued operations (55,742) (6,659)
Loss from discontinued operations (42) (516)
Gain on sale of discontinued operations 240 -
Net Loss (55,544) (7,175)
Cumulative dividends and accretion of
convertible preferred stock to liquidation
value (1,454) (2,493)
Net loss attributable to common stockholders $ (56,998) $ (9,668)
Basic and diluted earnings (loss) per
common share:
Continuing operations $ (5.65) $ (1.05)
Discontinued operations 0.02 (0.06)
Net loss per share $ (5.63) $ (1.11)
Basic and diluted weighted average common
shares outstanding 10,121,622 8,700,843
HUGHES COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
Three Months Ended
March 31,
2006 2005
Cash Flows from Operating Activities
Net loss $ (55,544) $ (7,175)
Adjustments to reconcile net loss to cash
flows from operating activities:
Loss on discontinued operations 42 516
Depreciation and amortization 7,129 7
Amortization of debt issuance cost 364 -
Stock based compensation 1,043 699
Equity in loss of unconsolidated affiliates 1,653 4,588
Loss on investments in affiliates - 1,456
Gain on disposal of assets (240) (49)
Deferred income taxes 50,334 -
Minority interest (301) (918)
Compensation for issuance of warrants by
consolidated subsidiary - 53
Change in other operating assets and
liabilities, net of acquisitions:
Receivables, net 23,528 (24)
Inventories, net 929 -
Prepaid expenses and other 3,760 (2,010)
Deferred revenue - (21)
Accounts payable (11,007) 826
Accrued liabilities and other (36,595) -
Net cash used in continuing operations (14,905) (2,052)
Net cash provided by discontinued operations (9) (418)
Net cash used in Operating Activities (14,914) (2,470)
Cash Flows from Investing Activities
Cash paid for investments in affiliates - (375)
Sales of short-term investments 3,000 39,404
Purchases of short-term investments (2,015) (12,080)
Expenditures for property (11,354) -
Proceeds from sale of property 59 74
Expenditures for capitalized software (4,562) -
Acquisitions/divestitures, net of cash
received 12,915 -
Other, net (67) -
Net cash (used in) provided by continuing
operations (2,024) 27,023
Net cash used in discontinued operations - (9)
Net cash (used in) provided by Investing
Activities (2,024) 27,014
Cash Flows from Financing Activities
Net decrease in notes and loans payable (934) -
Debt borrowing from Apollo 100,000 -
Debt repayment to Apollo (100,000) -
Proceeds from rights offering 100,000 -
Distribution to SkyTerra (8,542) -
Payment of dividends on preferred stock (1,394) (1,394)
Proceeds from exercise of stock options
and warrants 1,300 77
Long-term debt borrowings 2,714 -
Repayment of long-term debt (8,533) -
Net cash provided by (used in) continuing
operations 84,611 (1,317)
Net cash provided by (used in) discontinued
operations - -
Net cash provided by (used in) Financing
Activities 84,611 (1,317)
Effect of exchange rate changes on cash and
cash equivalents 223 29
Net increase in cash and cash equivalents 67,896 23,256
Cash and cash equivalents at beginning of the
period 21,964 34,759
Cash and cash equivalents at end of the period $ 89,860 $ 58,015
Supplemental Cash Flow Information
Cash paid for interest $ 9,704 -
Cash paid for income taxes $ 1,076 -
Supplemental Non-Cash Disclosure
Net liability distributed to SkyTerra, net
of cash $ 48,113 -
HUGHES NETWORK SYSTEMS
CONDENSED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
Consolidated Consolidated
Successor Successor
March 31, December 31,
2006 2005
ASSETS
Current Assets
Cash and cash equivalents $ 77,603 $ 113,267
Short-term investments 15,516 13,511
Receivables, net 178,537 200,982
Inventories, net 72,753 73,526
Prepaid expenses and other 43,736 48,672
Total Current Assets 388,145 449,958
Property, net 246,925 259,578
Capitalized software costs, net 26,237 16,664
Intangible assets, net 31,540 -
Other assets 32,430 30,324
Total Assets $ 725,277 $ 756,524
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $ 56,696 $ 51,294
Short term borrowings 27,105 29,616
Accrued liabilities 97,245 130,601
Due to affiliates 371 18,960
Total Current Liabilities 181,417 230,471
Long-term debt 344,557 342,406
Due to affiliates - long term - 8,967
Other long-term liabilities 12,907 3,494
Total Liabilities 538,881 585,338
Commitments and contingencies
Minority interests 6,527 6,594
Equity
Class A membership units 175,841 125,768
Class B membership units - -
Retained earnings 194 46,571
Accumulated other comprehensive income
(loss) 3,834 (7,747)
Total Equity 179,869 164,592
Total Liabilities and Equity $ 725,277 $ 756,524
HUGHES NETWORK SYSTEMS
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
Combined
Consolidated Consolidated
Successor Predecessor
Three Months Ended
March 31,
2006 2005
Revenues
Services $ 105,234 $ 96,840
Hardware sales 91,558 81,391
Total Revenues 196,792 178,231
Operating Costs and Expenses
Cost of services 72,451 69,954
Cost of hardware products sold 73,672 67,183
Research and development 7,937 15,464
Sales and marketing 19,705 20,828
General and administrative 12,972 18,553
Amortization of intangibles 1,067 -
Total Operating Costs and Expenses 187,804 191,982
Operating income (loss) 8,988 (13,751)
Interest expense (9,394) (1,014)
Other income, net 1,087 321
Income (loss) before income taxes 681 (14,444)
Income tax (expense) benefit (487) 81
Net Income (Loss) $ 194 $ (14,363)
HUGHES NETWORK SYSTEMS
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
Combined
Consolidated Consolidated
Successor Predecessor
Three Months Ended
March 31,
2006 2005
Cash Flows from Operating Activities
Net income (loss) $ 194 $ (14,363)
Adjustments to reconcile net income (loss)
to cash flows from operating activities:
Depreciation and amortization 7,129 11,264
Amortization of debt issuance cost 364 -
Equity plan compensation expense 59 -
Change in other operating assets and liabilities:
Receivables, net 23,711 20,751
Inventories, net 929 (3,074)
Prepaid expenses and other 5,489 (14,739)
Accounts payable (11,072) (28,321)
Accrued liabilities and other (37,980) (18,621)
Net Cash Used in Operating Activities (11,177) (47,103)
Cash Flows from Investing Activities
Change in restricted cash - (787)
Purchase of short-term investments, net (2,015) -
Expenditures for property (11,354) (14,120)
Proceeds from sale of property 42 -
Expenditures for capitalized software (4,562) (2,585)
Other, net (68) (367)
Net Cash Used in Investing Activities (17,957) (17,859)
Cash Flows from Financing Activities
Net (decrease) increase in notes and loans
payable (934) 8,441
Contributions from prior parent, net - 70,577
Long-term debt borrowings 2,714 8,452
Repayment of long-term debt (8,533) (22,967)
Net Cash (Used in) Provided by Financing
Activities (6,753) 64,503
Effect of exchange rate changes on cash and
cash equivalents 223 4,526
Net (decrease) increase in cash and cash
equivalents (35,664) 4,067
Cash and cash equivalents at beginning of the
period 113,267 14,807
Cash and cash equivalents at end of the period $ 77,603 $ 18,874
Supplemental Cash Flow Information
Cash paid for interest $ 7,997 $ 875
Cash paid for income taxes $ 1,076 $ 189
Supplemental Non-Cash disclosure due to
acquisition by Hughes Communications, Inc.
Increase in assets acquired $ 19,506
Increase in liabilities assumed (8,316)
Increase in net assets acquired $ 11,190
Source: prnewswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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