LiquidityAs of September 30, 2005, the company's cash? was €8.6 million after deducting bank overdrafts. On October 31, 2005, the company made semi-annual principal and interest payments under its existing senior credit facility. Additionally, on October 31, 2005, the company fully repaid the remaining principal due under its convertible bonds. Today, following the October repayments, the company's cash and cash equivalents total more than €6.0 million.
"Our 2005 debt repayments represent important steps in the company's ability to improve shareholder value," followed Savage. "On an enterprise value basis the repayment of debt this year translates into a meaningful increase of equity value per share."
GuidanceThe following contains forward-looking guidance regarding Genesys Conferencing's financial outlook and is based on expectations as of November 15, 2005. Actual results may differ materially and the company may not update any forward-looking statements made in this press release. Guidance continues to be based on a fixed rate of exchange of EUR 1.00 = USD 1.25.
The company noted the recent departure of one of its largest audio conferencing customers in connection with this customer's merger with a company that utilizes an in-house audio conferencing solution. Revenue and volume from this customer is expected to decline significantly over the next few months. Overall, this customer is expected to account for approximately 5.5% of 2005 revenue.
The company however, projects that revenue for the full-year 2005 will continue to be within the range of its previously disclosed guidance of €140 to €145 million and EBITDA will be within the range of its previously disclosed guidance of €23 million to €26 million.
Conference Call and WebcastChairman and Chief Executive Officer François Legros and Executive Vice President/Chief Financial Officer Michael E. Savage will host a conference call on Tuesday, November 15, 2005, at 5:30 p.m. Central European Time or 11:30 a.m. Eastern Time to discuss third quarter 2005 financial results.
The conference call will be web cast live and may be accessed at _____________________________(1) Please refer to the paragraph "Impact of Exchange Rates" below for information regarding the calculation of U.S. dollar amounts.(2) See attached note to consolidated statements of operations for reconciliation of Operating Income and EBITDA. The company believes that EBITDA is a meaningful measure of performance, because it presents the company's results of operations without the non-cash impact of depreciation and amortization. EBITDA is reported excluding stock-based compensation expense.(3) Cash includes cash and cash equivalents less bank overdrafts.
Financial Tables to Follow
Adoption of International Financial Reporting StandardsEffective January 1, 2005, the company, like many companies organized in France and other European countries, adopted the new International Financial Reporting Standards (IFRS) for reporting of its financial results. The company previously reported under French GAAP.
"Our 2005 debt repayments represent important steps in the company's ability to improve shareholder value," followed Savage. "On an enterprise value basis the repayment of debt this year translates into a meaningful increase of equity value per share."
GuidanceThe following contains forward-looking guidance regarding Genesys Conferencing's financial outlook and is based on expectations as of November 15, 2005. Actual results may differ materially and the company may not update any forward-looking statements made in this press release. Guidance continues to be based on a fixed rate of exchange of EUR 1.00 = USD 1.25.
The company noted the recent departure of one of its largest audio conferencing customers in connection with this customer's merger with a company that utilizes an in-house audio conferencing solution. Revenue and volume from this customer is expected to decline significantly over the next few months. Overall, this customer is expected to account for approximately 5.5% of 2005 revenue.
The company however, projects that revenue for the full-year 2005 will continue to be within the range of its previously disclosed guidance of €140 to €145 million and EBITDA will be within the range of its previously disclosed guidance of €23 million to €26 million.
Conference Call and WebcastChairman and Chief Executive Officer François Legros and Executive Vice President/Chief Financial Officer Michael E. Savage will host a conference call on Tuesday, November 15, 2005, at 5:30 p.m. Central European Time or 11:30 a.m. Eastern Time to discuss third quarter 2005 financial results.
The conference call will be web cast live and may be accessed at _____________________________(1) Please refer to the paragraph "Impact of Exchange Rates" below for information regarding the calculation of U.S. dollar amounts.(2) See attached note to consolidated statements of operations for reconciliation of Operating Income and EBITDA. The company believes that EBITDA is a meaningful measure of performance, because it presents the company's results of operations without the non-cash impact of depreciation and amortization. EBITDA is reported excluding stock-based compensation expense.(3) Cash includes cash and cash equivalents less bank overdrafts.
Financial Tables to Follow
Adoption of International Financial Reporting StandardsEffective January 1, 2005, the company, like many companies organized in France and other European countries, adopted the new International Financial Reporting Standards (IFRS) for reporting of its financial results. The company previously reported under French GAAP.
