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Primus Telecommunications Group Reports Large Growth in Consolidated Net Revenue

August 18, 2011
By Rajani Baburajan - Telemarketing Software Contributor

Primus Telecommunications (News - Alert) Group, a provider of advanced communication solutions, reported a 45.2 percent increase in consolidated net revenue of $282.5 million for the second quarter of 2011 as compared with second quarter 2010 net revenue of $194.6 million.

Net revenue includes a $73.1 million contribution from Arbinet (News - Alert).

Net loss of Primus Telecommunications Group decreased to $6.3 million, or $(0.48) per basic and diluted common share, compared to $13.0 million, or $(1.34) per basic and diluted common share in the second quarter 2010.

“PTGi took steps forward during the second quarter 2011 with several key accomplishments,” said Peter D. Aquino, chairman, president and chief executive officer, in a statement. “With the transformation of our balance sheet, we can progress in executing our strategy to continue to improve operations, generate additional free cash flow given interest savings achieved and unlock the value in the sum of the parts.”

Progress on all fronts - strategically, financially and operationally- has reflected in the second quarter 2011 results. The balance sheet improvement and the additional flexibility of new debt agreement permits will pave the way for improved free cash flow, company officials said.

During the second quarter, Primus launched thexchange version 2.0, the new and improved exchange platform for trading wholesale minutes with an easy-to-navigate, user interface. It guides members through the buying and selling process by prioritizing activities. The new version leverages market data and feedback collected by thexchange users and from thexchange usage.

Recently, Primus Telecommunications Group launched its new Lingo business phone service plans. Targeting the small businesses in the United States, Lingo offers broadband Internet phone service. It also offers unlimited local and long distance calls anywhere in the U.S. and to 45 countries, along with more than 20 calling features.

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Rajani Baburajan is a contributing editor for TMCnet. To read more of Rajani's articles, please visit her columnist page.

Edited by Juliana Kenny