Virgin Mobile USA Posts Q3 Net Income
Virgin Mobile USA has posted a net income of $4.06 million, or $0.07 per common share, for the third quarter of 2008, compared to a net loss of $7.38 million, or $0.29 per common share, in the same quarter of 2007.
The company posted a net service revenue of $305.03 million for the third quarter of 2008, compared to $301.41 million in the corresponding quarter of 2007. Adjusted EBITDA in the third quarter of 2008 was $27.5 million, an increase of 61% compared to adjusted EBITDA of $17 million in the third quarter of 2007.
For the nine months period September 30, 2008, the company’s net income decreased to $12.36 million, or $0.23 per common share, from $18.93 million, or $0.37 per common share, in the same period of 2007. The company’s net service revenues decreased to $900.16 million in the firs nine months of 2008, from $933.46 million in the comparable period of 2007. Adjusted EBITDA for the first nine months of 2008 was $88.5 million, compared to $89.9 million for the first nine months of 2007.
Dan Schulman, CEO of Virgin Mobile USA, said: “Our business performed well in the third quarter. We were able to increase gross customer additions by 8% year over year, while our continued operational discipline allowed us to once again overperform in Adjusted EBITDA, growing by 61% versus Q3 2007 and improving our adjusted EBITDA margin by 330 basis points.”