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UniTek Global Services Inc. (UNTK) Posts 49% Increase in Q4 Earnings, Offers 2011 Guidance

UniTek Global Services Inc., a leading provider of various infrastructure services to the wireless and wireline telecommunications, broadband cable and satellite television industries, today announced financial results for the fourth quarter and year ended December 31, 2010, and provided financial guidance for the first quarter and full year 2011.

Fourth-quarter revenue increased 49 percent to $100.6 million for the quarter ended December 31, 2010, from $67.6 million in the quarter ended December 31, 2009.

Net loss for the quarter was $(12.1 million) compared to a net loss of $(41.9 million) reported in the fourth quarter of 2009.

For the full year ended December 31, 2010, the company reported a 45-percent increase in revenue to $402.2 million compared to $278.1 million in 2009.

Net loss improved by $35.0 million to $(30.6 million) for the year ended December 31, 2010, compared to a net loss of $(65.6 million) reported in 2009.

As of December 31, 2010, the company reported its three-year backlog totaled $914.2 million as compared to $709.0 million on a pro forma basis, factoring in the merger with Berliner, as of December 31, 2009.

“2010 was a tremendous year for our company, as we accomplished our stated goals, both operationally and strategically, and positioned the company for continued success in 2011 and beyond. During 2010, we successfully merged with Berliner Communications, a public company, strengthened our balance sheet through the November offering, continued to improve both the size and quality of our backlog through ongoing new customer wins and contract renewals,” C. Scott Hisey, UniTek’s CEO, stated in the press release.

The company also offered first quarter and full-year 2011 guidance, with first quarter 2011 Adjusted EBITDA expected at approximately $6.0 million on revenue of approximately $91.0 million. Full-year revenue is expected to be between $465.0 million and $490.0 million, with Adjusted EBITDA of between $44.0 million and $48.0 million, all including the anticipated effects of the Pinnacle acquisition.

“We believe that the markets in which we operate are poised for growth in 2011 through continued nationwide infrastructure development and technological advancement. We anticipate our planned acquisition of Pinnacle Wireless will provide us another growth engine by expanding our presence into the multi-billion dollar public safety wireless segment, and we believe that our combined expertise positions the company, as the owner of Pinnacle, to capture meaningful share in this growing market,” Hisey stated.

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