On Wednesday, Internet America, Inc. announced preliminary unaudited operating results for the fiscal year ended June 30, 2011. Total revenues for the fiscal year ended June 30, 2011 decreased by 5.94 percent to approximately $6,979,000. This is in comparison to total revenues of approximately $7,420,000 for the fiscal year ended June 30, 2010.
Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, impairment loss, stock-based compensation expense and loss or gain on the transfer of assets) for the fiscal year ended June 30, 2011 increased 671 percent to approximately $1,218,000. This is in comparison to adjusted EBITDA of approximately $158,000 for the fiscal year ended June 30, 2010.
Net income and adjusted EBITDA were positively impacted in fiscal 2011 by continued reductions in costs and improved efficiencies associated with connectivity, operations, and general and administrative expenses initiated in the second half of fiscal 2010. Cash at June 30, 2011 increased by approximately $303,000 compared to cash at June 30, 2010 after a $444,000 reduction in existing debt, investments of $305,000 in capital upgrades and additions, and an investment of $108,000 in a small acquisition during the fiscal year ended June 30, 2011.
Despite Internet America, Inc.’s goodwill write-down of $376,000 during fiscal 2011, net loss for the fiscal year ended June 30, 2011 decreased by $677,000 to approximately ($303,000). This is in comparison to a net loss of ($980,000) in the fiscal year ended June 30, 2010. The preliminary unaudited financial results reported are subject to the completion of the Company’s fiscal 2011 audit and any adjustments required in connection with it. Internet America, Inc. expects to report final audited results by the end of September 2011. This will be in connection with the filing of the Company’s Annual Report on Form 10-K with the Securities and Exchange Commission (SEC).
Billy Ladin, Chairman and CEO of Internet America, Inc., commented, “We are pleased with our earnings and organizational progress over the last fiscal year and we believe that our EBITDA profitability will continue and possibly improve over the foreseeable future. Our flatter management structure, which has now been in place for over a year, is producing a more effective and efficient organization. We are now focused on revenue improvement and believe that we will see better top line growth beginning in the next quarters. At the same time, we expect to continue to improve profitability.”
Headquartered in Houston, Texas, Internet America, Inc. is a leading Internet service provider serving the Texas market. The Company offers businesses and individuals a broad spectrum of Internet services. This includes broadband Internet delivered wirelessly and over DSL, dedicated high-speed access, web hosting, and dial-up Internet access. The Company provides customers an extensive range of related value-added services as well.
For more information visit: www. internetamerica.com
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