LOUISVILLE, Ky.--(BUSINESS WIRE)--Lightyear Network Solutions, Inc. (OTCBB: LYNS) (www.lightyear.net), a provider of telecommunication services to businesses and residential customers throughout North America, has announced that it expects to attain profitability during the fourth quarter of 2010. The Company has also provided unaudited summary results for October 2010, which reflect the first month of combined operations resulting from the Company’s acquisition of SouthEast Telephone on October 1, 2010.
Lightyear’s consolidated revenue for the month ended October 31, 2010, was $6.61 million, up 70.4% from $3.88 million (pre-acquisition) in October 2009. Gross profit for the month was $2.23 million, up 77% from $1.26 million (pre-acquisition) in 2009. Based upon these preliminary results and current trending, the Company expects to report increased revenue and profitability for the fiscal fourth quarter ending December 31, 2010.
“The fourth quarter is shaping up to be our strongest quarter to date, and we expect it to be the first quarter in which we will have reached profitability since we became a public company earlier this year,” said J. Sherman Henderson III, CEO of Lightyear. “We have added many new agents and are working to consolidate SouthEast Telephone into our operations. The Lightyear Portal System, our in-house, proprietary customer management system, has enabled us to continue to increase efficiencies and reduce costs while we add customers and increase revenue.”
“Our strategy of focusing on more profitable products and services, while eliminating those with lower margins, has helped us not only to reduce costs but to organically grow revenue,” said Stephen M. Lochmueller, President of Lightyear. “We are confident that our continued focus on our combined acquisition and organic growth strategy will result in improved profitability through 2011.”
The revenue and other financial estimates contained in this press release have not been audited or reviewed by our independent auditors, and accordingly they express no opinion or other form of assurance as to this information. The Company provides no assurance that these preliminary results will not change following the Company’s completing the fiscal fourth quarter 2010 and the financial audit of such results of operations.
About Lightyear Network Solutions, Inc.
Through its wholly owned subsidiaries, Lightyear provides telecommunication services to businesses and residential customers throughout North America. Lightyear’s product offerings include local PRI and digital T1, enhanced Internet services, MPLS, Ethernet, Voice over Internet Protocol (VoIP), local and long distance service, and conferencing. Lightyear also offers wireless services to customers in the U.S. through wholesale contracts with multiple wireless providers. Lightyear built its own VoIP network in 2004 to enhance its product offerings and has partnered with some of the most prominent names in telecom including: Sprint, Verizon, AT&T, Level 3, PAETEC, CenturyLink, XO Communications, Intelliverse, BroadSoft, Cisco and ADTRAN. Lightyear Network Solutions is headquartered in Louisville, Ky. Additional information can be found at: www.lightyear.net.
This press release contains "forward-looking statements" for purposes of the Securities and Exchange Commission's "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 and Rule 3b-6 under the Securities Exchange Act of 1934. These forward-looking statements are subject to various risks and uncertainties that could cause Lightyear’s actual results to differ materially from those currently anticipated. These forward-looking statements may include, without limitation, statements about our marketing and acquisition opportunities, business strategies, competition, expected activities and expenditures as we pursue our business plan. Although we believe that the expectations reflected in any forward-looking statements are reasonable, the risks and uncertainties which could cause our actual results to differ materially from those currently anticipated includes changes in market conditions, our ability to integrate acquired operations, the ability to obtain additional financing on satisfactory terms, customer acceptance of products, regulatory issues, competitive factors, or other business circumstances and risk factors described in our filings with the Securities and Exchange Commission. Lightyear undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.