NASDAQ Comp.
29.05.2007 20:15:00
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LCC International Acquires WFI's U.S. Engineering Business
LCC International, Inc. (NASDAQ:LCCI), a leader in advanced wireless
services and solutions, today announced that it has signed a definitive
agreement to purchase the domestic assets of Wireless Facilities, Inc.’s
(NASDAQ:WFII) engineering business in a cash transaction valued at $39
million. The agreement is subject to customary closing conditions and
LCC expects the transaction to close in the second quarter of 2007.
Funding for this transaction is being provided by the Bank of America
under a $30 million revolving credit facility and by the issuance of a
promissory note of $22 million to Wireless Facilities, Inc.
LCC anticipates that exclusive of transition and integration costs, the
acquisition will be accretive to LCC’s
earnings in 2007.
Through this acquisition, LCC will:
Provide the most extensive expertise in new and emerging wireless
technologies such as UMTS, HSDPA, EV-DO and WiMAX in the world;
Expand TotalView Software Tools Services Delivery Platform portfolio
of services;
Significantly enrich its backhaul and spectrum clearing services;
Create an expanded Research and Innovation ("R
& I”) Group by combining LCC’s
R & I Group with WFI’s Advanced
Technology Group;
Have global scale to establish new network services and solutions as
well as unique service delivery models; and
Achieve greater operating leverage by integrating WFI’s
domestic network services business with LCC’s
existing U.S. operations without a proportionate increase in LCC’s
selling, general and administrative expense.
"Acquiring this business from WFI firmly
positions LCC as one of the leading independent RF engineering companies
in the world,” said LCC President and Chief
Executive Officer Dean Douglas. "Moreover, it
establishes LCC as the only consultant in the marketplace able to offer
extensive hands-on experience with new and emerging technologies such as
EV-DO, UMTS, HSDPA and WiMAX. We believe the combining of these
businesses makes the suite of services LCC will offer customers the most
extensive in our industry, including design and optimization,
performance and cost efficiency services, and maintenance and operations.” "The acquisition of WFI’s
domestic engineering business and our recent acquisitions within EMEA
demonstrate the successful execution of our previously announced
strategic growth initiatives. With this acquisition, we will further
broaden our portfolio in the network management and spectrum clearing
arenas as well as penetrate the growing market for fixed network
engineering and back haul services,” stated
Mr. Douglas.
"Just as important, this acquisition allows
LCC to leverage its business model in a way that favors professional
services organizations. Our additional scale will allow us to achieve
revenue and margin levels that would have been difficult with just
organic growth,” concluded Mr. Douglas.
Conference Call Information:
The senior management of LCC International will discuss the acquisition
in a teleconference call and webcast for analysts and investors at 8:30
a.m. (ET), May 30, 2007.
The webcast and accompanying presentation can be accessed by logging on
to the "Investor Relations”
section of the Company’s website, www.lcc.com.
The call also can be accessed by dialing (800) 659-2056 or (617)
614-2714 prior to the call. Participant passcode 55979384.
For those unable to join the live conference call, a replay will be
available from approximately 11:00a.m. (ET) on Wednesday, May 30 through
midnight (ET) on June 6. To access the replay, please dial (888)
286-8010 or (617) 801-6888 and refer to confirmation code 11858685. The
webcast will be archived on LCC’s website.
About LCC International, Inc.
LCC International (NASDAQ:LCCI) is the recognized leader in providing
wireless voice and data turn-key services to the telecommunications
industry. Our service offering includes network services, business
consulting, tools-based solutions; and training through our
world-renowned Wireless Institute. The Company has worked with all major
access technologies (including UMTS, EV-DO, HSDPA and WiMAX) and has
participated in the success of some of the most sophisticated wireless
systems in the world. LCC is unique in its ability to provide
comprehensive turnkey services to wireless operators around the world.
We bring local knowledge and global capabilities to our customers,
offering innovative solutions, insight into cutting-edge developments
and delivering solutions that increase business efficiencies. News and
additional information are available at www.lcc.com.
Cautionary Note regarding forward-looking statements under the Private
Securities Litigation Reform Act of 1995:
Information in this release regarding LCC’s
expectations, beliefs, and intentions are forward-looking statements
that involve risks and uncertainties. These statements include those
relating to the benefits resulting from LCC’s
acquisition of WFI’s U.S. Engineering
business and LCC’s expectations with respect
to performance of the combined business. All forward-looking statements
included in this release are based upon information available to LCC as
of the date of this release, which may change, and LCC assumes no
obligation to update any such forward-looking statement. These
statements are not guarantees. Factors that could cause or contribute to
differences from such expectations include, but are not limited to risks
associated with international operations, challenges and costs arising
from integration of new operations and other factors that may affect our
business are discussed in LCC’s filings with
the Securities and Exchange Commission, including our most recent annual
report on Form 10-K and our quarterly reports on Form 10-Q.
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