UniTek Global Services Regains Compliance With Nasdaq Filing Requirements

(RTTNews) - UniTek Global Services Inc. (UNTK) announced that it has received notification from the Nasdaq Stock Market that it is now in compliance with the requirements for continued listing, as a result of filing its Quarterly Reports on Form 10-Q for the quarters ended March 30, 2013 and June 29, 2013 with the Securities and Exchange Commission prior to the market open on October 15, 2013.

The company said that the reports had been delayed due to a previously announced investigation conducted by the Audit Committee of the Company's Board of Directors.

The company noted that it plans to report its financial results for the third quarter ended September 28, 2013 by November 12, 2013.

Net loss for the first-quarter ended March 30, 2013 was $7.7 million, or $0.40 per share, compared to a loss of $23.0 million, or $1.39 per share, for the first quarter of 2012. During the first three months of 2012, the Company recognized expense related to contingent consideration of $8.4 million, as well as restructuring charges of $4.0 million.

Revenues increased 32.2% to $113.8 million in first-quarter ended March 30, 2013, from $86.1 million in the first quarter of 2012.

Net loss for the second-quarter ended June 29, 2013 was $7.7 million, or $0.41 per share, compared to a loss of $5.5 million, or $0.29 per share, for the same three months in 2012. The Company recognized expense related to contingent consideration during the three months ended June 30, 2012 of $1.7 million.

Revenues increased 21.1% to $121.2 million in the second-quarter ended June 29, 2013, from $100.0 million in the second quarter of 2012.