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I never seem to find enough time to write. When I do, it is usually to address news or issues of the day, or to look ahead to the future of Premiere Global Services. Today, I thought I’d spend a minute looking back to reflect on a few of our successes as a public company.
As many of you know, we went public as “Premiere Technologies” in the first quarter of 1996 - the month before Yahoo! began its meteoric 4000%+ rise. This truly was the heyday of IPOs. To put it in perspective, 768 new issues priced in 1996, which is comparable to the total number of deals that priced in the past six years combined! (840 deals priced between 2002-2007.)
Premiere Technologies was one of a truckload of small technology companies to debut to investors that year - in fact, nearly 40% of new issues (292) came from the technology and communications sectors. Today, nearly 3 out of 4 of these companies have either gone out of business, gone private or been acquired.
Only 74 technology and communications companies from the class of 1996 remain public today - 19 of which trade at less than $1 per share.
The fact Premiere Global is still public, still independent and still generating record results 12 years later is something our team is very proud of. We are also proud of the growth and value we have generated during this time.
For example, comparing our first quarter results of 2008 to our first quarter of 1996, we:
- Grew revenues at a compound annual rate of greater than 25%, from $10.1M to $152.9M;
- Grew operating income at a compound annual rate of nearly 29%, from $933K to $19.6M, and;
- Grew EBITDA at an even faster rate. (To save me from having to include a reconciliation table here, you’ll have to do the math for yourself. Our 10-Qs can be found in the Investor Relations section of this site.)
Our company went public as a domestic communications services provider. Today, we are a truly global enterprise (61 cities in 23 countries) that provides innovative communication technologies-based solutions to the world’s leading businesses, including nearly 95% of the Fortune 500.
Today, Premiere Global supports the highest enterprise value in its history - currently $1.2 billion, compared to an enterprise value of less than $300M at the time of our IPO. This is just one example of the value we have created as a public company.
While we are proud of our past, we are even more excited about our future - we are just getting started…
Here’s to the next 12 years!
Sean
(PS: A quick shout-out of thanks to Spear, Leeds & Kellogg, our NYSE specialists, for their help with the research above.)
Tags: COS, PGi Investor Relations
