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TMCNet:  USA Mobility Reports Fourth Quarter and 2011 Operating Results; Board Declares Regular Quarterly Dividend

[February 22, 2012]

USA Mobility Reports Fourth Quarter and 2011 Operating Results; Board Declares Regular Quarterly Dividend

SPRINGFIELD, Va. --(Business Wire)--

USA Mobility, Inc. (Nasdaq: USMO), a leading provider of wireless messaging, mobile voice and data and unified communications solutions, today announced operating results for the fourth quarter and year ended December 31, 2011. In addition, the Company's Board of Directors declared a regular quarterly dividend of $0.25 per share, payable on March 30, 2012 to stockholders of record on March 16, 2012.

For the fourth quarter, consolidated revenue was $58.9 million, an increase compared to $54.6 million in the fourth quarter of 2010 and compared to $61.5 million in the third quarter of 2011. Revenue from the Company's Wireless business (USA Mobility Wireless) was $46.5 million in the fourth quarter, compared to $48.6 million in the third quarter and $54.6 million in the fourth quarter of 2010. Revenue from the Software business (Amcom Software) was $12.4 million, compared to revenue of $12.9 million in the third quarter. USA Mobility acquired Amcom Software on March 3, 2011. Software revenue in the fourth quarter included a fair value write down to maintenance revenue of $1.0 million for purchase accounting adjustments, compared to a write down of $1.5 million in the third quarter. Excluding the write down, Software revenue for the fourth quarter would have been $13.4 million.

Fourth quarter EBITDA (earnings before interest, taxes, depreciation, amortization and accretion) was $18.3 million, an increase compared to $16.9 million in the fourth quarter of 2010 and compared to $21.3 million in the third quarter. Fourth quarter of 2011 results were negatively impacted by the purchase accounting adjustments of $1.0 million and by $1.2 million in severance expenses for planned 2012 headcount reductions in the Wireless business. Excluding these adjustments, fourth quarter consolidated EBITDA would have been $20.6 million, or 34.3 percent of revenue.

Net income for the fourth quarter of 2011 was $18.9 million, or $0.84 per fully diluted share, compared to $10.4 million, or $0.46 per fully diluted share, in the third quarter of 2011. The increase in net income in the fourth quarter was largely the result of a benefit to income tax expense as a result of a decrease in the deferred income tax asset valuation allowance of $10.7 million, which adjusted the balance of deferred income tax assets to their estimated realizable amounts. Excluding the income tax benefit, the purchase accounting adjustments and severance expenses, net income for the fourth quarter of 2011 would have been $9.6 million, or $0.43 per fully diluted share. Results for the fourth quarter of 2010 were impacted by the benefit to income tax expense (due to the reduction of $32.9 million in the deferred income tax asset valuation allowance), a one-time litigation settlement expense of $2.1 million and by $1.7 million in severance expenses. Excluding these adjustments, net income in the fourth quarter of 2010 would have been $10.0 million, or $0.45 per fully diluted share.

For the full-year 2011, consolidated revenue totaled $242.9 million, compared to $233.3 million in 2010. In 2011, Wireless revenue was $199.7 million and Software revenue was $43.2 million. EBITDA for 2011 was $79.0 million, or 32.5 percent of revenue, compared to $81.3 million, or 34.9 percent of revenue, in 2010. Excluding the fair value write down of software maintenance revenue of $6.1 million and transaction costs related to the Amcom acquisition of $2.7 million, EBITDA for 2011 would have been $87.8 million, or 35.3 percent of revenue, and net income would have been $94.3 million, or $4.19 per fully diluted share. Net income for 2011 was $88.6 million, or $3.94 per fully diluted share, compared to a net income of $77.9 million, or $3.45 per fully diluted share, for 2010.

Key results and highlights for the fourth quarter and 2011 included:

Wireless

  • Net unit losses were 53,000 in the fourth quarter, compared to 58,000 in the third quarter and 61,000 in the year-earlier quarter, while the quarterly rate of unit erosion improved to 3.1 percent from 3.3 percent in the third quarter versus 3.2 percent in the fourth quarter of 2010. The annual rate of unit erosion improved to 11.7 percent in the fourth quarter, the lowest churn rate in the Company's history, from 13.4 percent in the year-ago quarter. Units in service at December 31, 2011 totaled 1,668,000, compared to 1,889,000 at December 31, 2010.
  • The rate of revenue erosion in the fourth quarter was 4.1 percent, compared to 6.8 percent in the third quarter and 3.6 percent in the year-earlier quarter. The annual rate of revenue erosion was 14.8 percent in the fourth quarter, compared to 14.4 percent in the third quarter and 16.4 percent in the year-earlier quarter. The year-over-year rate of revenue decline was 14.4 percent in 2011 compared to 19.5 percent in 2010.
  • Total ARPU (average revenue per unit) was $8.51 in the fourth quarter, compared to $8.59 in the third quarter and $8.74 in the fourth quarter of 2010. For the year, ARPU totaled $8.64, compared to $8.84 in 2010.
  • Fourth quarter EBITDA margin for Wireless was 36.7 percent (or 39.3 percent excluding severance expenses), compared to 41.1 percent in the third quarter and 30.9 percent in the year-earlier quarter (or 37.8 percent excluding severance and one-time expenses).

Software

  • On a pro forma full year comparable basis (excluding purchase accounting adjustments and assuming full year ownership) Software revenue would have been $56.7 million in 2011, an increase of 11.2 percent over 2010 revenue of $51.0 million.
  • Bookings for the fourth quarter were $15.2 million, compared to $14.2 million in the third quarter and $15.2 million in the second quarter.
  • Backlog was $23.7 million at December 31st, compared to $21.3 million at September 30th and $20.5 million at June 30th.
  • Of the $12.4 million in Software revenue for the fourth quarter, $5.1 million was maintenance revenue and $7.3 million was operations revenue, compared to $4.6 million and $8.3 million, respectively, of the $12.9 million in Software revenue for the prior quarter.
  • The renewal rate for maintenance in the fourth quarter was 99.4 percent.
  • Fourth quarter EBITDA margin for Software was 10.3 percent, equal to the third quarter.

Total Company

  • Operating expenses (excluding depreciation, amortization and accretion) totaled $40.6 million in the fourth quarter, with $29.5 million for Wireless and $11.1 million for Software, compared to operating expenses of $40.2 million in the third quarter, with $28.6 million for Wireless and $11.6 million for Software. For 2011, operating expenses were $163.9 million, including $125.3 million for Wireless and $38.6 million for Software, compared to $151.9 million in 2010.
  • Capital expenses were $2.8 million in the fourth quarter, compared to $4.7 million in the year-earlier quarter. For 2011, capital expenses totaled $8.0 million, compared to $8.7 million in 2010.
  • Dividends paid to stockholders totaled $22.1 million in 2011.
  • At December 31, 2011, the Company's cash balance was $53.7 million and the outstanding debt was $28.3 million. The interest rate on the debt is 3.68 percent.
  • The Company incurred $51.9 million in bank debt relating to the Amcom acquisition in 2011, and repaid a total of $23.7 million during the year.
  • The number of full-time equivalent employees at December 31, 2011 totaled 683, including 434 for Wireless and 249 for Software, compared to a total of 540 at year-end 2010 for Wireless.

"USA Mobility continued to make excellent progress in the fourth quarter and throughout 2011," said Vincent D. Kelly, president and chief executive officer. "In addition to an outstanding operating performance, our acquisition of Amcom Software in March expanded the Company's presence in the Healthcare, Government and Large Enterprise market segments beyond our traditional wireless offerings and into software and integrated communications. The acquisition not only underscored our long-term commitment to these growing market segments, but, more importantly, enabled us to begin repositioning the Company for long-term growth." Kelly added: "Operating results for the quarter once again either met or exceeded our key performance targets and financial guidance. We continue to operate the Company profitably, maintaining high operating margins, reducing expenses, improving rates of subscriber and revenue erosion for Wireless. We also generated sufficient cash flow to repay enough debt to become net debt free on a cash basis at year end, while we continued to again return capital to stockholders in the form of dividends."

Kelly said both Wireless and Software businesses recorded solid results. "On the Wireless side, EBITDA margin increased to 38.6 percent for 2011 (excluding one-time transaction costs), as Wireless costs declined faster than revenues for the sixth straight year. It was also the seventh consecutive year our Wireless business expanded cash flow margins. In addition, we were pleased to see further improvement in the annual rate of Wireless subscriber and revenue erosion, as the rate of revenue decline fell to 14.4 percent in 2011 from 19.5 percent in 2010 and subscriber churn improved to 11.7 percent, the lowest rate in the Company's history."

During the fourth quarter, Kelly noted the Company continued to focus sales and marketing efforts around its core market segments of Healthcare, Government and Large Enterprise. "These three segments represented 90.1 percent of our direct paging subscriber base and 85.6 percent of direct paging revenue in the fourth quarter," he added. "Healthcare now represents 67.2 percent of paging's direct customer base and continues to be our best performing market segment with the highest rate of gross placements and lowest rate of net unit loss."

Kelly said the Software subsidiary also recorded a strong performance in 2011 with solid bookings and a growing backlog. "Excluding the fair value write down of maintenance revenue, Amcom realized record full-year pro forma revenue of $56.7 million. It also expanded its product offerings during the year, along with its customer base and product development pipeline."

Christopher D. Heim, president of Amcom, said: "Software bookings increased in the fourth quarter from the prior quarter, with December marking our biggest month ever for bookings and giving us positive momentum as we enter 2012. During the quarter our sales team delivered an increase in systems sold to new customers in addition to sales of new modules and upgrades for existing customers. Demand continued to be strongest in North American hospitals where we sold software solutions for call center management, emergency notification, critical smartphone messaging, and clinical middleware. As a result, we ended the quarter with a solid backlog and pipeline of new business opportunities. Finally, as a result of the acquisition by USA Mobility, we continue to identify cross-selling opportunities for both Software and Wireless sales teams with the goal of enhancing sales prospects for each line of business."

Kelly noted that USA Mobility returned $22.1 million in capital to stockholders during 2011 in the form of dividends. The Company paid quarterly cash dividends to stockholders totaling $1.00 per share during 2011. "Over the past seven years we have now returned $388.8 million to our stockholders in the form of dividends and distributions and $51.7 million in common stock repurchases."

Commenting on USA Mobility's capital allocation strategy Kelly stated, "We have maintained our quarterly dividend at $0.25 per share but are continuing to evaluate the amount of the dividend to ensure adequate capital retention within our business to meet our long-term strategic and operating needs. As we indicated in 2008 when we established the current dividend rate we are focused on maintaining a dividend policy that can be supported by the business and yields an attractive return on our stock price. Absent any acquisitions, we expect to use excess cash to pay off the balance of our existing revolving credit facility in the first half of this year. As for how the Company may choose to allocate capital going forward beyond cash dividends, share repurchases, and debt repayments, we will continue to weigh all options against other opportunities for creating long-term stockholder value. Such options may include additional acquisitions or other strategic investments that might provide enhanced revenue and cash flow stability and allow further use of our sizable deferred income tax assets."

Shawn E. Endsley, chief financial officer, said: "Overall, we were pleased with our 2011 operating results, which met or exceeded our expectations. We were again able to reduce operating expenses for our Wireless business at a faster pace than the Wireless revenue decline and thus maintain strong EBITDA margins. Consolidated operating expenses (excluding depreciation, amortization and accretion) of $163.9 million included $125.3 million for Wireless and $38.6 million for Software. In 2011 the expenses for Wireless declined 17.5 percent from 2010, outpacing the 14.4 percent decrease in Wireless revenue. Expense savings were largely the result of continued progress in our network rationalization program, including lower site rents, along with various other cost savings initiatives made throughout the Company. As a result of these cost reduction efforts, combined with solid cash flow from our Wireless and Software businesses," Endsley added, "the Company was net debt free at year end with an outstanding debt balance of $28.3 million and a consolidated cash balance of $53.7 million."

Commenting on the Company's previously provided financial guidance, Endsley said: "We are pleased that once again our results were either within or better than the provided guidance. For 2011, total reported revenue of $242.9 million was within our adjusted guidance range of $235 million to $248 million, operating expenses (excluding depreciation, amortization and accretion) of $163.9 million were within the range of $162 million to $174 million, and capital expenses of $8.0 million were within the range of $6.5 million to $9 million."

Regarding financial guidance for 2012, Endsley said the Company expects total revenue to range from $214 million to $232 million, operating expenses (excluding depreciation, amortization and accretion) to range from $156.5 million to $163.5 million, and capital expenses to range from $7.5 million to $10 million.

* * * * * * * * * *

USA Mobility plans to host a conference call for investors on its fourth quarter and 2011 operating results at 10:00 a.m. Eastern Time on Thursday, February 23, 2012. Dial-in numbers for the call are 719-457-2702 or 888-500-6973. The pass code for the call is 5683242. A replay of the call will be available from 1:00 p.m. ET on February 23 until 11:59 p.m. on Thursday, March 8. Replay numbers are 719-457-0820 or 888-203-1112. The pass code for the replay is 5683242.

* * * * * * * * * *

About USA Mobility

USA Mobility, Inc., headquartered in Springfield, Virginia, is a comprehensive provider of reliable and affordable wireless communications solutions to the healthcare, government, large enterprise and emergency response sectors. In addition, through its Amcom Software subsidiary, it provides mission critical unified communications solutions for hospitals, contact centers, emergency management, mobile event notification and messaging. As a single-source provider, USA Mobility's focus is on the business-to-business marketplace and supplying wireless connectivity solutions to organizations nationwide. The Company operates the largest one-way paging and advanced two-way paging networks in the United States. USA Mobility also offers mobile voice and data services through Sprint Nextel and T-Mobile, including BlackBerry® smartphones and GPS location applications. The Company's product offerings include customized wireless connectivity systems for the healthcare, government and other campus environments. USA Mobility also offers M2M (machine-to-machine) telemetry solutions for numerous applications that include asset tracking, utility meter reading and other remote device monitoring applications on a national scale. For further information visit www.usamobility.com and www.amcomsoftware.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act: Statements contained herein or in prior press releases which are not historical fact, such as statements regarding USA Mobility's future operating and financial performance, are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that may cause USA Mobility's actual results to be materially different from the future results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expectations include, but are not limited to, declining demand for paging products and services, the ability to continue to reduce operating expenses, future capital needs, competitive pricing pressures, competition from both traditional paging services and other wireless communications services, government regulation, reliance upon third-party providers for certain equipment and services, as well as other risks described from time to time in periodic reports and registration statements filed with the Securities and Exchange Commission. Although USA Mobility believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. USA Mobility disclaims any intent or obligation to update any forward-looking statements.



USA MOBILITY, INC.
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (a), (b)
(In thousands, except share, per share amounts and ARPU)
                         
For the year ended December 31,
2011 2010
Wireless     Software     Total Wireless     Software     Total
 
Revenue:
Paging service $ 184,317 $ - $ 184,317 $ 215,804 $ - $ 215,804
Cellular 2,612 - 2,612 2,363 - 2,363
Product and related sales (c) 10,133 43,206 53,339 11,679 - 11,679
Other   2,639         -         2,639     3,408         -       3,408  
Total revenue   199,701         43,206         242,907     233,254         -       233,254  
 
Operating expenses:
Cost of products sold (c) 2,883 18,006 20,889 4,213 - 4,213
Service, rental and maintenance (c) 55,675 6,672 62,347 69,158 - 69,158
Selling and marketing 14,466 8,824 23,290 16,926 - 16,926
General and administrative 51,029 5,066 56,095 59,472 - 59,472
Severance and restructuring 1,293 - 1,293 2,179 - 2,179
Depreciation, amortization and accretion   13,973         5,361         19,334     24,127         -       24,127  
Total operating expenses   139,319         43,929         183,248     176,075         -       176,075  
% of total revenue 69.8 % 101.7 % 75.4 % 75.5 % - 75.5 %
                           
Operating income (loss)   60,382         (723 )       59,659     57,179         -       57,179  
% of total revenue 30.2 % -1.7 % 24.6 % 24.5 % - 24.5 %
 
Interest (expense) income, net (2,236 ) (18 ) (2,254 ) 16 - 16
Other income (expense), net   8,026         (76 )       7,950     2,805         -       2,805  
Income (loss) before income tax benefit 66,172 (817 ) 65,355 60,000 - 60,000
Income tax benefit   22,994         290         23,284     17,898         -       17,898  
Net income (loss) $ 89,166       $ (527 )     $ 88,639   $ 77,898       $ -     $ 77,898  
 
Basic net income per common share $ 4.01   $ 3.50  
Diluted net income per common share $ 3.94   $ 3.45  
 
Basic weighted average common shares outstanding   22,083,942     22,265,961  
Diluted weighted average common shares outstanding   22,509,871     22,567,030  
 
 
Reconciliation of operating income (loss) to EBITDA (d):
Operating income (loss) $ 60,382 $ (723 ) $ 59,659 $ 57,179 $ - $ 57,179
Add back: depreciation, amortization and accretion   13,973         5,361         19,334     24,127         -       24,127  
EBITDA $ 74,355       $ 4,638       $ 78,993   $ 81,306       $ -     $ 81,306  
% of total revenue 37.2 % 10.7 % 32.5 % 34.9 % - 34.9 %
 
Key statistics:
Units in service 1,668 - 1,668 1,889 - 1,889
Average revenue per unit (ARPU) $ 8.64 $ - $ 8.64 $ 8.84 $ - $ 8.84
Bookings $ - $ 47,886 $ 47,886 $ - $ - $ -
Backlog $ - $ 23,712 $ 23,712 $ - $ - $ -
 
(a) Slight variations in totals are due to rounding.

(b) Includes consolidated results of operations of USA Mobility Wireless, Inc. ("Wireless") and Amcom Software, Inc. ("Software"). Software operations reflect financial results from March 3, 2011, the acquisition date.

(c) Wireless results were reduced by $382,000 for intercompany revenue and expenses.

(d) EBITDA or earnings before interest, taxes, depreciation, amortization and accretion is a non-GAAP measure and is presented for analytical purposes only.

 
USA MOBILITY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (a)
(In thousands)
         
 
 

12/31/11

12/31/10

 
 
Assets
Current assets:
Cash and cash equivalents $ 53,655 $ 129,220
Accounts receivable, net 20,523 13,419
Prepaid expenses and other 4,338 2,638
Inventory 2,268 160
Tax receivables - 5,004
Escrow receivables 14,819 -
Deferred income tax assets, net   8,617       3,915
Total current assets 104,220 154,356
Property and equipment, net 22,421 27,135
Goodwill 130,968 -
Other intangible assets, net 38,757 511
Deferred income tax assets, net 51,600 47,390
Other assets   2,094       1,266
Total assets $ 350,060     $ 230,658
 
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued liabilities $ 12,394 $ 14,794
Accrued compensation and benefits 12,854 12,701
Consideration payable 14,819 -
Customer deposits 1,806 718
Deferred revenue   14,693       6,268
Total current liabilities 56,566 34,481
Long-term debt 28,250 -
Deferred revenue 581 -
Other long-term liabilities   12,223       11,787
Total liabilities   97,620       46,268
Commitments and contingencies
Stockholders' equity:
Preferred stock - -
Common stock 2 2
Additional paid-in capital 131,612 129,696
Retained earnings   120,826       54,692
Total stockholders' equity   252,440       184,390
Total liabilities and stockholders' equity $ 350,060     $ 230,658
 
(a) Slight variations in totals are due to rounding.
 
USA MOBILITY, INC.          
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (a)
(In thousands)
 
 
For the twelve months ended

12/31/11

12/31/10

 

Cash flows from operating activities:
Net income $ 88,639 $ 77,898

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, amortization and accretion 19,334 24,127
Amortization of deferred financing costs 608 -
Deferred income tax benefit (25,067 ) (18,115 )
Amortization of stock based compensation 1,530 817
Provisions for doubtful accounts, service credits and other 1,679 4,416
Settlement of non-cash transaction taxes 133 (1,402 )
Loss/(Gain) on disposals of property and equipment 109 (12 )
(Gain) on disposals of narrow band PCS licenses (7,500 ) (2,000 )
Changes in assets and liabilities:
Accounts receivable (417 ) 1,216
Prepaid expenses, intangibles and other assets 8,142 (164 )
Accounts payable and accrued liabilities (7,427 ) (6,038 )
Customer deposits and deferred revenue   2,673         (1,324 )
Net cash provided by operating activities   82,436         79,419  
 
Cash flows from investing activities:
Purchases of property and equipment (7,952 ) (8,738 )
Proceeds from disposals of property and equipment 55 75
Proceeds from disposals of narrow band PCS licenses 7,500 2,000
Acquisitions, net of cash acquired   (134,250 )       -  
Net cash used in investing activities   (134,647 )       (6,663 )
 
Cash flows from financing activities:
Issuance of debt 24,044 -
Repayment of debt (23,697 ) -
Deferred financing costs (1,580 ) -
Cash dividends to stockholders (22,121 ) (44,234 )
Purchase of common stock   -         (8,893 )
Net cash used in financing activities   (23,354 )       (53,127 )
 
 
Net (decrease) increase in cash and cash equivalents (75,565 ) 19,629
Cash and cash equivalents, beginning of period   129,220         109,591  
Cash and cash equivalents, end of period $ 53,655       $ 129,220  
 
Supplemental disclosure:
Interest paid $ 1,504       $ -  
Income taxes paid $ 1,925       $ 434  
Non-cash financing activities $ 27,750       $ -  
 
(a) Slight variations in totals are due to rounding.
 
USA MOBILITY, INC.
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (a)
(Unaudited and in thousands, except share, per share amounts and ARPU)
                           
For the three months ended December 31,
2011 2010
Wireless     Software     Total Wireless     Software     Total
 
Revenue:
Paging service $ 43,249 $ - $ 43,249 $ 50,319 $ - $ 50,319
Cellular 414 - 414 499 - 499
Product and related sales 2,449 12,398 14,847 2,784 - 2,784
Other   421         -         421     1,046         -       1,046  
Total revenue   46,533         12,398         58,931     54,648         -       54,648  
 
Operating expenses:
Cost of products sold 626 4,804 5,430 1,051 - 1,051
Service, rental and maintenance 12,454 2,024 14,478 16,221 - 16,221
Selling and marketing 3,275 2,576 5,851 3,915 - 3,915
General and administrative 11,888 1,722 13,610 14,829 - 14,829
Severance and restructuring 1,215 - 1,215 1,738 - 1,738
Depreciation, amortization and accretion   2,916         1,501         4,417     4,226         -       4,226  
Total operating expenses   32,374         12,627         45,001     41,980         -       41,980  
% of total revenue 69.6 % 101.8 % 76.4 % 76.8 % - 76.8 %
                             
Operating income (loss)   14,159         (229 )       13,930       12,668         -       12,668  
% of total revenue 30.4 % -1.8 % 23.6 % 23.2 % - 23.2 %
 
Interest (expense) income, net (395 ) (9 ) (404 ) 3 - 3
Other income, net   122         9         131     227         -       227  
Income (loss) before income tax benefit 13,886 (229 ) 13,657 12,898 - 12,898
Income tax benefit   5,089         200         5,289     27,642         -       27,642  
Net income (loss) $ 18,975       $ (29 )     $ 18,946   $ 40,540       $ -     $ 40,540  
 
Basic net income per common share (b) $ 0.86   $ 1.84  
Diluted net income per common share (b) $ 0.84   $ 1.82  
 
Basic weighted average common shares outstanding   22,094,197     22,050,512  
Diluted weighted average common shares outstanding   22,577,312     22,232,551  
 
 
Reconciliation of operating income (loss) to EBITDA (c):
Operating income (loss) $ 14,159 $ (229 ) $ 13,930 $ 12,668 $ - $ 12,668
Add back: depreciation, amortization and accretion   2,916         1,501         4,417     4,226         -       4,226  
EBITDA $ 17,075       $ 1,272       $ 18,347   $ 16,894       $ -     $ 16,894  
% of total revenue 36.7 % 10.3 % 31.1 % 30.9 % - 30.9 %
 
Key statistics:
Units in service 1,668 - 1,668 1,889 - 1,889
Average revenue per unit (ARPU) $ 8.51 $ - $ 8.51 $ 8.74 $ - $ 8.74
Bookings $ - $ 15,213 $ 15,213 $ - $ - $ -
Backlog $ - $ 23,712 $ 23,712 $ - $ - $ -
 
(a) Slight variations in totals are due to rounding.

(b) Basic and diluted net income per common share is computed independently for each period presented. As a result, the sum of the quarterly basic and diluted net income per common share for the years ended December 31, 2011 and 2010 may not equal the total computed for the year.

 

(c) EBITDA or earnings before interest, taxes, depreciation, amortization and accretion is a non-GAAP measure and is presented for analytical purposes only.

 
USA MOBILITY, INC.
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (a), (b)
(Unaudited and in thousands, except share, per share amounts and ARPU)
                                 
 
For the three months ended

12/31/11

9/30/11

6/30/11

3/31/11

12/31/10

9/30/10

6/30/10

3/31/10

 

Revenues:
Paging service $ 43,249 $ 45,121 $ 47,319 $ 48,628 $ 50,319 $ 52,778 $ 54,875 $ 57,832
Cellular 414 315 1,199 684 499 532 624 708
Product and related sales 14,847 15,464 15,885 7,143 2,784 2,805 2,732 3,358
Other   421         570         768         880     1,046         595         881         886  
Total revenues   58,931         61,470         65,171         57,335     54,648         56,710         59,112         62,784  
 
Operating expenses:
Cost of products sold 5,430 5,951 7,078 2,430 1,051 819 1,134 1,209
Service, rental and maintenance 14,478 15,217 16,187 16,465 16,221 16,821 17,175 18,941
Selling and marketing 5,851 5,927 6,588 4,924 3,915 4,060 4,394 4,557
General and administrative 13,610 13,077 13,840 15,568 14,829 12,907 15,924 15,812
Severance and restructuring 1,215 28 17 33 1,738 86 41 314
Depreciation, amortization and accretion   4,417         5,080         5,298         4,539     4,226         5,899         6,698         7,304  
Total operating expenses   45,001         45,280         49,008         43,959     41,980         40,592         45,366         48,137  
% of total revenues 76.4 % 73.7 % 75.2 % 76.7 % 76.8 % 71.6 % 76.7 % 76.7 %
 
Operating income 13,930 16,190 16,163 13,376 12,668 16,118 13,746 14,647
% of total revenues 23.6 % 26.3 % 24.8 % 23.3 % 23.2 % 28.4 % 23.3 % 23.3 %
 
Interest (expense) income, net (404 ) (732 ) (862 ) (256 ) 3 6 4 3
Other income (expense), net   131         (1 )       7,666         154     227         2,320         180         78  
Income before income tax benefit (expense) 13,657 15,457 22,967 13,274 12,898 18,444 13,930 14,728
Income tax benefit (expense)   5,289         (5,010 )       (4,372 )       27,377     27,642         (3,060 )       (841 )       (5,843 )
Net income $ 18,946       $ 10,447       $ 18,595       $ 40,651   $ 40,540       $ 15,384       $ 13,089       $ 8,885  
 
Basic net income per common share (c) $ 0.86       $ 0.47       $ 0.84       $ 1.84   $ 1.84       $ 0.70       $ 0.59       $ 0.39  
Diluted net income per common share (c) $ 0.84       $ 0.46       $ 0.82       $ 1.82   $ 1.82       $ 0.69       $ 0.58       $ 0.39  
 
Basic weighted average common shares outstanding   22,094,197         22,090,913         22,086,848         22,063,393     22,050,512         22,060,636         22,307,488         22,654,240  
Diluted weighted average common shares outstanding   22,577,312         22,573,064         22,551,862         22,333,399     22,323,551         22,372,786         22,620,707         22,967,192  
 
Reconciliation of operating income to EBITDA (d):
Operating income $ 13,930 $ 16,190 $ 16,163 $ 13,376 $ 12,668 $ 16,118 $ 13,746 $ 14,647
Add back: depreciation, amortization and accretion   4,417         5,080         5,298         4,539     4,226         5,899         6,698         7,304  
EBITDA $ 18,347       $ 21,270       $ 21,461       $ 17,915   $ 16,894       $ 22,017       $ 20,444       $ 21,951  
% of total revenues 31.1 % 34.6 % 39.2 % 32.3 % 30.9 % 38.8 % 34.6 % 35.0 %
 
Key statistics:
Units in service 1,668 1,721 1,779 1,828 1,889 1,950 2,027 2,099
Average revenue per unit (ARPU) $ 8.51 $ 8.59 $ 8.74 $ 8.72 $ 8.74 $ 8.85 $ 8.87 $ 9.00
Bookings $ 15,213 $ 14,188 $ 15,158 $ 3,327 $ - $ - $ - $ -
Backlog $ 23,712 $ 21,313 $ 20,478 $ 18,869 $ - $ - $ - $ -
 
(a) Slight variations in totals are due to rounding.
(b) Software operations reflect financial results from March 3, 2011, the acquisition date.

(c) Basic and diluted net income per common share is computed independently for each period presented. As a result, the sum of the quarterly basic and diluted net income per common share for the years ended December 31, 2011 and 2010 may not equal the total computed for the year.

(d) EBITDA or earnings before interest, taxes, depreciation, amortization and accretion is a non-GAAP measure and is presented for analytical purposes only.

 
USA MOBILITY, INC.
CONSOLIDATED OPERATING EXPENSES SUPPLEMENTAL INFORMATION (a), (b)
(Unaudited and in thousands)
                                 
 
For the three months ended

12/31/11

9/30/11

6/30/11

3/31/11

12/31/10

9/30/10

6/30/10

3/31/10

 
Cost of products sold
Payroll and related $ 2,277 $ 2,537 $ 2,156 $ 677 $ - $ - $ - $ -
Cost of sales 2,724 3,132 4,263 1,536 1,051 819 1,134 1,209
Other   429       282       659         217       -       -       -       -
Total cost of products sold   5,430       5,951       7,078         2,430       1,051       819       1,134       1,209
 
Service, rental and maintenance
Site rent 5,002 5,438 5,962 6,881 7,629 8,042 8,283 9,079
Telecommunications 2,598 2,732 2,880 3,102 3,066 3,341 3,467 3,831
Payroll and related 5,279 5,578 5,562 4,769 4,319 4,199 4,444 4,586
Stock based compensation 6 6 6 5 6 5 7 6
Other   1,593       1,463       1,777         1,708       1,201       1,234       974       1,439
Total service, rental and maintenance   14,478       15,217       16,187         16,465       16,221       16,821       17,175       18,941
 
Selling and marketing
Payroll and related 3,306 3,593 3,567 2,904 2,627 2,659 2,814 2,964
Commissions 1,539 1,443 1,948 1,414 1,007 1,163 1,367 1,164
Stock based compensation 16 16 16 17 17 17 22 17
Other   990       875       1,057         589       264       221       191       412
Total selling and marketing   5,851       5,927       6,588         4,924       3,915       4,060       4,394       4,557
 
General and administrative
Payroll and related 6,268 5,778 6,781 6,072 6,118 5,719 6,621 6,912
Stock based compensation 415 392 432 203 223 15 242 240
Bad debt 363 346 (80 ) 416 547 571 594 713
Facility rent 942 1,041 1,035 823 856 992 1,326 1,354
Telecommunications 440 494 490 470 480 518 603 657
Outside services 2,079 2,496 2,533 5,228 2,385 2,463 3,185 3,267
Taxes, licenses and permits 1,445 1,327 2,190 1,332 1,097 1,276 1,836 1,591
Other   1,658       1,203       459         1,024       3,123       1,353       1,517       1,078
Total general and administrative   13,610       13,077       13,840         15,568       14,829       12,907       15,924       15,812
 
Severance and restructuring 1,215 28 17 33 1,738 86 41 314
Depreciation, amortization and accretion 4,417 5,080 5,298 4,539 4,226 5,899 6,698 7,304
                                           
Operating expenses   45,001     $ 45,280     $ 49,008       $ 43,959     $ 41,980     $ 40,592     $ 45,366     $ 48,137
 
Capital expenditures $ 2,818 $ 1,779 $ 1,854 $ 1,501 $ 4,720 $ 1,730 $ 563 $ 1,725
 
(a) Slight variations in totals are due to rounding.
(b) Software operations have been included from March 3, 2011, the acquisition date.
USA MOBILITY, INC. (WIRELESS)
UNITS IN SERVICE ACTIVITY (a)
(Unaudited and in thousands)
                                 
 
For the three months ended

12/31/11

9/30/11

6/30/11

3/31/11

12/31/10

9/30/10

6/30/10

3/31/10

Units in service
 
Beginning units in service
Direct one-way 1,510 1,559 1,599 1,645 1,692 1,749 1,804 1,881
Direct two-way 93       97       100       106       109       121       126       133  
Total direct 1,603       1,656       1,699       1,751       1,801       1,870       1,930       2,014  
Indirect one-way 68 71 75 68 75 82 90 101
Indirect two-way 50       52       54       70       74       75       79       67  
Total indirect 118       123       129       138       149       157       169       168  
Total beginning units in service 1,721       1,779       1,828       1,889       1,950       2,027       2,099       2,182  
 
Gross placements
Direct one-way 39 50 56 47 45 58 62 53
Direct two-way 4       5       5       3       6       4       6       5  
Total direct 43       55       61       50       51       62       68       58  
Indirect one-way 2 3 3 1 2 3 3 3
Indirect two-way -       -       2       -       1       1       1       15  
Total indirect 2       3       5       1       3       4       4       18  
Total gross placements 45       58       66       51       54       66       72       76  
 
Gross disconnects
Direct one-way (84 ) (99 ) (94 ) (93 ) (92 ) (115 ) (117 ) (130 )
Direct two-way (7 )     (9 )     (10 )     (9 )     (9 )     (16 )     (11 )     (12 )
Total direct (91 )     (108 )     (104 )     (102 )     (101 )     (131 )     (128 )     (142 )
Indirect one-way (7 ) (6 ) (10 ) 6 (9 ) (10 ) (11 ) (14 )
Indirect two-way -       (2 )     (1 )     (16 )     (5 )     (2 )     (5 )     (3 )
Total indirect (7 )     (8 )     (11 )     (10 )     (14 )     (12 )     (16 )     (17 )
Total gross disconnects (98 )     (116 )     (115 )     (112 )     (115 )     (143 )     (144 )     (159 )
 
Net (loss)/gain
Direct one-way (45 ) (49 ) (38 ) (46 ) (47 ) (57 ) (55 ) (77 )
Direct two-way (3 )     (4 )     (5 )     (6 )     (3 )     (12 )     (5 )     (7 )
Total direct (48 )     (53 )     (43 )     (52 )     (50 )     (69 )     (60 )     (84 )
Indirect one-way (5 ) (3 ) (7 ) 7 (7 ) (7 ) (8 ) (11 )
Indirect two-way -       (1 )     1       (16 )     (4 )     (1 )     (4 )     12  
Total indirect (5 )     (4 )     (6 )     (9 )     (11 )     (8 )     (12 )     1  
Total net change (53 )     (58 )     (49 )     (60 )     (61 )     (77 )     (72 )     (83 )
 
Ending units in service
Direct one-way 1,465 1,510 1,559 1,599 1,645 1,692 1,749 1,804
Direct two-way 90       93       97       100       106       109       121       126  
Total direct 1,555       1,603       1,656       1,699       1,751       1,801       1,870       1,930  
Indirect one-way 63 68 71 75 68 75 82 90
Indirect two-way 50       50       52       54       70       74       75       79  
Total indirect 113       118       123       129       138       149       157       169  
Total ending units in service 1,668       1,721       1,779       1,828       1,889       1,950       2,027       2,099  
 
(a) Slight variations in totals are due to rounding.
 
USA MOBILITY, INC. (WIRELESS)
AVERAGE REVENUE PER UNIT (ARPU) AND CHURN (a)
(Unaudited)
                                 
 
For the three months ended

12/31/11

9/30/11

6/30/11

3/31/11

12/31/10

9/30/10

6/30/10

3/31/10

 

ARPU

Direct one-way $ 7.90 $ 7.97 $ 8.10 $ 8.05 $ 8.05 $ 8.07 $ 8.05 $ 8.16
Direct two-way   21.27         21.60         22.05         22.23         22.57         23.11         23.55         23.61  
Total direct 8.68 8.77 8.92 8.89 8.92 9.01 9.06 9.17
 
Indirect one-way 7.49 7.28 7.57 8.44 9.13 9.60 8.87 8.78
Indirect two-way   4.43         4.77         4.77         4.31         3.98         4.09         4.25         4.84  
Total indirect 6.16 6.22 6.40 6.49 6.48 6.86 6.65 7.04
 
Total one-way 7.89 7.94 8.08 8.07 8.09 8.14 8.09 8.19
Total two-way   15.29         15.71         16.04         15.41         14.96         15.54         16.06         16.76  
Total paging ARPU $ 8.51       $ 8.59       $ 8.74       $ 8.72       $ 8.74       $ 8.85       $ 8.87       $ 9.00  
 
 
 

Gross disconnect rate (b)

Direct one-way -5.6 % -6.4 % -6.0 % -5.7 % -5.5 % -6.6 % -6.5 % -6.9 %
Direct two-way   -7.7 %       -9.5 %       -9.3 %       -7.5 %       -8.5 %       -13.0 %       -8.5 %       -9.1 %
Total direct -5.7 % -6.5 % -6.2 % -5.8 % -5.7 % -7.0 % -6.6 % -7.1 %
 
Indirect one-way -9.8 % -8.1 % -8.1 % 11.9 % -12.1 % -12.5 % -12.8 % -13.7 %
Indirect two-way   -1.8 %       -3.1 %       -4.5 %       -26.4 %       -5.8 %       -2.6 %       -6.8 %       -4.9 %
Total indirect -6.4 % -6.0 % -6.6 % -8.1 % -8.9 % -7.7 % -9.9 % -10.1 %
 
Total one-way -5.8 % -6.4 % -6.1 % -5.0 % -5.7 % -6.8 % -6.8 % -7.3 %
Total two-way   -5.6 %       -7.3 %       -7.6 %       -15.2 %       -7.4 %       -9.0 %       -7.9 %       -7.7 %
Total paging gross disconnect rate   -5.7 %       -6.5 %       -6.2 %       -6.0 %       -5.9 %       -7.0 %       -6.9 %       -7.3 %
 
 
 

Net (loss)/gain rate (c)

Direct one-way -3.0 % -3.2 % -2.5 % -2.9 % -2.7 % -3.2 % -3.1 % -4.1 %
Direct two-way   -3.3 %       -4.1 %       -3.1 %       -3.6 %       -4.6 %       -9.5 %       -4.2 %       -5.0 %
Total direct -3.0 % -3.2 % -2.6 % -3.0 % -2.8 % -3.6 % -3.1 % -4.2 %
 
Indirect one-way -7.4 % -4.5 % -5.3 % 14.6 % -9.8 % -9.2 % -9.8 % -10.5 %
Indirect two-way   -1.0 %       -2.3 %       -3.0 %       -25.8 %       -4.6 %       -0.9 %       -4.7 %       17.1 %
Total indirect -4.7 % -3.6 % -4.3 % -6.6 % -7.2 % -5.1 % -7.4 % 0.7 %
 
Total one-way -3.2 % -3.2 % -2.6 % -2.2 % -3.0 % -3.5 % -3.4 % -4.4 %
Total two-way   -2.5 %       -3.5 %       -3.1 %       -12.7 %       -4.6 %       -6.1 %       -4.4 %       2.5 %
Total paging net loss rate   -3.1 %       -3.3 %       -2.7 %       -3.2 %       -3.2 %       -3.8 %       -3.5 %       -3.8 %
 
(a) Slight variations in totals are due to rounding.
(b) Gross disconnect rate is current period disconnected units divided by prior period ending units in service.
(c) Net (loss)/gain rate is net current period placements and disconnected units in service divided by prior period ending units in service.
 
USA MOBILITY, INC. (WIRELESS)
SUPPLEMENTAL INFORMATION BY MARKET SEGMENT (a)
(Unaudited)
                                 
 
For the three months ended

12/31/11

9/30/11

6/30/11

3/31/11

12/31/10

9/30/10

6/30/10

3/31/10

 
Gross placement rate (b)
Healthcare 3.0 % 3.9 % 4.5 % 3.3 % 3.4 % 3.9 % 4.4 % 3.5 %
Government 1.6 % 2.6 % 2.1 % 1.9 % 1.5 % 3.1 % 1.9 % 1.8 %
Large enterprise 2.1 % 2.1 % 2.1 % 2.3 % 2.2 % 1.9 % 2.6 % 2.1 %
Other 2.8 %     1.9 %     2.0 %     2.5 %     2.3 %     2.5 %     2.0 %     2.4 %
Total direct 2.7 % 3.3 % 3.6 % 2.9 % 2.8 % 3.4 % 3.5 % 2.9 %
Total indirect 1.7 %     2.4 %     2.3 %     1.6 %     1.7 %     2.6 %     2.5 %     10.9 %
Total 2.6 %     3.3 %     3.5 %     2.8 %     2.7 %     3.3 %     3.4 %     3.5 %
 
Gross disconnect rate (b)
Healthcare -4.9 % -5.7 % -5.0 % -4.7 % -4.4 % -5.7 % -5.2 % -4.9 %
Government -7.4 % -8.3 % -8.7 % -7.6 % -7.3 % -8.3 % -8.3 % -9.1 %
Large enterprise -5.7 % -7.0 % -7.1 % -6.2 % -7.0 % -9.7 % -8.3 % -10.3 %
Other -8.7 %     -8.9 %     -9.0 %     -9.2 %     -8.6 %     -9.3 %     -9.6 %     -11.0 %
Total direct -5.7 % -6.5 % -6.2 % -5.8 % -5.7 % -7.0 % -6.6 % -7.1 %
Total indirect -6.4 %     -6.0 %     -6.6 %     -8.1 %     -8.9 %     -7.7 %     -9.9 %     -10.1 %
Total -5.7 %     -6.5 %     -6.2 %     -6.0 %     -5.9 %     -7.0 %     -6.9 %     -7.3 %
 
Net (loss)/gain rate (b)
Healthcare -1.9 % -1.8 % -0.5 % -1.4 % -1.1 % -1.8 % -0.8 % -1.4 %
Government -5.8 % -5.7 % -6.6 % -5.7 % -5.9 % -5.2 % -6.4 % -7.4 %
Large enterprise -3.6 % -4.9 % -5.0 % -3.9 % -4.8 % -7.8 % -5.7 % -8.1 %
Other -5.9 %     -7.0 %     -6.9 %     -6.8 %     -6.3 %     -6.8 %     -7.6 %     -8.6 %
Total direct -3.0 % -3.2 % -2.6 % -3.0 % -2.8 % -3.6 % -3.1 % -4.2 %
Total indirect -4.7 %     -3.6 %     -4.3 %     -6.6 %     -7.2 %     -5.1 %     -7.4 %     0.7 %
Total -3.1 %     -3.3 %     -2.7 %     -3.2 %     -3.2 %     -3.8 %     -3.5 %     -3.8 %
 
End of period units in service % of total (b)
Healthcare 62.6 % 61.7 % 60.9 % 59.5 % 58.3 % 57.1 % 56.1 % 54.5 %
Government 11.9 % 12.3 % 12.6 % 13.1 % 13.5 % 13.9 % 14.1 % 14.4 %
Large enterprise 9.5 % 9.6 % 9.8 % 10.0 % 10.1 % 10.2 % 10.7 % 10.9 %
Other 9.2 %     9.5 %     9.7 %     10.3 %     10.8 %     11.2 %     11.4 %     12.1 %
Total direct 93.2 % 93.1 % 93.0 % 92.9 % 92.7 % 92.4 % 92.3 % 91.9 %
Total indirect 6.8 %     6.9 %     7.0 %     7.1 %     7.3 %     7.6 %     7.7 %     8.1 %
Total 100.0 %     100.0 %     100.0 %     100.0 %     100.0 %     100.0 %     100.0 %     100.0 %
 
(a) Slight variations in totals are due to rounding.

(b) Changes in the classification of units in service are reflected in the quarter when such changes are identified. Such changes are then appropriately reflected in calculating the gross placement, gross disconnect and net (loss)/gain rates.

 
USA MOBILITY, INC. (WIRELESS)
SUPPLEMENTAL INFORMATION - DIRECT UNITS IN SERVICE AND CELLULAR
ACTIVATIONS (a)
(Unaudited)
                                 
 
For the three months ended

12/31/11

9/30/11

6/30/11

3/31/11

12/31/10

9/30/10

6/30/10

3/31/10

 
Account size ending units in service (000's)
1 to 3 units 65 69 74 79 84 88 95 101
4 to 10 units 40 42 45 48 52 54 58 62
11 to 50 units 92 99 106 114 123 130 140 149
51 to 100 units 56 61 68 72 76 79 86 92
101 to 1,000 units 380 399 411 424 436 456 483 499
>1,000 units   922         933         952         962         980         994         1,008         1,027  
Total   1,555         1,603         1,656         1,699         1,751         1,801         1,870         1,930  
 
End of period units in service % of total direct
1 to 3 units 4.2 % 4.3 % 4.4 % 4.7 % 4.8 % 4.9 % 5.1 % 5.2 %
4 to 10 units 2.6 % 2.6 % 2.7 % 2.8 % 2.9 % 3.0 % 3.1 % 3.2 %
11 to 50 units 5.9 % 6.2 % 6.4 % 6.7 % 7.0 % 7.2 % 7.5 % 7.7 %
51 to 100 units 3.6 % 3.8 % 4.1 % 4.2 % 4.4 % 4.4 % 4.6 % 4.8 %
101 to 1,000 units 24.4 % 24.9 % 24.8 % 25.0 % 24.9 % 25.3 % 25.8 % 25.9 %
>1,000 units   59.3 %       58.2 %       57.6 %       56.6 %       56.0 %       55.2 %       53.9 %       53.2 %
Total   100.0 %       100.0 %       100.0 %       100.0 %       100.0 %       100.0 %       100.0 %       100.0 %
 
Account size net loss rate
1 to 3 units -5.7 % -5.9 % -6.3 % -6.2 % -4.8 % -7.0 % -5.8 % -7.6 %
4 to 10 units -6.6 % -6.4 % -6.8 % -6.2 % -5.0 % -7.5 % -6.0 % -5.3 %
11 to 50 units -7.3 % -6.4 % -6.5 % -7.7 % -5.1 % -7.3 % -6.1 % -5.8 %
51 to 100 units -8.4 % -10.4 % -5.4 % -5.7 % -4.2 % -7.9 % -6.5 % -4.4 %
101 to 1,000 units -4.7 % -2.9 % -3.3 % -2.7 % -4.2 % -5.6 % -3.3 % -3.7 %
>1,000 units   -1.1 %       -2.1 %       -1.0 %       -1.8 %       -1.5 %       -1.3 %       -1.9 %       -3.7 %
Total   -3.0 %       -3.2 %       -2.6 %       -3.0 %       -2.8 %       -3.6 %       -3.1 %       -4.2 %
 
Account size ARPU
1 to 3 units $ 15.46 $ 15.62 $ 15.74 $ 15.57 $ 15.57 $ 15.48 $ 15.37 $ 15.28
4 to 10 units 14.37 14.52 14.65 14.53 14.56 14.51 14.35 14.37
11 to 50 units 12.12 12.30 12.38 12.19 12.26 12.18 12.01 11.86
51 to 100 units 10.56 10.59 10.68 10.59 10.72 10.69 10.76 10.67
101 to 1,000 units 8.90 8.90 9.10 9.00 9.00 8.82 8.93 9.00
>1,000 units   7.37         7.42         7.49         7.47         7.43         7.64         7.63         7.80  
Total $ 8.68       $ 8.77       $ 8.92       $ 8.89       $ 8.92       $ 9.01       $ 9.06       $ 9.17  
 
 
Cellular:
Number of activations   1,476         1,236         4,370         2,191         1,990         1,885         1,885         2,354  
Revenue from cellular services (000's) $ 414       $ 315       $ 1,199       $ 684       $ 499       $ 532       $ 624       $ 708  
 
(a) Slight variations in totals are due to rounding.
 
USA MOBILITY, INC.
2012 FINANCIAL GUIDANCE
         
(In millions)
Full Year
Guidance Range
From To
Revenues
Wireless $ 156.0 $ 166.0
Software   58.0   66.0
Combined $ 214.0 $ 232.0
 
Operating Expenses (a)
Wireless $ 112.0 $ 108.0
Software   51.5   48.5
Combined $ 163.5 $ 156.5
 
Capital Expenses
Wireless $ 9.0 $ 7.0
Software   1.0   0.5
Combined $ 10.0 $ 7.5
 
(a) Operating expenses exclude depreciation, amortization and accretion.
 


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