UniTek (UNTK) Gets $150M Turf Agreement, Revises Q4 EBITDA Outlook
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UniTek Global Services, Inc. (Nasdaq: UNTK), has been awarded a three-year turf agreement in the Northeast region with a major wireless carrier. UniTek expects total revenue under this agreement to be at least $150 million over the next three years. Work under this contract is expected to begin in 2012.
Additionally, UniTek has been awarded work related to the development of another carrier's wireless network by two major OEM suppliers, covering multiple markets nationwide. This work is expected to include site acquisition, construction, maintenance, and storm restoration services. The Company has already begun mobilization for this work, which is anticipated to generate over $20 million in revenue in 2012 from existing and new markets.
In the fourth quarter of 2011, UniTek expects to incur approximately $2.0 million in incremental expenses associated with these projects including the deployment of resources and supporting infrastructure. Based on this projection, UniTek has revised its adjusted EBITDA guidance for the fourth quarter of 2011 to $12 million, representing full year adjusted EBITDA guidance of $42 million. UniTek is maintaining its revenue guidance of approximately $120 million in the fourth quarter of 2011, and $440 million for the 2011 full year.
Additionally, UniTek has been awarded work related to the development of another carrier's wireless network by two major OEM suppliers, covering multiple markets nationwide. This work is expected to include site acquisition, construction, maintenance, and storm restoration services. The Company has already begun mobilization for this work, which is anticipated to generate over $20 million in revenue in 2012 from existing and new markets.
In the fourth quarter of 2011, UniTek expects to incur approximately $2.0 million in incremental expenses associated with these projects including the deployment of resources and supporting infrastructure. Based on this projection, UniTek has revised its adjusted EBITDA guidance for the fourth quarter of 2011 to $12 million, representing full year adjusted EBITDA guidance of $42 million. UniTek is maintaining its revenue guidance of approximately $120 million in the fourth quarter of 2011, and $440 million for the 2011 full year.
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