Boingo revenues increase 21%, net profit falls in Q4

Global Wi-Fi services provider Boingo Wireless' revenues for the fourth quarter ended 31 December 2011 increased 21 percent to USD 25.9 million from USD 21.4 million in the year-ago quarter. Adjusted EBITDA grew 136.7 percent to USD 8.9 million from USD 3.8 million. Net profit fell to USD 1.9 million or USD 0.06 per share from USD 9.2 million or USD 1.58 per share. The company ended the fourth quarter with total cash and cash equivalents of USD 93.9 million. For the first quarter, the company expects revenue to be in the range of USD 24-25 million and adjusted EBITDA to be in the range of USD 7.5-8.5 million. Net income attributable to common stockholders is expected to be in the range of USD 1-1.5 million or USD 0.03-0.04 per diluted share. For the full year, revenue is expected to be in the range of USD 110.5-114.5 million and adjusted EBITDA is expected to be in the range of USD 35.5-38.5 million. The net income attributable to common stockholders is expected to be in the range of USD 9.7-11.7 million, or USD 0.26-0.31 per diluted share.