UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM 8-K
CURRENT
REPORT Pursuant
to
Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of report (Date
of earliest event reported): January 22, 2015
PREMIERE
GLOBAL SERVICES, INC.
(Exact Name of Registrant as Specified in
Its Charter)
GEORGIA
(State or Other Jurisdiction of Incorporation)
| 001-13577 |
59-3074176 |
| (Commission File Number) |
(IRS Employer Identification No.) |
| |
|
| 3280 Peachtree Road, NE, Suite 1000, Atlanta, Georgia |
30305 |
| (Address of Principal Executive Offices) |
(Zip Code) |
404-262-8400
(Registrant’s Telephone Number, Including
Area Code)
(Former Name or Former Address, if Changed
Since Last Report)
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On January 22, 2015,
Premiere Global Services, Inc., or PGi, issued a press release regarding its preliminary fourth quarter 2014 financial results.
The press release also provides PGi’s preliminary financial outlook for 2015. A copy of the press release is attached as
Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference.
In accordance with
General Instruction B.2 of Form 8-K, the information included or incorporated in Item 2.02 of this current report, including Exhibit
99.1, is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for purposes of
Section 18 of the Securities and Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing
under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
| (d) Exhibits |
| |
|
| 99.1 |
Press Release dated January 22, 2015. |
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
| |
PREMIERE GLOBAL SERVICES, INC. |
| |
|
| Date: January 22, 2015 |
By: |
/s/ David E. Trine |
| |
|
David E. Trine
Chief Financial Officer
(principal financial and accounting officer) |
EXHIBIT 99.1
Media and Investor Contact:
Sean O’Brien
(404) 262-8462
sean.obrien@pgi.com
PGi Announces Preliminary Fourth Quarter
2014 Results:
Revenue from SaaS Products Grows Over 50% to ~12% of Q4 Revenues;
Company Expects to Report ~8% Top-line
Growth, Double-Digit Earnings Growth for 2014
PGi Establishes 2015 Financial Outlook;
Sees Over 50% Growth in SaaS Products
Company Comments on Impact of Recent
Changes in Foreign Currency Exchange Rates
ATLANTA – January 22, 2015 – Premiere
Global Services, Inc. (NYSE: PGI), the world’s largest pure-play provider of collaboration software and services,
today announced preliminary results for the fourth quarter ended December 31, 2014. Based upon its preliminary financial results,
non-GAAP revenues for the fourth quarter of 2014 are expected to
be approximately $139.5* million and non-GAAP diluted EPS from continuing
operations is expected to be approximately $0.21*. These results
include a negative impact from changes in foreign currency exchange rates of approximately $2.5 million and $0.01 to non-GAAP revenues
and non-GAAP diluted EPS from continuing operations, respectively, sequentially from the third quarter of 2014. Non-GAAP revenue
from PGi’s SaaS products is expected to exceed $16 million in the fourth quarter, representing approximately 12% of total
non-GAAP revenues. The financial results are subject to completion
of PGi’s financial and accounting closing and review procedures.
“We had another solid year in 2014, with estimated top-line
growth of nearly 8 percent, double-digit earnings growth and accelerating progress toward our goal of transitioning PGi to a higher-value
SaaS model,” said Boland T. Jones, PGi founder, chairman and CEO. “Like most global companies, our near-term results
will be negatively affected by changes in foreign currency exchange rates, which are outside of our control and not reflective
of the true underlying health of our business. We remain positive in our outlook for PGi, and we look forward to providing details
of our 2015 strategic plans and opportunities during our earnings call next month.”
2015 Financial Outlook
The following statements are based on PGi’s current expectations.
These statements contain forward-looking statements and company estimates and anticipated results, and actual results may differ
materially. PGi assumes no duty to update any forward-looking statements made in this press release.
Based on current business trends and current foreign currency
exchange rates, and assuming no additional acquisitions, PGi anticipates that results in 2015 will be within the following ranges:
non-GAAP revenues are projected to be in the range of $565-$575*
million and non-GAAP diluted EPS from continuing operations will be in the range of $0.89-$0.92*.
These ranges include an estimated negative year-over-year impact from changes in foreign currency exchange rates of approximately
$15 million and $0.03 to non-GAAP revenues and non-GAAP diluted EPS from continuing operations, respectively. PGi anticipates
that sales of its SaaS-based products will increase over 50% in 2015 compared to 2014.
* Non-GAAP Financial Measures
The company’s non-GAAP revenues exclude the impact of
purchase accounting adjustments related to deferred revenue, and non-GAAP diluted earnings per share (EPS) from continuing operations
projections exclude equity-based compensation, amortization expenses, non-recurring tax adjustments and related interest, restructuring
costs, excise and sales tax expense and related interest, asset impairments, net legal settlements and related expenses, acquisition-related
costs and the impact of purchase accounting adjustments related to deferred revenue. Management uses these measures internally
as a means of analyzing the company’s current and future financial performance and identifying trends in our financial condition
and results of operations. We have provided this information to investors to assist in meaningful comparisons of past, present
and future operating results and to assist in highlighting the results of ongoing core operations. A reconciliation of these non-GAAP
financial measures to the most directly comparable GAAP financial measure will be included in the company’s final 2014 fourth
quarter and year-end earnings release.
About Premiere Global Services, Inc. │ PGi
PGi is the world’s largest pure-play provider of collaboration
software and services. PGi’s unified collaboration platform empowers business users and teams to connect, share ideas and
manage projects with the simplicity and everywhere-access of the latest cloud technologies. PGi has a global presence in 25 countries,
and its award-winning solutions provide a collaborative advantage to nearly 50,000 enterprise customers, including 75% of the Fortune
100™. In the last five years, PGi has helped over a billion people worldwide connect, collaborate and get work done—in
teams, large groups and one-on-one. For more information, visit PGi at pgi.com.
###
Statements made in this press release, other than those concerning
historical information, should be considered forward-looking and subject to various risks and uncertainties, many of which are
beyond our control. Such forward-looking statements are made pursuant to the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and are made based on management's current expectations or beliefs as well as assumptions
made by, and information currently available to, management. A variety of factors could cause actual results to differ materially
from those anticipated in PGi's forward-looking statements, including, but not limited to, the following factors: competitive pressures,
including pricing pressures; technological changes and the development of alternatives to our services; market acceptance of PGi’s
SaaS products, including iMeet® and GlobalMeet®; our ability to attract new customers and to retain
and further penetrate our existing customers; our ability to establish and maintain strategic reseller and distribution relationships;
risks associated with challenging global economic conditions; price increases from our telecommunications service providers; service
interruptions and network downtime, including undetected errors or defects in our software; technological obsolescence and our
ability to upgrade our equipment or increase our network capacity; concerns regarding the security and privacy of our customers’
confidential information; future write-downs of goodwill or other intangible assets; greater than anticipated tax and regulatory
liabilities; restructuring and cost reduction initiatives and the market reaction thereto; our level of indebtedness; risks associated
with acquisitions and divestitures; indemnification claims from the sale of our PGiSend business; our ability to protect our intellectual
property rights, including possible adverse results of litigation or infringement claims; regulatory or legislative changes, including
further government regulations applicable to traditional telecommunications service providers and data privacy; risks associated
with international operations and market expansion, including fluctuations in foreign currency exchange rates; and other factors
described from time to time in our press releases, reports and other filings made with the Securities and Exchange Commission,
including but not limited to the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December
31, 2013. All forward-looking statements attributable to us or a person acting on our behalf are expressly qualified in their entirety
by this cautionary statement. We do not undertake any obligation to update or to release publicly any revisions to forward-looking
statements contained in this press release to reflect events or circumstances occurring after the date of this press release or
the date of the statement, if a different date, or to reflect the occurrence of unanticipated events.