This site is part of the Global Exhibitions Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

Informa
Integra Gets Lower Moody’s Outlook Based on ‘Slow Progress’ in Revenue Growth, Other Factors
By Josh Long
July 01, 2014 - News
Comments

Citing Integra’s “slow progress in growing revenue and reducing leverage," Moody's Investors Service on Monday lowered its outlook of the service provider from positive to stable.

Moody’s, a credit rating business in New York, said Integra will not meet Moody’s prior expectation of leverage falling by the end of the year. Moody’s said it previously anticipated Integra would achieve “modest" growth in EBITDA (earnings before interest, taxes, depreciation and amortization).

“However, revenues have been approximately flat over the past several quarters and Moody's expects this to persist for the next several quarters," the credit rating business said.

But Moody’s said it anticipates Integra will maintain decent liquidity over the next year with an undrawn $60 million revolver and $33 million of cash on hand as of March 31, 2014. Integra listed net debt of $769.9 million as of March 31, 2014.

Based in Portland, Ore., Integra provides fiber-based networking, communications and technology solutions to enterprises, SMBs, government agencies, and carriers.

Moody's said it could upgrade Integra's ratings if the company generates consistent growth in revenues and positive free cash flow while its debt to EBITDA ratio approaches four times.

In the first quarter of 2014, Integra posted revenues of $143.5 million, a 2 percent decrease from $146.4 million in the fourth quarter of 2013. Most of Integra’s revenue comes from enterprise and wholesale customers, according to its first-quarter earnings materials.

Responding to Moody's, Integra said it does not provide forward-looking financial guidance but characterized its financial profile as "strong."  

« Previous12Next »
Comments
comments powered by Disqus
Related News
News
ITS will be an AT&T platinum solution provider, authorized to resell AT&T IP-based
Craig Galbraith
News
Among other hot topics on the first full day of the first-ever AT&T Partner Exchange Summit
Craig Galbraith
News
Bundling AT&T branded solutions with MetTel solutions will provide innovative, customized
Craig Galbraith
News
Craig Galbraith
News
End users get more choice and flexibility as a result, the companies said.