IPC Acquisition Corp. (IPC), a leading provider of mission-critical voice communication solutions to global enterprises today reported its fiscal first quarter 2005 financial results for the quarter ended December 31, 2004.
Revenue in the first quarter of 2005 increased 25.1%, or $13.2 million, over last year's first quarter to $65.9 million. The increased revenues primarily reflect increases in network service revenues driven by organic growth in the US and EMEA, the inclusion of a full quarter of revenue from our acquisition of Asia network services in January 2004, as well as increases in equipment service revenues.
"We continue to see an increased level of customer interest and spending across our products and services with particularly strong organic growth with our network services" said Lance Boxer, IPC's CEO. "Additionally, the completion of our acquisition of Orbacom during the first quarter is an important element of our business strategy of addressing the complex and mission critical needs for command and control communications solutions within the public safety, government, transportation and power, energy and utility industries. At the same time, we believe our entire base of customers will be served well by our continued investments in technology for the delivery of voice communications in critical environments."
The Company also announced a special cash dividend of $20 million, or $1.36 per share. The special cash dividend will be payable on February 14, 2005 to all stockholders of record of its outstanding common stock as of that date.