Premier Global lowers 2009 profit, sales goals

Premier Global says full-year profit and sales will be below expectations

• On 9:03 pm EDT, Tuesday September 15, 2009

ATLANTA (AP) -- Premiere Global Services Inc. said Tuesday that 2009 profit and revenue will fall below expectations because of weak demand for its conferencing technology.

The company forecast full-year adjusted earnings of 84 cents to 90 cents per share, and revenue of $595 million to $605 million. Analysts, on average, were expecting the company to earn $1 per share on revenue of $617 million for the year, according to a survey by Thomson Reuters.

The company said in July that full-year earnings and revenue would decline "modestly" from 2008, when it reported profit of $36.1 million, or 60 cents per share, on sales of $624.2 million. Adjusted earnings totaled $1.03 per share.

The company said it also expects to incur costs for severance payments and to abandon leases, as part of a restructuring effort.

Atlanta-based Premier Global is scheduled to release third-quarter results on Oct. 22.

Chairman and CEO Boland T. Jones said the economy was hurting revenue from current customers, especially small and mid-size businesses. Jones said new customer acquisitions, customer turnover and pricing were all "within recent historical levels."

Premier shares fell 3 cents to close at $8.98.