West Corp.'s 3rd-quarter profit more than doubles

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Posted: Monday, October 28, 2013 12:00 am

West Corp., which sold shares to the public this year, said Monday third-quarter profit more than doubled, on lower debt payments, interest rates and executive compensation tied to company shares.

The Omaha-based company, the largest U.S. provider of telephone conference calls, said net income was $46.1 million, or 54 cents a share, from $22.1 million, or 35 cents a share, a year earlier. Revenue was little changed at $665.4 million.

The company went private in 2006, when shareholders agreed to a buyout by investment partnerships. This year's $20-per-share IPO of the employer of 3,700 people in the metro area and 37,500 worldwide raised about $400 million and was used to help pay off $450 million of debt.

Net income, adjusted for one-time expenses of the IPO, rose 33 percent to $60 million.

“The improvement in profitability was driven by lower share-based compensation, deleveraging, a lower cost of debt and operating leverage,” the company said in a statement.

Shares of West have risen about 21 percent since the IPO.

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