Primus Telecom

Primus Telecom

Infobox_Company
company_name = Primus Telecommunications Group, Inc.
company_
company_type = Public OTCBB (NASDAQ|PRTL)
foundation = 1994
location = McLean, Virginia, USA
key_people = K. Paul Singh, Chairman & CEO Thomas R. Kloster, CFO Tracy Book Lawson, Principle Accounting Officer
num_employees = 2,800 (2006)
industry = Telecommunications
products = Long Distance Telephony, Wireless, VoIP
revenue = $902 Million USD (2007) cite web|url=http://www.marketwire.com/press-release/Primus-Telecommunications-Group-Incorporated-833388.html|title=PRIMUS Telecommunications Reports Revised Fourth Quarter and Full Year 2007 Financial Results|last=DePodesta|first=John |date=March 17, 2008|publisher=Primus Telecommunications Group|accessdate=2008-09-29]
net_income = gain$15.7 Million USD (2007)
homepage = [http://primustel.com/ www.primustel.com]

Primus Telecom is a telecommunications provider, founded in 1994 by ex-MCI executives. The company is listed on the OTCBB (Nasdaq: PRTL) with world headquarters in Fairfax County, and with subsidiaries in Australia and Canada and (to a lesser extent) Japan, Brazil, UK and other generating a majority of its revenue.

As of 2008, the company's stock had dropped more than 99% from its peak in early 2000, [cite web|url=http://moneycentral.msn.com/investor/charts/chartdl.aspx?PT=10&D5=0&D2=0&D3=0&showchartbt=Redraw+Chart&compsyms=&D4=1&MA0=0&MA1=0&D7=&D6=&C5=1&C5D=1&C6=&C7=1&C7D=1&C8=&C9=2&symbol=prtl&nocookie=1|title=Primus Telecom Stock Chart|publisher=MSN Money|accessdate=2008-09-29] amid declining revenue and accelerating losses. [cite web|url=http://moneycentral.msn.com/companyreport?Symbol=prtl|title=Primus Telecom Comapany Report|publisher=MSN Money|accessdate=2008-09-29] cite web|url=http://www.secinfo.com/d14D5a.u4A5s.b.htm|title=Primus Telecommunications Group Inc · 8-K for 6/25/07|date=June 25, 2007|publisher=SEC Info|accessdate=2008-09-29] According to the company's SEC filings, "Primus did not maintain effective internal control over financial reporting as of December 31, 2006, due to the material weakness in the Company’s internal control over accounting for income taxes...." In 2007, Primus Telecom admitted paying more than $22 million to settle a lawsuit alleging illegal or fraudulent transfers of funds. [cite web|url=http://www.secinfo.com/d14D5a.u1z4h.htm|title=Primus Telecommunications Group Inc · 8-K · For 2/14/07|date=February 14, 2007|publisher=SEC Info|accessdate=2008-09-29] Primus Telecom has also been named as a defendant in additional federal litigation. [cite web|url=http://dockets.justia.com/search?query=primus+telecommunications&search=Search&stateorcourt=&lawsuittype=&cases=mostrecent&min-day=1&min-month=1&min-year=2006&max-day=30&max-month=7&max-year=2007|title=Docket Search of Primus Telecommunications|publisher=Justia|accessdate=2008-09-29]

In the United States, Primus Telecom markets its subsidiary Lingo, a Voice over IP service that competes with similar services such as Vonage. Lingo has been the subject of consumer complaints and negative reviews reporting refusal to honor refunds and deteriorating quality. [cite web|url=http://reviews.cnet.com/voip/lingo/4852-9238_7-31200476.html?tag=uolst|title=CNet User Reviews|publisher=CNet|accessdate=2008-09-29] Verify credibility|date=September 2008 [cite web|url=http://www.epinions.com/Lingo_Online_Service_-_www_lingo_com/display_~reviews|title=Epinion User Reviews|publisher=Epinion.com|accessdate=2008-09-29] Verify credibility|date=September 2008 [cite web|url=http://www.dslreports.com/comment/2475/45672|title=DSL Reports User Reviews|publisher=DSLReports.com|accessdate=2008-09-29] Verify credibility|date=September 2008

Primus is a heavily leveraged company, with indebtedness exceeding $585 million as of May 22, 2008. It is in the midst of a multi-year program of debt reduction and maturity extension, achieved principally through the issuance of high-interest, long-dated bonds in order to fund, directly or indirectly, the discounted repurchase and retirement of previously outstanding debt.Fact|date=September 2008

See also:
*Primus Telecom Australia
*Broadband Internet Access (Australia)
*Group of Four (Australia)

External links

* [http://www.primustel.com Primus US]
* [http://www.primustel.ca Primus Canada]
* [http://www.primus.com.au Primus Australia]

References


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