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Prospector
Profile
3-24-002
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| Vonage Holdings Corp. |
NAICS |
517110 |
| 23 Main St.,
Holmdel, NJ 07733 |
Description |
Telecommunications |
| (732) 528-2600 |
Employees |
1543 |
| http://www.vonage.com/ |
Revenue |
(mil) |
828.2300 |
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Income |
(mil) |
-267.4300 |
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Assets |
(mil) |
462.3000 |
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Liability |
(mil) |
537.4200 |
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(for the year ended 2007-12-31) |
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Category:
Audit Concerns
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Event:
BDO Seidman LLP raised substantial doubt as to Vonage Holdings Corp.'s ability to continue as a going concern after auditing the Company's consolidated financial statements for the years December 31, 2007, and 2006. The auditing firm said the Company had an approximate $217 million deficit in working capital at December 31, 2007, caused primarily by convertible notes outstanding in the aggregate principal amount of approximately $253 million, due December 1, 2010, being classified as a current liability on the December 31, 2007, consolidated balance sheet since they can be put to the Company by the holders on December 16, 2008. If these notes are put by the holders, the Company will be unable to repurchase these notes without refinancing them or obtaining additional debt or equity capital. There can be no assurance that the Company will be successful in these efforts. For the year ended December 31, 2007, the Company posted a
$267,428,000 net loss on $828,228,000 of total operating revenues as compared with $338,573,000 of net loss on $607,397,000 of total operating revenues in 2006. At December 31, 2007, the Company's balance sheet showed $462,297,000
in total assets and $537,424,000 in total liabilities, resulting in a $75,127,000 stockholder's deficit. The Company's balance sheet at December 31, 2007, also showed strained liquidity with $231,683,000 in total current assets available to pay $448,603,000 in total current liabilities.
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Intellectual Property:
The Company conducts substantial ongoing technology development to continually strengthen its network platform and enhance the communications services offered to customers. Through its patent-pending SIP-thru-NATSM technology, the Company has developed the ability to provide VoIP phone service to a customer whose Vonage-enabled device is located behind a network firewall without requiring any manual configuration. In 2006, the Company acquired three patents from Digital Packet Licensing Inc. that enable VoIP technology. The patents are related to the compression of packetized digital signals commonly used in VoIP technology. The Company also owns numerous trademarks and service marks and has applied for registration of trademarks and service marks in the United States and abroad to establish and protect its brand names as part of intellectual property strategy. Some of the Company's registered marks include Vonage(R), Redefining Communications(R), Vonage Digital Voice(R) and Vonage The Broadband Phone Company(R). [SEC Filing 10-K 03-17-08]
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Description:
Vonage Holdings Corp., through its subsidiaries, provides broadband telephone services primarily in the U.S. and Canada.
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Officers:
Jeffrey A. Citron(Chair, Chief Strategist and Interim CEO & Dir.); John S. Rego (EVP, CFO & Treas.); Louis A. Mamakos (EVP & Chief Technology Officer); Sharon A. O’Leary (EVP, Chief Legal Officer & Sec.); Jamie Haenggi (Chief Marketing Officer); Peter Barris (Dir.); Morton David (Dir.); Michael Krupka (Dir.); J. Sanford Miller (Dir.); Gov. Thomas J. Ridge (Dir.); John J. Roberts (Dir.)
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Auditor:
BDO Seidman LLP
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Securities:
Common Stock Symbol VG; NYSE; February 29, 2008 was 156,019,924.
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