West (WSTC) 8-K West Corporation Reports Second Quarter 2009 Results

Exhibit 99.1

West Corporation	AT THE COMPANY:
11808 Miracle Hills Drive	David Pleiss
Omaha, NE 68154	Investor Relations
	(402) 963-1500
	dmpleiss@west.com

West Corporation Reports Second Quarter 2009 Results

OMAHA, NE, July 22, 2009 —West Corporation, a leading provider of outsourced communication solutions, today announced its second quarter 2009 results.

Financial Summary (unaudited)
(Dollars in millions)

	Three Months Ended									Six Months Ended
	June 30,									June 30,
	2009			2008			Percent Change			2009			2008			Percent Change
Revenue	$	606.9		$	551.4			10.1	%	$	1,213.9		$	1,077.2			12.7	%
Adjusted EBITDA1	$	166.6		$	147.9			12.6	%	$	330.2		$	286.2			15.4	%
Adjusted EBITDA Margin		27.5	%		26.8	%					27.2	%		26.6	%
Cash Flow from Operations	$	52.1		$	46.6			11.8	%	$	101.0		$	70.7			42.9	%

Consolidated Operating Results

For the second quarter ended June 30, 2009, revenues were $606.9 million compared to $551.4 million for the same quarter last year, an increase of 10.1 percent. Revenue from acquired entities² was $56.1 million during the second quarter.

1	See Reconciliation of Financial Measures below.
2	Revenue from acquired entities includes Positron revenue for the entire quarter in the Communications Services segment and Genesys revenue between April 1 and May 22 in the Conferencing Services segment.

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Adjusted EBITDA for the second quarter was $166.6 million, or 27.5 percent of revenue. A reconciliation of Adjusted EBITDA to cash flow from operating activities is presented below.

Balance Sheet and Liquidity

At June 30, 2009, the Company had cash and cash equivalents totaling $190.4 million and working capital of $272.4 million.

During the quarter, the Company invested $29.8 million in capital expenditures primarily for software, equipment and information technology systems.

Conference Call

The Company will hold a conference call to discuss these topics on Thursday, July 23, 2009 at 11:00 AM Eastern Time (10:00 AM Central Time). Investors may access the call by visiting the Financials section of the West Corporation website at www.west.com and clicking on the Webcast link. A replay of the call will be available on the Company’s website at www.west.com.

About West Corporation

West Corporation is a leading provider of outsourced communication solutions to many of the world’s largest companies, organizations and government agencies. West combines telephony, technology and human capital to help its clients communicate effectively, maximize the value of their customer relationships and drive greater profitability from customer related transactions. The company’s integrated suite of customized solutions includes worldwide conferencing, emergency communications, customer care, customer acquisition, customer retention, business-to-business sales, account management and accounts receivable management services.

Founded in 1986 and headquartered in Omaha, Nebraska, West has a team of 43,000 employees based in North America, Europe and Asia. For more information on West Corporation, please call 1-800-841-9000 or visit www.west.com.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “intends,” “continue” or similar terminology. These statements reflect only West’s current expectations and are not guarantees of future performance or results. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties include the ability to integrate or achieve the objectives of our recent acquisitions, West’s expectations of future liquidity requirements, West’s ability to complete future acquisitions,

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competition in West’s highly competitive industries, extensive regulation in many of West’s markets, West’s ability to recover on its charged-off consumer receivables, capacity utilization of West’s contact centers, the cost and reliability of voice and data services, availability of key personnel and employees, the cost of labor and turnover rates, the political, economic and other conditions in countries where West operates, the loss, financial difficulties or bankruptcy of any key clients, the non-exclusive nature of West’s client contracts and the absence of revenue commitments, the possibility of an emergency interruption to West’s data and contact centers, acts of terrorism or war, security or privacy breaches of West’s systems and databases, West’s ability to protect proprietary information or technology, West’s ability to continue to keep pace with technological developments, the cost of pending and future litigation, West’s ability to purchase, and finance the acquisition of, charged-off receivable portfolios on acceptable terms and in sufficient amounts and other risk factors described in documents filed by the company with the United States Securities and Exchange Commission including West’s annual report on Form 10-K for the year ended December 31, 2008 and quarterly report on Form 10-Q for the quarter ended March 31, 2009. These forward-looking statements speak only as of the date on which the statements were made. West undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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WEST CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited, in thousands except selected operating data)

	Three Months Ended June 30,									Six Months Ended June 30,
	2009			2008			% Change			2009			2008			% Change
Revenue	$	606,907		$	551,433			10.1	%	$	1,213,866		$	1,077,188			12.7	%
Cost of services		269,268			251,143			7.2	%		538,318			501,703			7.3	%
Selling, general and administrative expenses		229,893			219,090			4.9	%		459,347			425,218			8.0	%
Operating income		107,746			81,200			32.7	%		216,201			150,267			43.9	%
Interest expense		63,616			70,204			-9.4	%		127,679			144,363			-11.6	%
Other expense (income), net		802			(483	)		266.0	%		(5,688	)		(917	)		-520.3	%
Income before tax		43,328			11,479			277.5	%		94,210			6,821			1281.2	%
Income tax expense		16,202			4,737			242.0	%		34,971			3,998			774.7	%
Net income		27,126			6,742			302.3	%		59,239			2,823			1998.4	%
Less net income (loss) — Noncontrolling interest		691			(987	)		170.0	%		2,180			(3,702	)		158.9	%
Net income — West Corporation	$	26,435		$	7,729			242.0	%	$	57,059		$	6,525			774.5	%
SELECTED SEGMENT DATA:
Revenue:
Communication Services	$	288,475		$	272,442			5.9	%	$	577,621		$	552,775			4.5	%
Conferencing		271,295			230,069			17.9	%		533,370			425,713			25.3	%
Receivables Management		48,535			50,337			-3.6	%		105,902			101,453			4.4	%
Intersegment eliminations		(1,398	)		(1,415	)		1.2	%		(3,027	)		(2,753	)		-10.0	%
Total	$	606,907		$	551,433			10.1	%	$	1,213,866		$	1,077,188			12.7	%
Depreciation & Amortization:
Communication Services	$	22,341		$	18,399			21.4	%	$	44,777		$	37,237			20.2	%
Conferencing		21,697			18,674			16.2	%		42,274			35,151			20.3	%
Receivables Management		5,035			5,510			-8.6	%		9,621			12,400			-22.4	%
Total	$	49,073		$	42,583			15.2	%	$	96,672		$	84,788			14.0	%
Operating Income:
Communication Services	$	33,186		$	32,823			1.1	%	$	62,223		$	63,375			-1.8	%
Conferencing		75,763			58,326			29.9	%		151,409			109,558			38.2	%
Receivables Management		(1,203	)		(9,949	)		87.9	%		2,569			(22,666	)		111.3	%
Total	$	107,746		$	81,200			32.7	%	$	216,201		$	150,267			43.9	%
Operating Margin:
Communication Services		11.5	%		12.0	%		-4.2	%		10.8	%		11.5	%		-6.1	%
Conferencing		27.9	%		25.4	%		9.8	%		28.4	%		25.7	%		10.5	%
Receivables Management		-2.5	%		-19.8	%		87.4	%		2.4	%		-22.3	%		110.8	%
Total		17.8	%		14.7	%		21.1	%		17.8	%		13.9	%		28.1	%
SELECTED OPERATING DATA ($M):
Cash flow from operations		52.1			46.6						101.0			70.7
Term loan facility		2,472.8			2,498.1
Revolving credit facility		263.8			101.5
Senior and senior subordinated notes		1,100.0			1,100.0

	Condensed Balance Sheets
	June 30,			December 31,			%
	2009			2008			Change
Current assets:
Cash and cash equivalents	$	190,437		$	168,340			13.1	%
Trust and restricted cash		26,731			9,130			192.8	%
Accounts receivable, net		372,869			359,021			3.9	%
Portfolio receivables, current		41,458			64,204			-35.4	%
Deferred income taxes receivable		25,793			52,647			-51.0	%
Other current assets		86,966			85,706			1.5	%
Total current assets		744,254			739,048			0.7	%
Net property and equipment		331,033			320,152			3.4	%
Portfolio receivables, net		67,539			68,542			-1.5	%
Goodwill		1,644,263			1,642,857			0.1	%
Other assets		508,238			544,190			-6.6	%
Total assets	$	3,295,327		$	3,314,789			-0.6	%
Current liabilities	$	471,812		$	527,638			-10.6	%
Long-term obligations		3,812,596			3,843,536			-0.8	%
Other liabilities		138,740			146,203			-5.1	%
Total liabilities		4,423,148			4,517,377			-2.1	%
Class L common stock		1,235,784			1,158,159			6.7	%
Stockholders’ deficit		(2,363,605	)		(2,360,747	)		-0.1	%
Total liabilities and stockholders’ deficit	$	3,295,327		$	3,314,789			-0.6	%

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Reconciliation of Financial Measures

The common definition of EBITDA is “Earnings Before Interest Expense, Taxes, Depreciation and Amortization.” In evaluating liquidity, we use earnings before interest expense, share based compensation, taxes, depreciation and amortization, minority interest, non-recurring litigation settlement costs, other non-cash reserves, transaction costs and after acquisition synergies and excluding unrestricted subsidiaries, or “Adjusted EBITDA.” EBITDA and Adjusted EBITDA are not measures of financial performance or liquidity under generally accepted accounting principles (“GAAP”). EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for net income, cash flow from operations or other income or cash flow data prepared in accordance with GAAP. Adjusted EBITDA, as presented, may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is presented as we understand certain investors use it as one measure of our historical ability to service debt. Adjusted EBITDA is also used in our debt covenants, although the precise adjustments used to calculate Adjusted EBITDA included in our credit facility and indentures vary in certain respects among such agreements and from those presented below. Set forth below is a reconciliation of EBITDA and Adjusted EBITDA to cash flow from operations.

	Three Months Ended June 30,						Six Months Ended June 30,
Amounts in thousands	2009			2008			2009			2008
Cash flow from operating activities	$	52,139		$	46,633		$	100,994		$	70,655
Income tax expense		16,202			4,737			34,971			3,998
Deferred income tax (expense) benefit		(533	)		(463	)		(9,022	)		3,696
Interest expense, net of amortization		59,438			66,264			119,390			136,802
Allowance for impairment of purchased accounts receivable		—			(19,836	)		—			(44,076	)
Unrealized gain on foreign denominated debt		2,352			—			4,194			—
Noncontrolling interest in earnings, net of distributions		407			3,002			125			7,645
Provision for share based compensation		(380	)		(357	)		(715	)		(669	)
Other		(26	)		(59	)		(103	)		29
Changes in operating assets and liabilities, net of business acquisitions		25,726			25,332			66,546			61,594
EBITDA		155,325			125,253			316,380			239,674
Noncontrolling interest		691			(987	)		2,180			(3,702	)
Provision for share based compensation		380			357			715			669
Site closures, settlements and other impairments		3,128			19,563			5,636			44,542
Acquisition synergies and transaction costs		4,586			3,712			9,869			5,064
Non-cash foreign currency loss (gain)		2,518			—			(4,593	)		—
Adjusted EBITDA	$	166,628		$	147,898		$	330,187		$	286,247

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