8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549


FORM 8-K


CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) July 20, 2011

PREMIERE GLOBAL SERVICES, INC.

(Exact Name of Registrant as Specified in Its Charter)

GEORGIA

(State or Other Jurisdiction of Incorporation)

001-13577	59-3074176
(Commission File Number)	(IRS Employer Identification No.)

3280 Peachtree Road, NE, Suite 1000, Atlanta, Georgia 30305
(Address of Principal Executive Offices)	(Zip Code)

404-262-8400

(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On July 21, 2011, Premiere Global Services, Inc. issued a press release reporting its financial results for the quarter ended June 30, 2011.  A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information included or incorporated in Item 2.02 of this current report, including Exhibit 99.1, is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 8.01 Other Events.

On July 21, 2011, we also announced that our board had approved on July 20, 2011 a new stock repurchase program authorizing the repurchase of up to 5.0 million shares of our common stock. We had nearly reached the authorized limit of 7.0 million shares under our prior stock repurchase program approved by our board in June 2006, with aggregate repurchases under that plan totaling 6,720,200 shares. The repurchases will be made in the open market at prevailing market prices or in privately negotiated transactions in accordance with all applicable securities laws and regulations. Such repurchases may occur from time to time and may be discontinued at any time. We currently have approximately 51.2 million shares of common stock outstanding.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1      Press Release dated July 21, 2011.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		PREMIERE GLOBAL SERVICES, INC.
Date:	July 21, 2011	By:	/s/ David E. Trine
			David E. Trine
			Chief Financial Officer
			(principal financial and accounting officer)

EXHIBIT INDEX

99.1 Press Release dated July 21, 2011.

EX-99.1

Exhibit 99.1

PGi Reports Second Quarter 2011 Results: Revenues $119.0M, Non-GAAP Diluted EPS from Continuing Operations $0.15*

Company Raises 2011 Financial Outlook, Establishes New Open Market Stock Repurchase Program for Nearly 10% of Total Shares Outstanding

ATLANTA--(BUSINESS WIRE)--July 21, 2011--Premiere Global Services, Inc. (NYSE: PGI), a global leader in virtual meetings, today announced results for the second quarter ended June 30, 2011.

In the second quarter of 2011, net revenues increased 7.3% to $119.0 million, compared to $110.9 million in the second quarter of 2010. Diluted EPS from continuing operations was $0.10 and non-GAAP diluted EPS from continuing operations was $0.15* in the second quarter of 2011, compared to diluted EPS from continuing operations of $0.07 and non-GAAP diluted EPS from continuing operations of $0.15* in the second quarter of 2010. Results for 2010 are reclassified to reflect the PGiSend business as discontinued operations, as it was sold in October 2010.

“We are pleased with the overall performance of our global business and the continuing momentum in our new products, iMeet® and GlobalMeet®,” said Boland T. Jones, PGi founder, chairman and CEO, who is leading the company’s next-generation product innovation. “Our sales pipelines continue to grow, and our outlook for the rest of the year remains strong.”

Six Month Results

In the first six months of 2011, net revenues increased 5.6% to $235.9 million, compared to $223.4 million in the first six months of 2010. Diluted EPS from continuing operations was $0.15 and non-GAAP diluted EPS from continuing operations was $0.26* in the first six months of 2011, compared to diluted EPS from continuing operations of $0.15 and non-GAAP diluted EPS from continuing operations of $0.29* in the first six months of 2010.

Other News

PGi also announced that its Board of Directors approved the repurchase of up to 5.0 million shares of the company's common stock, or approximately 10% of total shares currently outstanding, under a new stock repurchase program. PGi repurchased 1.0 million shares of common stock during the second quarter under its previous Board-authorized repurchase program. Aggregate stock repurchases under the previous program totaled 6,720,200 shares.

Share repurchases will be made in the open market at prevailing market prices or in privately negotiated transactions in accordance with all applicable securities laws and regulations. Such repurchases may occur from time to time and may be discontinued at any time.

Financial Outlook

The following statements are based on PGi’s current expectations. These statements contain forward-looking statements and company estimates, and actual results may differ materially. PGi assumes no duty to update any forward-looking statements made in this press release.

Based on the strength of its second quarter results and current business trends, PGi increased its financial outlook for 2011. Based on current trends and foreign currency exchange rates, PGi now anticipates net revenues from continuing operations in 2011 will be in the range of $460-$470 million and non-GAAP diluted EPS from continuing operations will be in the range of $0.60-$0.62*, including marketing and advertising costs associated with the launch of our new virtual meetings solutions.

PGi will host a conference call today at 5:00 p.m., Eastern Time, to discuss these results. To participate in the call, please dial-in to the appropriate number 5-10 minutes prior to the scheduled start time: (888) 239-5348 (U.S. and Canada) or (913) 312-1513 (International). The conference call will simultaneously be webcast. Please visit www.pgi.com for webcast details and conference call replay information, as well as the webcast archive and the text of the earnings release, including the financial and statistical information to be presented during the call.

* Non-GAAP Financial Measures

To supplement the company’s consolidated financial statements presented in accordance with GAAP, we have included the following non-GAAP measures of financial performance: non-GAAP operating income, non-GAAP net income from continuing operations, non-GAAP diluted net income per share (EPS) from continuing operations and organic growth. The company has also included these non-GAAP measures, as well as net revenues and segment net revenues, on a constant currency basis. Management uses these measures internally as a means of analyzing the company’s current and future financial performance and identifying trends in our financial condition and results of operations. We have provided this information to investors to assist in meaningful comparisons of past, present and future operating results and to assist in highlighting the results of ongoing core operations. Please see the table attached for calculation of these non-GAAP financial measures and for reconciliation to the most directly comparable GAAP measures. These non-GAAP financial measures may differ materially from comparable or similarly titled measures provided by other companies and should be considered in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP.

About Premiere Global Services, Inc. │ PGi

PGi is a global leader in virtual meetings. For 20 years, we have innovated technologies that help people meet and collaborate in more enjoyable and productive ways. Every month, we bring together over 15 million people in nearly 4 million virtual meetings. Headquartered in Atlanta, PGi has a presence in 24 countries worldwide. For more information, visit us at http://www.pgi.com.

Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management’s current expectations or beliefs as well as assumptions made by, and information currently available to, management. A variety of factors could cause actual results to differ materially from those anticipated in Premiere Global Services, Inc.’s forward-looking statements, including, but not limited to, the following factors: competitive pressures, including pricing pressures; technological changes and the development of alternatives to our services; market acceptance of new services, including our iMeet^® and GlobalMeet^® services; our ability to attract new customers and to retain and further penetrate our existing customer base; risks associated with challenging global economic conditions; costs or difficulties related to the integration of any new technologies; service interruptions and network downtime; price increases from our telecommunications service providers; technological obsolescence and our ability to upgrade our equipment or increase our network capacity; concerns regarding the security of transactions; our level of indebtedness; future write-downs of goodwill or other intangible assets; assessment of income, state sales and other taxes; restructuring and cost reduction initiatives and the market reaction thereto; risks associated with acquisitions and market expansion; the impact of the recent sale of our PGiSend business; our ability to protect our intellectual property rights, including possible adverse results of litigation or infringement claims; regulatory or legislative changes, including further government regulations applicable to traditional telecommunications service providers; risks associated with international operations, including political instability and fluctuations in foreign currency exchange rates; and other factors described from time to time in our press releases, reports and other filings with the Securities and Exchange Commission, including but not limited to the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2010. All forward-looking statements attributable to us or a person acting on our behalf are expressly qualified in their entirety by this cautionary statement.

PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
			Three Months Ended						Six Months Ended
			June 30,						June 30,
			2011			2010			2011			2010
			(Unaudited)						(Unaudited)
Net revenues			$	118,990		$	110,937		$	235,915		$	223,432
Operating expenses
	Cost of revenues (exclusive of depreciation and amortization shown
		separately below)		49,315			45,356			96,657			89,431
	Selling and marketing			34,247			28,791			70,359			61,759
	General and administrative (exclusive of expenses
		shown separately below)		14,217			14,550			27,998			29,000
	Research and development			2,627			3,358			5,803			6,935
	Excise and sales tax expense			-			439			21			439
	Depreciation			7,710			6,209			15,435			12,541
	Amortization			1,739			1,874			3,449			4,112
	Restructuring costs			-			1,851			-			2,083
	Asset impairments			35			91			54			129
	Net legal settlements and related expenses			12			41			12			380
	Acquisition-related costs			60			142			60			316
		Total operating expenses		109,962			102,702			219,848			207,125
Operating income				9,028			8,235			16,067			16,307
Other (expense) income
	Interest expense			(2,108	)		(3,905	)		(4,189	)		(6,322	)
	Unrealized gain on change in fair value of interest rate swaps			-			490			-			974
	Interest income			11			36			26			71
	Other, net			(167	)		74			(378	)		84
		Total other expense		(2,264	)		(3,305	)		(4,541	)		(5,193	)
Income from continuing operations before income taxes				6,764			4,930			11,526			11,114
Income tax expense				1,911			1,040			3,741			2,345
Net income from continuing operations				4,853			3,890			7,785			8,769
Income on discontinued operations, net of taxes				36			510			5			3,203
Net income			$	4,889		$	4,400		$	7,790		$	11,972
BASIC WEIGHTED-AVERAGE SHARES OUTSTANDING				50,173			58,367			50,465			58,294
Basic net income per share
	Continuing operations		$	0.10		$	0.07		$	0.15		$	0.15
	Discontinued operations			0.00			0.01			0.00			0.05
	Net income per share		$	0.10		$	0.08		$	0.15		$	0.21
DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING				50,508			58,774			50,788			58,655
Diluted net income per share
	Continuing operations		$	0.10		$	0.07		$	0.15		$	0.15
	Discontinued operations			0.00			0.01			0.00			0.05
	Net income per share		$	0.10		$	0.07		$	0.15		$	0.20

PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
			June 30,			December 31,
			2011			2010
			(Unaudited)
ASSETS
CURRENT ASSETS
	Cash and equivalents		$	24,018		$	15,101
	Accounts receivable (less allowances of $995 and $930, respectively)			72,604			64,243
	Prepaid expenses and other current assets			20,121			19,941
	Income taxes receivable			2,604			2,870
	Deferred income taxes, net			2,703			5,337
	Assets of a disposal group held for sale			3,719			4,319
		Total current assets		125,769			111,811
PROPERTY AND EQUIPMENT, NET				107,212			107,238
OTHER ASSETS
	Goodwill			299,269			296,681
	Intangibles, net of amortization			13,806			16,967
	Deferred income taxes, net			1,846			1,442
	Other assets			8,119			7,518
		TOTAL ASSETS	$	556,021		$	541,657
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
	Accounts payable		$	42,129		$	42,282
	Income taxes payable			1,266			768
	Accrued taxes, other than income taxes			5,674			4,671
	Accrued expenses			28,195			27,585
	Current maturities of long-term debt and capital lease obligations			3,815			3,577
	Accrued restructuring costs			3,132			7,273
	Liabilities of a disposal group held for sale			2,624			3,143
		Total current liabilities		86,835			89,299
LONG-TERM LIABILITIES
	Long-term debt and capital lease obligations			195,645			180,167
	Accrued restructuring costs			1,918			2,321
	Accrued expenses			17,891			18,032
	Deferred income taxes, net			8,152			9,823
		Total long-term liabilities		223,606			210,343
SHAREHOLDERS' EQUITY
	Common stock, $0.01 par value; 150,000,000 shares authorized,
	51,231,485 and 52,253,125 shares issued and outstanding, respectively			512			523
	Additional paid-in capital			482,908			491,833
	Accumulated other comprehensive gain			18,390			13,679
	Accumulated deficit			(256,230	)		(264,020	)
		Total shareholders' equity		245,580			242,015
		TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	556,021		$	541,657

PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
					Six Months Ended
					June 30,
					2011			2010
					(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
		Net income			$	7,790		$	11,972
		Income from discontinued operations, net of taxes				(5	)		(3,203	)
			Net income from continuing operations			7,785			8,769
	Adjustments to reconcile net income to net cash provided by operating activities
		Depreciation				15,435			12,541
		Amortization				3,449			4,112
		Amortization of debt issuance costs				468			391
		Write-off of unamortized debt issuance costs				-			161
		Net legal settlements and related expenses				12			380
		Payments for legal settlements and related expenses				(12	)		(178	)
		Deferred income taxes, net of effect of acquisitions				655			(851	)
		Restructuring costs				-			2,083
		Payments for restructuring costs				(4,540	)		(3,463	)
		Asset impairments				54			129
		Equity-based compensation				3,587			4,820
		Unrealized gain on change in fair value of interest rate swaps				-			(974	)
		Provision for doubtful accounts				378			403
		Changes in working capital				(7,119	)		(8,191	)
				Net cash provided by operating activities from continuing operations		20,152			20,132
				Net cash provided by operating activities from discontinued operations		27			12,511
				Net cash provided by operating activities		20,179			32,643
CASH FLOWS FROM INVESTING ACTIVITIES
		Capital expenditures				(15,306	)		(15,024	)
		Business dispositions				1,951			-
		Business acquisitions, net of cash acquired				(1,094	)		(392	)
				Net cash used in investing activities from continuing operations		(14,449	)		(15,416	)
				Net cash used in investing activities from discontinued operations		-			(4,136	)
				Net cash used investing activities		(14,449	)		(19,552	)
CASH FLOWS FROM FINANCING ACTIVITIES
		Principal payments under borrowing arrangements				(30,790	)		(73,686	)
		Proceeds from borrowing arrangements				44,971			65,844
		Payments of debt issuance costs				-			(1,038	)
		Purchase of treasury stock, at cost				(11,992	)		(999	)
				Net cash provided by (used in) financing activities from continuing operations		2,189			(9,879	)
				Net cash used in financing activities from discontinued operations		-			(54	)
				Net cash provided by (used in) financing activities		2,189			(9,933	)
Effect of exchange rate changes on cash and equivalents						998			(2,250	)
NET INCREASE IN CASH AND EQUIVALENTS						8,917			908
CASH AND EQUIVALENTS, beginning of period						15,101			41,402
CASH AND EQUIVALENTS, end of period					$	24,018		$	42,310

PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share data)
			Three Months Ended					Six Months Ended
			June 30,					June 30,
			2011		2010			2011		2010
			(Unaudited)					(Unaudited)
Non-GAAP Operating Income (1)
	Operating income, as reported		$	9,028	$	8,235		$	16,067	$	16,307
	Restructuring costs			-		1,851			-		2,083
	Excise and sales tax expense			-		439			21		439
	Asset impairments			35		91			54		129
	Net legal settlements and related expenses			12		41			12		380
	Equity-based compensation			1,795		2,217			3,587		4,820
	Acquisition-related costs			60		142			60		316
	Amortization			1,739		1,874			3,449		4,112
		Non-GAAP operating income	$	12,669	$	14,890		$	23,250	$	28,586
Non-GAAP Net Income from Continuing Operations (1)
	Net income from continuing operations, as reported		$	4,853	$	3,890		$	7,785	$	8,769
	Elimination of non-recurring tax adjustments			-		(340	)		485		(767	)
	Unrealized gain on change in fair value of interest rate swaps			-		(353	)		-		(701	)
	Restructuring costs			-		1,333			-		1,500
	Excise and sales tax expense			-		316			15		316
	Excise and sales tax interest			-		468			-		468
	Asset impairments			25		66			39		93
	Net legal settlements and related expenses			9		30			9		274
	Equity-based compensation			1,288		1,596			2,574		3,470
	Acquisition-related costs			43		102			43		227
	Amortization			1,248		1,349			2,475		2,960
	Debt refinance costs			-		282			-		282
		Non-GAAP net income from continuing operations	$	7,466	$	8,739		$	13,425	$	16,891
Non-GAAP Diluted EPS from Continuing Operations (1) (2)
	Diluted net income per share from continuing operations, as reported		$	0.10	$	0.07		$	0.15	$	0.15
	Elimination of non-recurring tax adjustments			-		(0.01	)		0.01		(0.01	)
	Unrealized gain on change in fair value of interest rate swaps			-		(0.01	)		-		(0.01	)
	Restructuring costs			-		0.02			-		0.03
	Excise and sales tax expense			-		0.01			-		0.01
	Excise and sales tax interest			-		0.01			-		0.01
	Asset impairments			-		-			-		-
	Net legal settlements and related expenses			-		-			-		-
	Equity-based compensation			0.03		0.03			0.05		0.06
	Acquisition-related costs			-		-			-		-
	Amortization			0.02		0.02			0.05		0.05
	Debt refinance costs			-		-			-		-
		Non-GAAP diluted EPS from continuing operations	$	0.15	$	0.15		$	0.26	$	0.29
(1)	Management believes that presenting non-GAAP operating income, non-GAAP net income from continuing operations and non-GAAP diluted EPS from continuing operations provide useful information regarding underlying trends in the company's continuing operations. Management expects equity-based compensation and amortization expenses to be recurring costs and presents non-GAAP diluted EPS from continuing operations to exclude these non-cash items as well as non-recurring items that are unrelated to the company's ongoing operations, including non-recurring tax adjustments, unrealized gain on change in fair value of interest rate swaps, restructuring costs, excise and sales tax expense and interest, asset impairments, net legal settlements and related expenses, acquisition-related costs and debt refinance costs. These non-cash and non-recurring items are presented net of taxes for non-GAAP net income from continuing operations and non-GAAP diluted EPS from continuing operations.
(2)	Column totals do not sum due to the effect of rounding on EPS.

PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
CONSTANT CURRENCY ADJUSTMENTS AND ORGANIC GROWTH
Prior Year Quarter Constant Currency Adjustments (3)
				Q2 - 11 (Constant currency)		Impact of fluctuations in foreign currency exchange rates		Q2 - 11 (Actual)
				(Unaudited, in thousands, except per share data)
			Net Revenues	$	115,057	$	3,933	$	118,990
			North America Net Revenue	$	78,379	$	223	$	78,602
			Europe Net Revenue	$	23,283	$	2,049	$	25,332
			Asia Pacific Net Revenue	$	13,395	$	1,661	$	15,056
			Non-GAAP Operating Income	$	11,961	$	708	$	12,669
			Non-GAAP Net Income from Continuing Operations	$	7,227	$	239	$	7,466
			Non-GAAP Diluted EPS from Continuing Operations	$	0.15	$	-	$	0.15
(3)	Management also presents the non-GAAP financial measures described under note 1 above, as well as net revenues and segment net revenue, on a constant currency basis compared to the same quarter in the previous year to exclude the effects of foreign currency exchange rates, which are not completely within management's control, in order to facilitate period-to-period comparison of the company's financial results without the distortion of these fluctuations. These constant currency adjustments convert current quarter results using prior period (Q2 - 10) average exchange rates.
Sequential Quarter Constant Currency Adjustments (4)
				Q1 - 11 (Constant currency)		Impact of fluctuations in foreign currency exchange rates		Q2 - 11 (Actual)
				(Unaudited, in thousands)
		Net Revenues		$	117,802	$	1,188	$	118,990
(4)	Management also presents net revenues on a constant currency basis compared to the prior quarter to exclude the effects of foreign currency exchange rates, which are not completely within management's control, in order to facilitate period-to-period comparison of the company's financial results without the distortion of these fluctuations. These constant currency adjustments convert current quarter results using prior period (Q1 - 11) average exchange rates.
Organic Growth (5)
				June 30, 2010		Impact of fluctuations in foreign currency exchange rates		Organic net revenue growth		June 30, 2011		Organic net revenue growth rate
				(Unaudited, in thousands, except percentages)
		Net Revenues, Three Months Ended		$	110,937	$	3,933	$	4,120	$	118,990	3.7	%
		Net Revenues, Six Months Ended		$	223,432	$	5,414	$	7,069	$	235,915	3.2	%
(5)	Management defines "organic growth" as revenue changes excluding the impact of foreign currency exchange rate fluctuations and acquisitions made during the periods presented and presents this non-GAAP financial measure to exclude the effect of these items that are not completely within management's control, such as foreign currency exchange rate fluctuations, or do not reflect the company's ongoing core operations or underlying growth, such as acquisitions.

CONTACT:
Premiere Global Services, Inc.
Investor Calls
Sean O’Brien, 404-262-8462
Executive Vice President
Strategy & Communications