Monday, 08 November
ViaSat Inc, an innovator in satellite and other wireless networking systems and services, announced financial results for the second quarter of fiscal year 2011 that included new contract awards of $251.7 million, revenues of $197.9 million, Adjusted EBITDA of $43.1 million and non-GAAP diluted net income attributable to ViaSat common stockholders of $0.32 per share, or $0.18 per share on a diluted GAAP basis.
Year-to-date, ViaSat reported new contract awards of $404.6 million, total revenues of $389.9 million, Adjusted EBITDA of $80.7 million and non-GAAP diluted net income attributable to ViaSat common stockholders of $0.55 per share, or $0.26 per share on a diluted GAAP basis.
"Our fiscal second quarter results for new orders, adjusted EBITDA and cash flow were good," said Mark Dankberg, chairman and CEO. "Earnings per share continue to be impacted by significantly higher tax rates due to the delayed extension of the federal R&D tax credit. Revenue and earnings this quarter also reflects the uneven order flow we've experienced over the last several quarters. However, we believe there is better potential for meaningfully stronger orders in the second half of our year compared to the first – due to a blend of new program award decisions, continued favorable demand for defense satellite and encryption products, as well as follow-on orders that have remained delayed by defense budget and approval processes. The new Blue Force Tracking contract, and our memorandum of understanding with JetBlue Airways for in-flight aviation broadband over ViaSat-1, both represent new growth market opportunities we have pursued diligently over the last two years. Longer term, commercial networking product orders are gated by new satellite launches scheduled to begin in the current quarter."
(1) ViaSat uses a 52 or 53 week fiscal year which ends on the Friday closest to March 31. ViaSat quarters for fiscal year 2011 end on July 2, 2010, October 1, 2010, December 31, 2010, and April 1, 2011.
(2) All non-GAAP net income numbers have been adjusted to exclude the effects of amortization of acquired intangible assets, acquisition related expenses, and non-cash stock-based compensation expenses, net of tax. A reconciliation of specific adjustments to GAAP results for these periods is included in the table titled "An Itemized Reconciliation Between Net Income Attributable to ViaSat Inc. on a GAAP Basis and Non-GAAP Basis" contained in this release. A description of our use of non-GAAP information is provided below under "Use of Non-GAAP Financial Information."
(3) Adjusted EBITDA represents net income (loss) attributable to ViaSat Inc. before interest, taxes, depreciation and amortization, adjusted to exclude the effects of non-cash stock-based compensation expense and acquisition-related expenses. A reconciliation of specific adjustments to GAAP results for these periods is included in the table titled "An Itemized Reconciliation Between Net Income Attributable to ViaSat Inc. and Adjusted EBITDA" contained in this release. A description of our use of non-GAAP information is provided below under "Use of Non-GAAP Financial Information."
Government Systems Segment
The Government Systems segment posted quarterly revenues of $94.9 million, a 7.6% decrease from the second quarter of fiscal year 2010. The decrease was primarily related to lower revenues in tactical data link products and services and information assurance products, offset by higher sales of our government satellite communication systems. New contract awards in our Government Systems segment for the second quarter of fiscal year 2011 were $165.3 million.
Commercial Networks Segment
For the Commercial Networks segment, revenues were $44.3 million for the second quarter, an 18.5% decrease from the second quarter of fiscal year 2010. The revenue decrease was primarily due to lower sales associated with satellite networking technology development programs and consumer broadband products, which was partly due to ViaSat no longer recognizing revenue for equipment sales to WildBlue Communications following our acquisition of WildBlue in December 2009. The decrease was offset by increased sales of next-generation broadband equipment and satellite antenna systems products. New contract awards in our Commercial Networks segment for the second quarter of fiscal year 2011 were $28.6 million.
Satellite Services Segment
Our Satellite Services segment contributed revenues of $58.6 million for the second quarter, which was a $55.1 million increase compared to the second quarter of fiscal year 2010. The revenue increase was primarily related to the acquisition of WildBlue in the third quarter of fiscal year 2010. New contract awards in our Satellite Services segment for the second quarter of fiscal year 2011 were $57.8 million.
Selected Second Quarter 2011 Business Highlights
• Awarded $37.7 million of first article and initial production terminals for the U.S. Army next generation high-capacity low-latency Blue Force Tracking (BFT) equipment as part of the Force XXI Battle Command Brigade and Below (FBCB2) Program. The total value of the IDIQ contract vehicle ordering agreement is $477 million.
• Entered into a non-binding memorandum of understanding with JetBlue to develop a new Ka-band in-flight broadband access system for customers on the JetBlue fleet of more than 160 aircraft, including two-way transmission bandwidth services using our WildBlue-1 satellite and our anticipated high-capacity satellite, ViaSat-1.
• WildBlue was awarded $19.5 million in grant funding by the Department of Agriculture's Rural Utilities Service (RUS) under the American Reinvestment and Recovery Act of 2009 (ARRA) to provide affordable broadband services to unserved and rural areas in 24 Western and Midwestern states. Together with a $14 million RUS grant to DISH Network (a WildBlue distribution partner) for the Eastern states, WildBlue® broadband service is expected to be offered to rural unserved communities nationwide with additional incentives under the ARRA satellite project program.
• Received a $14 million award from NATO for turnkey integration and installation of three UHF Demand Assigned Multiple Access (DAMA) Network Control Stations (NCS). Two fixed NCS sites are intended to support NATO operations in the Balkans, Afghanistan, and other theatres, and a third, portable NCS is designed to enable "quick-response" operations to support global NATO missions.
• Received a $16.5 million award from Lockheed Martin Corporation for an additional F-35 Joint Strike Fighter simulator. This system is the third such simulator to support aircraft development and testing.
• Received a $10.8 million award from the U.S. government for an additional ArcLight® mobile broadband network to provide more capacity in Afghanistan to support numerous airborne ISR missions. This award increases the number of ViaSat owned and operated networks to three in theatre.
• Acquired the SKYLink® airborne broadband service from ARINC Incorporated and began transitioning over 80 private business jets to our Yonder® high-speed Internet access network for mobile satellite communications.
• Introduced the AltaSec® IPS-250 inline network encryptor (INE), the first network encryptor to be compatible with the new Cryptographic High Value Product (CHVP) Suite B standards specified by the National Security Agency (NSA). Suite B security enables U.S. warfighters and government agencies to create secure IP networks without the expensive logistics and lifecycle costs associated with Controlled Cryptographic Items (CCI).
• Completed the acquisition of the Stonewood Group, a producer of encrypted data storage devices for government and commercial customers.
ضع تعليق باستخدام حساب الفيس بوك
|مواضيع ذات صلة مع ViaSat Reports Fiscal 2011 Second Quarter results|
|Results show the wrestling room exclusion, Elimination Chamber 2014 | Matches, Results|
|ORF Teletext reports record viewership|
|RTL Group reports revenues up|
|Playboy Enterprises says its third-quarter results will include a write-down charge of more than $20 million on its TV progra|
|BBC reports 180 quangos could be scrapped|