Viasat Announce 3Q Fiscal Year 2014 Results
Carlsbad, Calif., February 12, 2014-- ViaSat Inc.announced financial results for the third quarter of fiscal year 2014. Revenues increased 16% to US$ 332.6 million compared to the same period last year, and Adjusted EBITDA hit record levels, growing 17% year-over-year to US$ 56.7 million for the third quarter of fiscal year 2014.
Non-GAAP diluted net income attributable to ViaSat common stockholders was $0.03 per share, or a loss of $0.13 per share on a diluted GAAP basis – compared to net income of $0.04 and a loss of $0.47 per share, respectively, for the third quarter of fiscal year 2013.
ViaSat’s fiscal year-to-date results also reflected strong growth. Revenues increased 24% to $1.0 billion and Adjusted EBITDA grew 34% to $163.8 million compared to the same period last year. Net income attributable to ViaSat common stockholders increased to $0.35 per share on a non-GAAP diluted basis, or a loss of $0.13 per share on a diluted GAAP basis - compared to the prior year period losses of $0.18 and $0.99 per share, respectively.
“We are very pleased with the balance in our third quarter and year-to-date results,” said Mark Dankberg, chairman and CEO of ViaSat. “We’ve maintained double-digit revenue and Adjusted EBITDA growth, and substantially increased discretionary investments to defend and extend our technology lead in fixed and mobile satellite broadband networks. The launch of Exede® In The Air via JetBlue’s Fly-Fi™ service is an exciting example of opportunities uniquely enabled by our satellite network assets and innovative technologies. We aim to create an opportunity for disproportionately strong growth by redefining the in-flight Wi-Fi experience - engaging up to 10 times the number of passengers per flight, with speeds 10 to 100 times faster than competing systems, at costs far lower than possible with conventional infrastructure. We are fortunate to have similar disruptive opportunities in several key markets,” he added.
Financial analyst firm Raymond James said ViaSat delivered its eighth consecutive quarter of double-digit revenue growth in F3Q 2014 but missed the consensus forecast of US$ 349 million by 5%. EBITDA also disappointed, growing 17% to US$ 56.7 million vs. the consensus forecast of US$ 59.3 million (a ~5% miss).
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