ViaSat Nets $1.9M, Posts Record US$ 1.1 B in revenues
Carlsbad, Caliif., May 16, 2013--ViaSat Inc., a provider of satellite and other wireless networking systems and services, earned profits of US$ 1.9 million in its fiscal fourth quarter after a boost from new contracts.
The company said it earned 4 cents per share for the quarter that ended March 29 compared with a loss of US$ 7.4 million, or 17 cents per share, in the same quarter last year. It earned 19 cents per share when excluding one-time items, versus a loss of a penny per share last year.
ViaSat said fourth quarter results include new contract awards of $227.1 million, and a 28 percent growth in revenues to US$ 308.7 million compared to the same period last year. Adjusted EBITDA also grew over 10 percent to US$ 40.8 million.
For the fiscal year, ViaSat reported new contract awards of $1.4 billion and revenues of $1.1 billion, increases of 36 percent and 30 percent, respectively, from the prior year. ViaSat's fiscal year 2013 Adjusted EBITDA also grew by 10 percent to $163.3 million.
"Steady gains in Exede satellite broadband subscribers coupled with 36 percent growth in contract awards pushed our revenues up 30 percent to over the $1 billion mark in fiscal year 2013," said Mark Dankberg, chairman and CEO of ViaSat.
"We've passed the 500,000 subscriber milestone and are reaching important earnings inflection points. We are pleased with our progress and believe we are seeing strong confirmation of our technology strategy across each of our markets."
Viasat said its Satellite Services segment revenues increased $23.9 million, or 44 percent, for the quarter, and US$ 54.3 million, or 24 percent, for the year, both new records, as our total subscriber base expanded to 512,000. It also reported approximately 98,000 installations during the quarter, which delivered 88,000 gross additions and 46,000 net additions to the network.
New subscribers were primarily through retail channels, leading to growth in blended ARPU to US$ 49.54. The increased subscriber base resulted in US$ 1.9 million, or 23 percent, higher Adjusted EBITDA during the fourth quarter of fiscal year 2013 compared to the same period last year.
ViaSat’s Commercial Networks segment fourth quarter revenues of US$ 83.6 million grew US$ 2.7 million, or 3 percent, compared to the same period last year. Fiscal year 2013 revenues and Adjusted EBITDA also grew US$ 63.3 million, or 25 percent, and US$ 5.4 million, or 64 percent, respectively, compared to last year.
Raymond James Equity Research said that while ViaSat revenues increased 28 percent to $309 million, which is 8 percent above consensus, driven by solid growth in the Government and Satellite Services segments, the company’s Adjusted EBITDA, lagged behind expectations, growing only 10 percent y/y to US$ 40.8 million vs. consensus ofUS $44.2 million.
The research firm also said ViaSat’s 46,000 net additions in the fiscal fourth quarter, was close to its forecast of 51,000 net additions and a 22 percent sequential improvement over the 38,000 subscribers added in the third quarter. It added that Gross additions of 88,000 benefited from a full-quarter contribution from DirecTV, but wholesale net additions were flat sequentially, suggesting that Dish is shifting more subscribers to its sister company, EchoStar.
Related Articles:
