ORBCOMM Reports 10% Increase in Revenues in 2nd Quarter 2014
Rochelle Park, N.J., August 7, 2014--For the second quarter of 2014, Machine-to-Machine communications provider ORBCOMM reported total revenues were up 30.9% year-over-year to US$ 24.3 million. Service Revenues were up 10.2% to US$ 14.9 million over the prior year. Second quarter 2014 Product Sales of US$ 9.4 million were 86.4% higher than prior year.
Adjusted EBITDA for the second quarter of 2014 was US$ 5.1 million and was up 23.8% over the prior year period. ORBCOMM’s basic EPS is $0.03 for the second quarter of 2014 compared to $0.04 for the comparable period last year.
For the second quarter ended June 30, 2014, Service Revenues increased 10.2% to US$ 14.9 million over the prior year period in 2013. The increase in Service Revenues in Q2 of 2014 was driven by core network revenues including AIS, and from higher revenues from solutions services.
Product Sales during the second quarter of 2014 were US$ 9.4 million compared to $5.0 million during the same period last year, an increase of $4.4 million or 86.4%. The quarterly year-over-year increase in Product Sales was driven by customer deployments in solutions augmented by sales from Euroscan.
Total Revenues for the quarter ended June 30, 2014 were US$ 24.3 million compared to US$ 18.6 million during the same period of 2013, an increase of 30.9%.
Net subscriber addtions for the quarter was 27,000 bringing the total billable subscribers to 915,000--an increase of 14% year-on-year.
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