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ViaSat Reports First Quarter Fiscal Year 2013 Results [Travel & Leisure Close - Up](Travel & Leisure Close - Up Via Acquire Media NewsEdge) ViaSat, a company focusing on satellite and other wireless networking systems and services, announced financial results for the first quarter of fiscal year 2013. in a release on August 3, the Company noted that the fiscal first quarter results include record new contract awards and revenues of $332.6 million and $241.8 million, respectively, Adjusted EBITDA of $29.6 million and a net loss attributable to ViaSat common stockholders of $0.18 per share on a non-GAAP diluted basis or $0.33 per share on a diluted GAAP basis. "Our products and service segments each performed very well this quarter in the context of their objectives," said Mark Dankberg, chairman and CEO of ViaSat. "The government systems segment grew revenue by over 20 percent, Adjusted EBITDA by over 50 percent and set records for new orders and backlog. The commercial networks segment grew revenue by over 40 percent, also increased Adjusted EBITDA, and the $240 million order for the Australian NBN satellite ground system received just after quarter end, drives record backlog there, too. In our satellite services segment, we are focused on the primary mission of adding subscribers, assessing the addressable market, and confirming the unit economics that will transition us to profitable growth in subsequent periods. We achieved about a 40 percent sequential increase in new terminal installations compared to the fourth quarter of fiscal year 2012 and grew average revenue per user (ARPU) by 3.5 percent. About 40 percent of new subscribers switched to the ExedeSM service from other terrestrial broadband connections. While total subscriber acquisition costs are the primary driver of our higher operating loss for the quarter, our unit economics for acquiring new subscribers and servicing existing ones are consistent with our models positioning us for steady sequential growth in Adjusted EBITDA and earnings beginning in our fiscal second quarter." Satellite Services revenues increased mainly from a higher mix of retail subscribers and the related ARPU. Adjusted EBITDA declined significantly for the quarter from the start-up of our Exede satellite Internet service, as fixed operating costs, and commissions and advertising expenses associated with subscriber growth increased more than incremental revenue for this quarter. Commercial Networks revenues and Adjusted EBITDA increased for the quarter on increased satellite terminal sales in Europe and North America supporting new Ka-band satellite services launched during fiscal year 2012. Government Systems operating results improved for the quarter as government mobile broadband products and services, command and control and tactical satellite networks revenues and associated earnings overcame reductions in information assurance product sales. Selected Fiscal First Quarter Business Highlights -Consumer satellite terminal installations grew by about 40 percent on a quarterly sequential basis driven by effective promotions and improved operational processes. More detailed analysis of subscriber data also indicates a meaningfully higher proportion of WildBlue subscribers have been upgrading to the Exede service, as opposed to disconnecting, compared to prior estimates. For the first quarter, our consumer Internet service reported the following metrics: -Ending Subscribers: 404,900 (22 percent on ViaSat-1) -Gross Adds: 46,835 -Migrations from WildBlue to Exede: 19,370 -Total new service installations (gross adds + migrations): 66,205 -Net new subscribers: 20,000 -Average Monthly Churn: 2.4 percent -Weighted Average service ARPU: $46.44 -Awarded $31.5 million for the first Full Production and Fielding (FP&F) order for Multifunctional Information Distribution System Joint Tactical Radio System (MIDS JTRS) terminals for the U.S. government -Received a bandwidth services order from the FBCB2 program office for 12 months of operations for the BFT-1 and MTS programs which is separate from, and in addition to, ongoing BFT-2 bandwidth services agreements -Received $35 million award from the Commonwealth of Australia Department of Defence (ADF) to supply UHF Satellite Communication (Satcom) Mission System to provide voice and data military satcom covering a region from the west coast of Africa to the east coast of Australia -Executed a previously anticipated contract valued at over $40 million from LiveTV, a subsidiary of JetBlue, for Ka-band in-flight Internet services for passengers on a major airline's U.S. fleet. The contract calls for over 200 aircraft to be outfitted with Ka- band terminals and to provide Ka-band connectivity for ten years -Received a $10 million contract from Selex Elsag Ltd for X-band antennas and MD-1366 Enhanced Bandwidth Efficient Modems (EBEMs) to expand NATO static ground satellite communications in Belgium and Italy, and upgrade services in Greece and Turkey -Subsequent to the end of the quarter, won a $240 million award from NBN Co to provide the ground-based communications, network management, and data processing systems for the Long Term Satellite Service component of the Australian National Broadband Network, bolstering our worldwide leadership in Ka-band satellite network systems More information: www.viasat.com ((Comments on this story may be sent to [email protected])) (c) 2012 ProQuest Information and Learning Company; All Rights Reserved. [ Back To TMCnet.com's Homepage ] |