Hughes Communications, Inc. (NASDAQ: HUGH) (“Hughes”) has announced financial results for the quarter ended September 30, 2009. Hughes’ consolidated operations are classified into four reportable segments: North America Broadband; International Broadband; Telecom Systems; and Corporate and Other. The North America Broadband, International Broadband, and Telecom Systems segments represent all the operations of Hughes Network Systems, LLC (“HNS”), Hughes’ principal operating subsidiary. Financial highlights for Q3 2009…
- Consumer business sets new records with impressive growth over the third quarter of 2008
- Record third quarter subscriber gross adds of 50,000, an increase of 14 percent
- Record third quarter subscriber net adds of 17,000 for growth of 49 percent
- Services revenue increased by 19 percent
- Consumer ARPU increased to $71 over $68 in the third quarter of 2008 and $70 in the second quarter of 2009
- Churn improved to 2.3 percent from 2.6 percent in the third quarter of 2008
- Revenue of $251 million compared to $272 million in the third quarter of 2008
- Total services revenue up 12%, with Broadband services revenue up 16 percent
- North America Broadband services revenue up 14 percent; International Broadband services revenue up 22 percent, 34 percent on a constant dollar basis
- Telecom Systems revenue of $29 million, down 32percentprimarily due to several major MobileSat development contracts reaching completion and the winding down of the Telematics contract
- Record third quarter Adjusted EBITDA of $44 million, an increase of 13percentover the third quarter of 2008
- New orders of $208 million, with major orders from GTech, Burger King, Social Security Service, Row 44, Equiva, Yum Brands, LodgeNet, Barrett Xplore, and Rite Aid in North America. Major orders from our international customers included World Bank, Ethiopian Telecom, BP Spain, Martins Brazil, and NIT Nigeria. Strong non-consumer backlog of $822 million at September 30, 2009
- Positive cash from operations of $74 million compared to $26 million in the third quarter of 2008
