ViaSat… Financially Speaking…

[SatNews] ViaSat Inc. (NASDAQ: VSAT) has announced their financial results for the first quarter of fiscal year 2011.

The fiscal first quarter results include new contract awards of $152.9 million, revenues of $192.0 million, Adjusted EBITDA of $37.6 million and non-GAAP diluted net income attributable to ViaSat common stockholders of $0.23 per share, or $0.08 per share on a diluted GAAP basis. Included in these first quarter results was a pre-tax expense of $8.5 million, or $0.12 per share, resulting from an increase in estimated costs on a government satellite communications development program.

“ViaSat generated healthy year-over-year growth in revenue, Adjusted EBITDA, orders and contract awards, and sales backlog, but results were impacted by the program expense as well as delays in contract award decisions on a number of government follow-on and competitive contracts,” said Mark Dankberg, chairman and CEO of ViaSat. “We anticipate that several potentially significant awards will be decided within the current quarter. The defense budget is clearly under increasing pressure, leading to ordering delays throughout the defense procurement market, but we believe that pressure also creates a more receptive market for ViaSat’s lower cost systems. Our strong competitive positions in expected growth segments such as airborne intelligence, situational awareness, data links, and cyber security afford an opportunity to accelerate and build on the momentum from our recent Blue Force Tracking-2 contract award. The Blue Force Tracking initial contract ceiling value is our second largest ever and was awarded shortly after the end of the first quarter.”