Globecomm Systems Inc. (NASDAQ:GCOM), a leading global provider of communications solutions and services, today announced financial results for the fiscal 2012 second quarter and six months ended December 31, 2011.
Globecomm is reporting its financial results on a generally accepted accounting principles (GAAP) basis as well as adjusted EBITDA and adjusted diluted net income per common share, both non-GAAP financial measures, for which the Company provides detailed reconciliations on the attached tables. The following are highlights:
Service revenues for the quarter increased 15.6 percent to a record $54.7 million as compared to $47.3 million in the same period last year. For the six months ended December 31, 2011, service revenues increased 16.3 percent to a record $104.9 million as compared to $90.2 million in the same period last year.
Infrastructure revenues for the quarter increased 76.4 percent to $40.5 million as compared to $23.0 million in the same period last year.
Consolidated revenues for the quarter increased 35.5 percent to a record $95.2 million as compared to $70.2 million in the same period last year.
GAAP diluted net income per common share of $0.41 for the quarter as compared to $0.08 in the same period last year. Adjusted diluted net income per common share for the quarter increased 53.3 percent to $0.23 as compared to $0.15 in the same period last year.
Adjusted EBITDA for the quarter increased 47.5% to a record $12.0 million as compared to $8.1 million in the same period last year.
Fiscal Year 2012 Second Quarter Results
Revenues for the Company’s fiscal 2012 second quarter increased 35.5 percent to a record $95.2 million as compared to $70.2 million in the same period last year. Revenues from service increased 15.6 percent to a record $54.7 million, as compared to $47.3 million in the same period last year. The increase in service revenue was primarily driven by the Company’s acquisition of ComSource, completed on April 8th, 2011, which contributed $6.4 million, coupled with an increase in scope on a major government program in the Middle East. Revenue from infrastructure solutions increased 76.4 percent to $40.5 million, as compared to $23.0 million in the same period last year. The increase in infrastructure solutions revenues was primarily driven by revenues on a major government contract announced on September 8th 2011, which carries lower than traditional infrastructure margins and a revenue milestone achieved on a major wireless infrastructure contract.
Net income for the Company’s fiscal 2012 second quarter increased to $9.3 million or $0.41 per diluted share as compared to net income of $1.7 million, or $0.08 per diluted share in the same period last year.
The remainder of the report can be found here
