News Column

United States : First Quarter Fiscal Year 2015 Results

August 13, 2014

ViaSat Inc., an innovator in satellite and other wireless networking systems and services, announced its fiscal year 2015 first quarter financial results, which included revenues of $319.5 million and a new Adjusted EBITDA record of $60.2 million, up 14% from $52.7 million recorded in the same period last year. Non-GAAP diluted net income attributable to ViaSat common stockholders for the first quarter of fiscal year 2015 was $0.05 per share compared to $0.11 per share in the fiscal year 2014 first quarter. The results reflect a $0.05 non-GAAP diluted net income per share reduction due to the expiration of the federal income tax credit for research and development expenditures and a $0.03 per share year-over-year reduction due to increased legal expenses, net of tax, supporting our satellite litigation activities resulting in a favorable jury verdict. Our first quarter fiscal year 2015 and fiscal year 2014 diluted GAAP net loss per share was $0.13 and $0.04, respectively, reflecting the same year-over-year tax and legal expense per share impacts as our non-GAAP diluted per share results.

ViaSat earned record quarterly Adjusted EBITDA largely driven by steady increases in average revenue per subscriber and expanding margins in satellite services, said Mark Dankberg, CEO and chairman of ViaSat. Government backlog is building as delayed orders are beginning to accrue. Our commercial in-flight Wi-Fi is beginning to grow on steady aircraft installation and unprecedented usage per flight. We re pleased by the opportunities we have in each of these areas to continue our run of strong annual Adjusted EBITDA growth.

Our Satellite Services segment reported revenues of $109.7 million for the first quarter of fiscal year 2015, rising 28% from $85.8 million in the first quarter last year, setting a new quarterly record. Consumer residential broadband revenues continue to drive our year-over-year growth, increasing over 20% from the same period last year, driven by both year-over-year customer growth and increased average revenue per customer. Our commercial mobility satellite internet offerings, launched in December 2013, also began contributing to growth with 140 planes in service and another 120 in-flight terminals delivered as of our fiscal year 2015 first quarter end. First quarter fiscal year 2015 Satellite Services segment Adjusted EBITDA also hit a new record at $32.8 million, almost double the amount reported for the same period last year, even though litigation costs and expenses increased by $1.8 million from the same period last year. Our Commercial Networks segment revenues were $92.2 million for the first quarter of fiscal year 2015 compared to $97.4 million for the same period last year.

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Source: TendersInfo (India)

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