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ViaSat Announces Fiscal 2011 Third Quarter Results

CARLSBAD, Calif. Feb. 8, 2011 December 31, 2010 $172.1 million $195.9 million $37.3 million $0.43 $0.30 $576.7 million $585.8 million $118.0 million $0.98 $0.56

(Logo:  http://photos.prnewswire.com/prnh/20091216/VIASATLOGO)

Mark Dankberg $70 million $120 million

Financial Results(1)

(In millions, except per share data)

Q3 FY11

Q3 FY10

First 9 Mos.
FY11

First 9 Mos.
FY10

Revenues

$195.9

$156.4

$585.8

$475.4

Net income(2)

$12.9

$3.2

$24.0

$20.7

Diluted per share net income (2)

$0.30

$0.09

$0.56

$0.62

Non-GAAP net income (2), (3)

$18.6

$13.5

$41.9

$37.5

Non-GAAP diluted net income per share (2), (3)

$0.43

$0.39

$0.98

$1.12

Fully diluted weighted average shares

43.4

34.7

42.8

33.6

Adjusted EBITDA(4)

$37.3

$22.1

$118.0

$65.8

New orders/Contract awards

$172.1

$157.1

$576.7

$503.4

Sales backlog

$523.5

$478.7

$523.5

$478.7

(1)   ViaSat uses a 52 or 53 week fiscal year which ends on the Friday closest to March 31. ViaSat quarters for fiscal year 2011 end on July 2, 2010, October 1, 2010, December 31, 2010, and April 1, 2011.

(2)  Attributable to ViaSat Inc. common stockholders

(3)  All non-GAAP net income numbers have been adjusted to exclude the effects of amortization of acquired intangible assets, acquisition related expenses, and non-cash stock-based compensation expenses, net of tax. A reconciliation of specific adjustments to GAAP results for these periods is included in the table titled "An Itemized Reconciliation Between Net Income Attributable to ViaSat Inc. on a GAAP Basis and Non-GAAP Basis" contained in this release. A description of our use of non-GAAP information is provided below under "Use of Non-GAAP Financial Information."

(4)  Adjusted EBITDA represents net income (loss) attributable to ViaSat Inc. before interest, taxes, depreciation and amortization, adjusted to exclude the effects of non-cash stock-based compensation expense and acquisition-related expenses. A reconciliation of specific adjustments to GAAP results for these periods is included in the table titled "An Itemized Reconciliation Between Net Income Attributable to ViaSat Inc. and Adjusted EBITDA" contained in this release. A description of our use of non-GAAP information is provided below under "Use of Non-GAAP Financial Information."

Government Systems Segment

$97.6 million government satellite communication systems $87.8 million

Commercial Networks Segment

$39.0 million December 2009 satellite networking technology $29.4 million

Satellite Services Segment

$59.3 million mobile broadband services $54.9 million

Selected Recent Fiscal 2011 Business Highlights

  • $13.8 million BFT-2
  • $13.1 million Afghanistan
  • $9.0 million UHF satellite communication
  • KA-SAT satellite Europe SurfBeam® 2 ground system
  • Mexico
  • $70 million $120 million
  • Awarded the first Defense Security Service (DSS) Award of Excellence in Counterintelligence for 2010. ViaSat was one of just two companies selected out of over 13,000 cleared contractors for demonstrating the best ability to stop foreign theft of U.S. defense technology.

Safe Harbor Statement

www.sec.gov

Conference Call

5:00 p.m. Eastern Time Tuesday, February 8, 2011 investors.viasat.com 8:00 p.m. Eastern Time Tuesday, February 8 Wednesday, February 9

About ViaSat ( www.viasat.com )

Carlsbad, California

Use of Non-GAAP Financial Information

To supplement ViaSat’s consolidated financial statements presented in accordance with generally accepted accounting principles (GAAP), ViaSat uses non-GAAP net income attributable to ViaSat Inc. and Adjusted EBITDA, measures ViaSat believes are appropriate to enhance an overall understanding of ViaSat’s past financial performance and prospects for the future. Non-GAAP net income attributable to ViaSat Inc. excludes the effects of amortization of acquired intangible assets, acquisition related expenses, and non-cash stock-based compensation expenses, net of tax. Adjusted EBITDA represents net income (loss) attributable to ViaSat Inc. before interest, taxes, depreciation and amortization, adjusted to exclude the effects of non-cash stock-based compensation expenses, and acquisition-related expenses. We believe the non-GAAP results provide useful information to both management and investors by excluding specific expenses that we believe are not indicative of our core operating results. In addition, since we have historically reported non-GAAP results to the investment community, we believe the inclusion of non-GAAP numbers provides consistency in our financial reporting and facilitates comparisons to the company’s historical operating results. Further, these non-GAAP results are among the primary indicators that management uses as a basis for planning and forecasting in future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for measures of financial performance prepared in accordance with GAAP. A reconciliation of specific adjustments to GAAP results is provided in the tables titled "An Itemized Reconciliation Between Net Income Attributable to ViaSat Inc. on a GAAP Basis and Non-GAAP Basis" and "An Itemized Reconciliation Between Net Income Attributable to ViaSat Inc. and Adjusted EBITDA" contained in this release.

ArcLight and SurfBeam are registered trademarks of ViaSat Inc.

WildBlue is a registered trademark of WildBlue Communications Inc.

Condensed Consolidated Statement of Operations

(Unaudited)

(In thousands, except per share data)

Three months ended

Nine months ended

December 31, 2010

January 1, 2010

December 31, 2010

January 1, 2010

Revenues:

Product revenues

$                  126,434

$           137,146

$                  379,022

$           437,889

Service revenues

69,507

19,218

206,812

37,549

Total revenues

195,941

156,364

585,834

475,438

Operating expenses:

Cost of product revenues

95,009

98,708

278,174

309,105

Cost of service revenues

41,923

11,613

122,682

24,585

Selling, general and administrative

40,413

34,416

121,286

90,259

Independent research and development

6,661

7,864

21,597

21,559

Amortization of acquired intangible assets

4,923

1,901

14,627

4,768

Income from operations

7,012

1,862

27,468

25,162

Interest income (expense), net

(14)

(1,739)

(2,903)

(1,950)

Income before income taxes

6,998

123

24,565

23,212

(Benefit) provision  for income taxes

(5,929)

(2,940)

437

2,765

Net income

12,927

3,063

24,128

20,447

Less: Net income (loss) attributable to the noncontrolling interest, net of tax

3

(183)

157

(243)

Net income attributable to ViaSat, Inc.

$                    12,924

$               3,246

$                    23,971

$             20,690

Diluted net income per share attributable to ViaSat, Inc. common stockholders

$                        0.30

$                 0.09

$                        0.56

$                 0.62

Diluted common equivalent shares

43,352

34,725

42,799

33,591

AN ITEMIZED RECONCILIATION BETWEEN NET INCOME ATTRIBUTABLE TO VIASAT, INC.

ON A GAAP BASIS AND NON-GAAP BASIS IS AS FOLLOWS:

GAAP net income attributable to ViaSat, Inc.

$                    12,924

$               3,246

$                    23,971

$             20,690

Amortization of acquired intangible assets

4,923

1,901

14,627

4,768

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