ViaSat produces innovative satellite and other wireless communication products that enable fast, secure, and efficient communications to any location. ViaSat has a full line of VSAT products for data and voice applications. ViaSat is a market leader in Ka-band satellite systems, from user terminals to large gateways. Other products include network security devices, tactical data radios, and communication simulators. ViaSat has locations in Carlsbad, CA, and Norcross, GA, along with its Comsat Laboratories division based in Clarksburg, MD. Additional field offices are located in Boston, MA, Washington DC/Baltimore, Australia, China, India, and Italy

http://www.viasat.com

"Our results for the first quarter were consistent with our plans - and new orders exceeded our expectations," said Mark Dankberg, CEO and chairman of ViaSat. "While GAAP and non-GAAP earnings per share increased 54% and 38% respectively, compared to last year, our first quarter earnings were adversely impacted by several cents per share due to a higher tax rate resulting from the expiration of the federal R&D tax credit, which we anticipate will be retroactively extended sometime this year. We are especially pleased with growth in new orders and the corresponding strength of our core businesses. We also see opportunities for continued favorable order flow in our second quarter which would, combined with the strong first quarter awards, position us quite well for the current fiscal year." 

Financial Results(1)
(In millions, except per share data)               Q1 2009     Q1 2008
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Revenues                                       $     153.0 $     128.6
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Net income                                     $       6.3 $       4.2
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Diluted per share net income                   $      0.20 $      0.13
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Non-GAAP net income(2)                         $       9.1 $       6.8
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Non-GAAP diluted net income per share(2)       $      0.29 $      0.21
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Fully diluted weighted average shares                 31.6        32.2
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New orders/Contract awards                     $     205.9 $     136.0
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Sales backlog                                  $     427.4 $     396.1
 

(1) ViaSat uses a 52 or 53-week fiscal year which ends on the Friday
     closest to March 31. ViaSat's quarters for fiscal year 2009 end
     on June 27, 2008, October 3, 2008, January 2, 2009 and April 3,
     2009. Fiscal year 2009 is a 53-week year, compared with a 52-week
     year in fiscal year 2008. The second quarter of fiscal year 2009
     will consist of one additional week for a total of 14 weeks.
     ViaSat does not believe the extra week results in any material
     impact on its financial results.
(2) All non-GAAP numbers have been adjusted to exclude the effects of
     acquisition charges (amortization of intangible assets) and non-
     cash stock-based compensation expenses. A reconciliation of
     specific adjustments to GAAP results for these periods is
     included in the "Reconciliation Between GAAP Net Income and Non-
     GAAP Net Income" table contained in this release. A description
     of our use of non-GAAP information is provided below under "Use
     of Non-GAAP Financial Information."

In our fourth quarter of fiscal year ended March 28, 2008, the company made management and organizational structure changes to better align the organization with our recent strategic changes, which resulted in a new segment presentation. We have recast the data for the prior fiscal year periods presented to conform to the current period presentation. Our Satellite Services segment is primarily comprised of our expanding maritime and airline broadband and enterprise VSAT services plus our ViaSat-1 satellite. Our Commercial Networks segment comprises our former Satellite Networks and Antenna Systems segments, except for the Satellite Services segment. 
Government Systems Segment 
The Government Systems segment recorded quarterly revenues of $88.6 million, a 25.5% increase over the first quarter of fiscal year 2008. The revenue growth was primarily related to higher sales of certain information assurance products, next generation military satellite communication systems, and video data link systems partially offset by a decrease in development sales of next generation tactical data link products. New contract awards in our Government Systems segment for the first quarter of fiscal year 2009 were $149.9 million. 
Commercial Networks Segment 
For the Commercial Networks segment, revenues were $62.9 million for the first quarter, which was a 12.0% increase from the first quarter of fiscal year 2008. The revenue increase was primarily derived from higher revenues related to the development of mobile satellite systems, satellite antenna system products, and our enterprise satellite network product sales, partially offset by a decrease in sales of our consumer broadband products. New contract awards in our Commercial Networks segment for the first quarter of fiscal year 2009 were $54.3 million. 

Satellite Services Segment 
 

ViaSat Announces New Records for Fiscal 2007 Results 
CARLSBAD, Calif.--(BUSINESS WIRE)--May 14, 2007--ViaSat Inc. (NASDAQ:VSAT), a producer of innovative satellite and other wireless communications and networking systems, today announced financial results for the fourth quarter and fiscal year 2007. The fiscal fourth quarter results include revenues of $132.0 million, net income of $0.34 per share on a diluted non-GAAP basis or $0.27 per share on a diluted GAAP basis and cash flows from operations of $24.4 million.
Financial highlights for the fiscal year include record new contract awards of $525.0 million, revenues of $516.6 million, net income of $1.27 per share on a diluted non-GAAP basis or $0.98 per share on a diluted GAAP basis and cash flows from operations of $66.7 million.

"Fiscal year 2007 was another outstanding year for us," said Mark Dankberg, chairman and CEO of ViaSat. "We exceeded our goals for revenues, earnings and cash flows and continued to strengthen our competitive position in key markets. Fiscal year 2008 should be an exciting year for us too, as we aim to increase sales of recently completed systems and products, while embarking on a series of new and expanded development projects that can set the stage for sustained growth in the next several years."

Financial Results

For the fourth quarter and fiscal year ended March 30, 2007(1) the
 company reported the following:
 

(In millions, except per share data)   Q4 2007 Q4 2006 FY 2007 FY 2006
-------------------------------------- ------- ------- ------- -------
Revenues                               $132.0  $118.1  $516.6  $433.8
-------------------------------------- ------- ------- ------- -------
Net income                               $8.6    $5.8   $30.2   $23.5
-------------------------------------- ------- ------- ------- -------
Diluted per share net income            $0.27   $0.20   $0.98   $0.81
-------------------------------------- ------- ------- ------- -------
Non-GAAP net income (2)                 $10.8    $8.2   $39.1   $28.8
-------------------------------------- ------- ------- ------- -------
Diluted per share non-GAAP
net income (2)                          $0.34   $0.28   $1.27   $1.00
-------------------------------------- ------- ------- ------- -------
Fully diluted weighted average shares    31.8    29.5    30.9    28.9
-------------------------------------- ------- ------- ------- -------

-------------------------------------- ------- ------- ------- -------
New orders/Contract awards             $125.6  $133.3  $525.0  $443.7
-------------------------------------- ------- ------- ------- -------
Sales backlog                          $388.7  $374.9  $388.7  $374.9
-------------------------------------- ------- ------- ------- -------

(1) ViaSat uses a 52- or 53-week fiscal year which ends on the Friday  closest to March 31. ViaSat's quarters for fiscal year 2007 ended on
 June 30, 2006, September 29, 2006, December 29, 2006 and March 30,  2007.
(2) All non-GAAP numbers have been adjusted to exclude the effects of  acquisition charges (amortization of intangible assets) and employee
 equity related compensation expense, including a cumulative one time  adjustment to compensation expense to correct certain historical
 stock option grants. A reconciliation of specific adjustments to GAAP  results for these periods is included in the "Non-GAAP Condensed
 Consolidated Statement of Operations" table contained in this  release. A description of our use of non-GAAP information is provided
 under "Use of Non-GAAP Financial Information." 

Government Segment
The Government segment quarterly revenues of $68.8 million and record annual revenues of $270.0 million represent a 26.4% increase over the fourth quarter of fiscal year 2006 and a 28.5% increase over the prior fiscal year. The increase in revenues is primarily from information assurance products and development programs.