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Nasdaq:VSAT
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
ViaSat
Announces Fiscal Year 2010 Results
ViaSat
Inc. (Nasdaq: VSAT), a producer of innovative satellite and other wireless
communications and networking systems, announced financial results for
the fourth quarter and fiscal year 2010. The fiscal fourth quarter results
include new contract awards of $262.8 million, revenues of $212.6 million,
Adjusted EBITDA of $48.0 million, net income attributable to ViaSat common
stockholders of $0.43 per share on a diluted non-GAAP basis or $0.27 per
share on a diluted GAAP basis and cash flows from operations of $54.7 million.
Financial highlights for the fiscal year include new contract awards of
$766.2 million, revenues of $688.1 million, Adjusted EBITDA of $113.8 million,
net income attributable to ViaSat common stockholders of $1.55 per share
on a diluted non-GAAP basis or $0.89 per share on a diluted GAAP basis,
and cash flows from operations of $112.5 million.
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ViaSat
Completes Acquisition of WildBlue Communications
ViaSat
Inc. (Nasdaq: VSAT), a producer of innovative satellite and other wireless
communication systems, has completed the previously announced acquisition
of privately-held WildBlue Communications Inc., the premier Ka-band satellite
broadband service provider. In acquiring WildBlue, ViaSat gains one of
the most successful and fastest growing wholesale and retail broadband
service providers in the United States. The combination of ViaSat and WildBlue
sets the stage for accelerated growth and expansion of the WildBlue broadband
service using ViaSat next generation network technology, featuring the
high-capacity ViaSat-1 satellite scheduled to launch in early 2011.
"The
WildBlue acquisition advances our entry into the Ka-band broadband service
business by over a year and more completely establishes the financial and
strategic framework to capture the value anticipated from the ViaSat-1
satellite. We also believe the resources and skills of the WildBlue team
add greater momentum to our plans to bring satellite broadband to new markets
and applications on a global scale," said Mark Dankberg, ViaSat chairman
and CEO.
ViaSat
to Supply Ka-band Networking Equipment and Operations Support for Yahsat
High-Speed Internet Access
Next-Generation
SurfBeam 2 System Selected for YahClick Broadband Service over New Y1B
Satellite
ViaSat
Inc. (Nasdaq:VSAT) has received a $46 million contract award from Star
Satellite Communications Company, a wholly owned subsidiary of Al Yah Satellite
Communications Company PrJSC (Yahsat), for SurfBeam(R) 2 network infrastructure
and initial customer premises terminals. The equipment will power an advanced
new high-speed Internet access service called YahClick. Under the contract,
ViaSat will deliver and install four complete satellite broadband gateways,
provide equipment and installation for a network control center, supply
a pilot production quantity of user terminals, and support Yahsat with
network operations and maintenance services.
YahClick,
targeted to enterprise customers and consumers in the Middle East, Africa,
and Southwest Asia, is expected to go live upon the launch of YahSat's
second satellite, Y1B in the second half of 2011. Y1B includes a spot-beam
Ka-band payload designed to support broadband access networks for a range
of applications. Ka-band spot beam satellites re-use frequencies to maximize
spectrum efficiency for more network capacity. On the ground, the design
enables use of smaller, lower cost terminals, antennas, and transceivers.
ViaSat
to Acquire WildBlue Communications
Integrates
One of the USA's Fastest Growing Broadband ISPs with the ViaSat-1 Satellite
Venture and Positions WildBlue(R) Satellite Broadband for Accelerated Growth
and Expansion
Capital-Efficient
Transaction Expected to Be Accretive to ViaSat Non-GAAP EPS Immediately
after Close
ViaSat
Inc. (Nasdaq: VSAT), a producer of innovative satellite and other wireless
communication systems, has signed a definitive agreement to acquire privately-held
WildBlue Communications Inc., the premier Ka-band satellite broadband service
provider, in a cash and stock transaction valued at $568 million. The combination
sets the stage for accelerated growth and expansion of the WildBlue broadband
service using ViaSat next generation network technology, featuring the
high-capacity ViaSat-1 satellite scheduled to launch in early 2011.
"WildBlue
and ViaSat have been close partners for nearly a decade and today's announcement
is the logical next step," said Mark Dankberg, chairman and CEO of ViaSat.
"By integrating ViaSat-1 and its ground network technology into the WildBlue
operational and distribution platform, we believe we can meaningfully reduce
our operational execution risks. Joining forces with ViaSat provides fast
and efficient access to next-generation capacity for the WildBlue business
and its subscribers. This synergy, coupled with the improved free cash
flow profile WildBlue has attained in the last year, has enabled us to
structure what we believe is a highly capital efficient transaction that
offers immediate financial benefits to ViaSat. In our view, it's exceptional
to be able to make an acquisition with so many strategic benefits under
such favorable financial terms."
ViaSat
Announces Record Fiscal Year 2009 Results
CARLSBAD,
Calif., May 14, 2009 (BUSINESS WIRE) -- ViaSat Inc. (NASDAQ:VSAT), a producer
of innovative satellite and other wireless communications and networking
systems, announced financial results for the fourth quarter and fiscal
year 2009. The fiscal fourth quarter results include revenues of $165.6
million, net income of $0.46 per share on a diluted non-GAAP basis or $0.38
per share on a diluted GAAP basis and cash flows from operations of $30.5
million. Financial highlights for the fiscal year include record new contract
awards of $728.4 million, revenues of $628.2 million, net income of $1.57
per share on a diluted non-GAAP basis or $1.20 per share on a diluted GAAP
basis and cash flows from operations of $61.9 million.
"Our
fourth quarter and fiscal year 2009 produced both record financial results
and key accomplishments," said Mark Dankberg, ViaSat CEO and chairman.
"Our 12% fiscal fourth quarter earnings growth was nearly all operations-driven,
as a lower tax rate and lower interest income largely offset each other
at the net income line. With an objective of 10% revenue and EPS growth
for fiscal year 2010 supported by record backlog and unusually robust new
proposal activity, we think ViaSat's steady and attractive growth potential
in our core businesses is noteworthy in this difficult macroeconomic period.
And as we look to our planned ViaSat-1 satellite launch in 2011, we believe
that strong core business operating cash flow, cost reductions relative
to plan on the launch and ground segment, an already compelling time-to-market
advantage, and meaningful progress on financing and distribution discussions
are aligning to more clearly illustrate the underlying value created by
our high capacity broadband satellite project."
Financial
Results1
(In millions, except per share data) Q4 FY09
Q4 FY08
FY 2009 FY 2008
Revenues $ 165.6 $ 147.4
$ 628.2 $ 574.7
Net income $ 12.1 $ 10.5
$ 38.3 $ 33.5
Diluted per share net income $ 0.38
$ 0.33 $ 1.20 $ 1.04
Non-GAAP net income2
$ 14.6 $ 12.9 $ 49.9
$ 43.8
Non-GAAP diluted net income per share2
$ 0.46 $ 0.41 $ 1.57
$ 1.36
Fully diluted weighted average shares 31.9
31.6 31.9 32.2
New orders/Contract awards $ 123.9
$ 98.3 $ 728.4 $
560.0
Sales backlog $ 474.6 $
374.4 $ 474.6 $ 374.4
1
ViaSat uses a 52 or 53 week fiscal year which ends on the Friday closest
to March 31. ViaSat quarters for fiscal year 2009 ended on June 27, 2008,
October 3, 2008, January 2, 2009 and April 3, 2009. Fiscal year 2009 was
a 53 week year, compared with a 52 week year in fiscal year 2008. The second
quarter of fiscal year 2009 included one additional week for a total of
14 weeks. ViaSat does not believe the extra week results in a 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 Net Income on
a GAAP Basis and Non-GAAP Basis" table contained in this release. A description
of the use of non-GAAP information is provided below under "Use of Non-GAAP
Financial Information."
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