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RigNet, Inc. Announces Full-Year And Fourth Quarter 2010 Earnings Results

HOUSTON, March 28, 2011 (GLOBE NEWSWIRE) --
  • Revenue of $92.9 million grew 14.8% year-over-year
  • Adjusted EBITDA of $29.7 million grew 2.1% year-over-year
  • Net income of $1.9 million (excluding the effect of pre-tax, non-cash derivatives charges) grew 35.7% year-over-year
  • Capital expenditures of $13.5 million for the full-year 2010, including $3.9 million in the fourth quarter of 2010
  • Balance sheet highlights as of December 31, 2010:
  • Cash was $50.4 million (excluding restricted cash of $10.0 million)
  • Working capital was $46.0 million
  • Debt was $32.1 million
  • Selected operational data as of December 31, 2010:

     Eastern  Hemisphere   Western  Hemisphere     U.S. Land 
Drilling rigs (1)  141  85  334
Other sites (2)  120  155  86
(1) Includes jack up, semi-submersible and drillship rigs
(2) Includes production facilities, energy support vessels, related remote support offices and supply bases

For the three months ended December 31, 2010, RigNet, Inc. ("RigNet" or the "Company") (Nasdaq:RNET), today announced revenue of $24.3 million, Adjusted EBITDA of $8.4 million and a net loss of $4.7 million. For the three months ended December 31, 2009, revenue was $20.1 million, Adjusted EBITDA was $6.3 million and the net loss was $6.8 million.

Revenue increased by $4.2 million or 20.9% for the three months ended December 31, 2010 as compared to the same period of 2009 due primarily to improvement in deepwater activity in Brazil and the Gulf of Mexico, widened geographic footprint in U.S. land drilling, and the recovery of the U.S. land drilling market. Adjusted EBITDA increased by $2.1 million or 33.3% over the prior year period primarily due to increased revenue as described above.

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