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Globecomm Reports Fiscal 2012 Fourth Quarter And Fiscal Year 2012 Financial Results

Stocks in this article: GCOM

Globecomm Systems Inc. (NASDAQ:GCOM), a leading global communications solutions provider, today announced financial results for the fiscal 2012 fourth quarter and fiscal year ended June 30, 2012. Globecomm is reporting its financial results on a generally accepted accounting principles (GAAP) basis as well as adjusted EBITDA and adjusted diluted net income per common share, both non-GAAP financial measures, for which the Company provides detailed reconciliations on the attached tables. The following are highlights.

                                                       

Revenues ($M)

Q4 FY12 Q4 FY11 % Change FY12 FY11 % Change
Service $ 50.1 $ 52.5 (-4.6) $ 220.9 $ 188.7 17.1
Infrastructure solutions $ 54.7           $ 35.7 53.2 $ 161.0         $ 85.5 88.3
Consolidated $ 104.8           $ 88.3 18.8 $ 381.9         $ 274.2 39.3
 
                                   

GAAP Results ($M except EPS)

Q4 FY12 Q4 FY11 % Change FY12 FY11 % Change
Net income $ 7.1 $ 2.2 228.3 $ 28.6 $ 9.0 217.8
Diluted EPS $ 0.31 $ 0.10 210.0 $ 1.26 $ 0.41 207.3
 
                                   

Non-GAAP Results ($M except EPS)

Q4 FY12 Q4 FY11 % Change FY12 FY11 % Change
Adjusted EBITDA $ 9.1 $ 10.2 (11.0) $ 42.6 $ 33.9 25.5
Adjusted Diluted EPS $ 0.13 $ 0.20 (35.0) $ 0.74 $ 0.62 19.4
 

Fiscal Year 2012 Fourth Quarter Results

Consolidated revenue for the Company’s fiscal 2012 fourth quarter increased 18.8% to $104.8 million as compared to $88.3 million in the same period last year. Infrastructure revenue increased 53.2% to a record $54.7 million, as compared to $35.7 million in the same period last year. The increase in infrastructure revenue was primarily driven by the achievement of revenue milestones under a major government contract which carries lower than traditional infrastructure margins. Service revenue has been somewhat impacted by the reduction of troops involved in conflicts in Iraq and Afghanistan.

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