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Globecomm Reports Fiscal 2013 First Quarter Financial Results

Globecomm Systems Inc. (NASDAQ: GCOM), a leading communications solutions provider, today reported financial results for the fiscal 2013 first quarter ended September 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)

Q1 FY13

Q1 FY12

% Change
Services $ 47.2 $ 50.2 (6.1 )
Infrastructure solutions $ 34.0   $ 20.7 64.0
Consolidated $ 81.2   $ 71.0 14.4

GAAP Results ($M except EPS)

Q1 FY13

Q1 FY12

% Change
Net income $ 2.7 $ 9.3 (71.3 )
Diluted EPS $ 0.12 $ 0.41 (70.7 )

Non-GAAP Results ($M except EPS)

Q1 FY13

Q1 FY12

% Change
Adjusted EBITDA $ 8.0 $ 8.2 (2.5 )
Adjusted Diluted EPS $ 0.12 $ 0.12 -

Fiscal Year 2013 First Quarter Results

Revenues for the Company’s fiscal 2013 first quarter increased 14.4% to $81.2 million as compared to $71.0 million in the same period last year. Revenues from services decreased 6.1% to $47.2 million as compared to $50.2 million in the same period last year. The decrease in services revenues was primarily due to a decrease in our access services offering in the government marketplace due to the reduction of services in Iraq. Revenues from infrastructure solutions increased by 64.0% to $34.0 million as compared to $20.7 million in the same period last year. The increase in revenue was primarily driven by the achievement of revenue milestones under a major government program which contributed approximately $11.7 million in revenue and carries lower than traditional infrastructure margins.

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