ORBCOMM Inc. (Nasdaq: ORBC), a global satellite data communications company specializing in two-way Machine-to-Machine (M2M) communications, today announced financial results for the third quarter ended September 30, 2012.
The following financial highlights are in thousands of dollars, except per share amounts.
| Three months ended
|Nine months ended September 30,|
|Net Income (loss) attributable to ORBCOMM Inc. Common Stockholders||$||2,307||$||546||$||6,562||$||(726||)|
|Net Income (loss) per Common Share||$||0.05||$||0.01||$||0.14||$||(0.02||)|
|Adjusted EBITDA (2,3)||$||4,277||$||2,695||$||12,508||$||5,241|
(1) EBITDA is defined as earnings attributable to ORBCOMM Inc. before interest income (expense), provision for income taxes and depreciation and amortization.
(2) Adjusted EBITDA is defined as EBITDA, adjusted for stock-based compensation expense, loss on disposition of other investment in Alanco, and noncontrolling interests.(3) A table presenting EBITDA and Adjusted EBITDA, reconciled to GAAP Net Income (Loss), is among other financial tables at the end of this release. Highlights:
- For the third quarter of 2012, Service Revenues increased 23% year-over-year to $12.7 million and Total Revenues increased 15% to $16.1 million. Adjusted EBITDA for the period was $4.3 million, up 59% from $2.7 million during the same three months last year. ORBCOMM reported EPS of $0.05 for the third quarter of 2012 compared to EPS of $0.01 for the comparable period last year.
- For the third quarter of 2012, net subscriber additions were 29,000. ORBCOMM had 744,000 billable subscriber communicators at September 30, 2012, compared to 626,000 at the end of the third quarter last year. The base of billable subscribers increased 19% year-over-year.
- inthinc Technology Solutions Inc. (inthinc), a global provider of telematics, fleet management and driver safety solutions, selected ORBCOMM to provide wireless data services for inthinc’s technology applications in the heavy equipment, oil & gas and commercial fleet industries in the United States.
- ORBCOMM Generation 2 (OG2) prototype satellite was launched on October 7, 2012. The satellite de-orbited as the result of being deployed into a lower orbit due to a pre-imposed safety check required by NASA designed to protect the International Space Stations and its crew. Although the satellite was only available for a short time, we were able to perform several critical system verifications that validate that the innovative OG2 satellite technology operates as designed before launching the full constellation of OG2 satellites. With this verification data, ORBCOMM can focus on completing and launching the OG2 satellites as the primary mission payloads on two planned Falcon 9 launches, the first in mid-2013 and the second in 2014, directly into their operational orbit.
- StarTrak’s ReeferTrak® application was successfully implemented with TMW Systems, Inc’s TMWSuite®, providing for-hire carriers and private fleets the ability to capture real-time refrigerated trailer operational data including trailer temperature, operational condition and GPS position.