Globecomm Retains Needham & Company To Explore Strategic Alternatives To Enhance Shareholder Value
Globecomm Systems Inc. (NASDAQ: GCOM), a leading communications solutions provider, today announced that it has retained Needham & Company to act as its financial advisor to review potential strategic alternatives to enhance shareholder value. There can be no assurance that this process will result in any transaction or any change in the Company’s overall structure or business model.
In connection with the Company’s normal quarterly review process, the Company has refined certain of its expectations regarding its financial results for the fiscal year ending June 30, 2013. Its refined expectations are:
- Consolidated revenues to be between $320 and $340 million compared to the prior expectations of between $340 and $360 million.
- Services segment revenues to be between $200 and $210 million, unchanged from prior expectations.
- GAAP diluted net income per common share to be between $0.66 and $0.71 compared to the prior expectations of between $0.66 and $0.76.
- Adjusted EBITDA to be between $40 and $42 million compared to the prior expectations of between $40 and $44 million.
The Company expects to release its financial results for the fiscal 2013 second quarter and the six months ended December 31, 2012 after the market close on Wednesday, February 6, 2013.
Non-GAAP MeasuresAdjusted EBITDA is a non-GAAP measure which represents net income before interest income, interest expense, provision for income taxes, depreciation, amortization expense, non-cash stock compensation expense and earn-out fair value adjustments. Globecomm believes this provides greater transparency by helping illustrate comparability between current and prior periods. Under an accounting pronouncement on business combinations, changes to the fair value of earn-out payments must be recognized in earnings. Therefore, the exclusion of the earn-out fair value adjustments in the adjusted EBITDA calculation provides better comparability.
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