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TheStreet Open House

Globecomm Reports Fiscal 2013 Second Quarter And Six Month Financial Results

Globecomm Systems Inc. (NASDAQ:GCOM), a leading communications solutions provider, today reported financial results for the fiscal 2013 second quarter and six months ended December 31, 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 in the attached tables. The following are highlights:

Revenues ($M)

                       

Q2 FY13

 

Q2 FY12

 

% Change

 

6 Months FY13

6 Months FY12

% Change

 

 
Service $ 50.2 $ 54.7 (8.2) $ 97.3 $ 104.9 (7.2)
Infrastructure solutions $ 29.6     $ 40.5 (27.1) $ 63.6     $ 61.3 3.7
Consolidated $ 79.7     $ 95.2 (16.2) $ 160.9     $ 166.2 (3.2)
 

GAAP Results ($M except EPS)

                       

Q2 FY13

 

Q2FY12

 

% Change

 

6 Months FY13

6 Months FY12

% Change

 

 
Net income $ 3.8 $ 9.3 (58.6) $ 6.5 $ 18.6 (65.0)
Diluted EPS $ 0.17 $ 0.41 (58.5) $ 0.28 $ 0.82 (65.9)
 

Non-GAAP Results ($M except EPS)

                       

Q2 FY13

 

Q2 FY12

 

% Change

 

6 Months FY13

6 Months FY12

% Change

 

 
Adjusted EBITDA $ 9.8 $ 12.0 (18.3) $ 17.8 $ 20.2 (11.9)
Adjusted Diluted EPS $ 0.17 $ 0.23 (26.1) $ 0.28 $ 0.35 (20.0)
 

Fiscal Year 2013 Second Quarter Results

Revenues for the Company’s fiscal 2013 second quarter were $79.7 million as compared to $95.2 million in the same period last year, a decrease of 16.2%. Revenues from services were $50.2 million as compared to $54.7 million in the same period last year, a decrease of 8.2%. The decrease in service revenues reflects a decrease in our access service offering in the government marketplace due to the reduction of services in Iraq. Revenues from infrastructure solutions were $29.6 million as compared to $40.5 million in the same period last year, a decrease of 27.1%. The decrease in infrastructure revenues was due to reduction in revenue milestones under a major government program, which contributed $7.2 million in the second quarter as compared to $14.1 million in the same period last year.

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