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RigNet Announces Fourth Quarter And Full Year 2012 Earnings Results

Stocks in this article: RNET

  • Record quarterly revenue of $49.3 million, including $13.1 million from our Nessco operations, a recently acquired subsidiary. Organic revenue increased 21.5% over the same quarter last year  
  • Quarterly Adjusted EBITDA of $11.8 million, which included $1.0 million of expenses relating to a legal entity restructuring project. Adjusted EBITDA increased 28.3% over the same quarter last year  
  • Net income attributable to common stockholders of $3.4 million, or $0.20 per diluted share, an increase of $0.08 per diluted share over the same quarter last year

HOUSTON, March 7, 2013 (GLOBE NEWSWIRE) -- RigNet, Inc. (Nasdaq:RNET), a leading global provider of managed remote communication services to the oil and gas industry, today reported results for the quarterly and full year periods ended December 31, 2012.

Revenue was a record $49.3 million for the fourth quarter, including $13.1 million from our Nessco operations, a recently acquired subsidiary. Organic revenue increased by $6.4 million, or 21.5%, for the three months ended December 31, 2012 as compared to the same period of 2011 primarily due to increases in sites served and increasing demand for our services. Organic revenue decreased by $1.4 million, or 3.7%, for the three months ended December 31, 2012 as compared to the previous quarter primarily due to lower revenue per site and lower U.S. onshore drilling rigs served.

Adjusted EBITDA was $11.8 million for the fourth quarter, which included expenses of $1.0 million relating to a legal entity restructuring project that was completed in December 2012. We expect that this legal restructuring will result in more efficient and better optimization of our global cash. Adjusted EBITDA of $11.8 million in the fourth quarter, or 24.0% of revenue, represents an increase of 28.3% over the same quarter last year, but a decrease of 4.6% over the previous quarter. Adjusted EBITDA increased by $2.6 million over the prior year period primarily due to the increased revenue described above partially offset by increased operating costs to support the increase in revenue. The increase in Adjusted EBITDA was also partially offset by costs associated with head count additions and professional fees associated with the legal entity restructuring project and continued efforts to strengthen our internal controls over financial reporting. Adjusted EBITDA decreased $0.6 million over the previous quarter, primarily due to the decreased revenue described above.

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