"While our content and services business has been consistently profitable, we have now reached an inflection point in our Internet connectivity business, with our satellite systems now installed on over 480 planes," commented Dave Davis, Chief Financial Officer. "Going forward, we expect both our revenue and cash flow to grow markedly as we leverage our industry-leading content and accelerate the roll-out of our live TV, VOD, Wi-Fi and other portal products, marking a shift toward multiple higher margin content-driven revenue streams. These initiatives, combined with our active industry consolidation efforts, will strengthen our ability to deliver returns from our business for the benefit of our shareholders."
Our summary consolidated financial information for the three months ended March 31, 2013 reflects the fact that we accounted for the business combination as a reverse merger of Row 44 and the Company and a concurrent acquisition of shares of AIA, with Row 44 determined to be the accounting acquirer and continuing reporting entity. Accordingly, this information includes Row 44 for the period January 1, 2013 to March 31, 2013, as well as GEE (formerly GEAC) and our interest in AIA for the period February 1, 2013 (the day following the close of the business combination) to March 31, 2013. For the three months ended March 31, 2012, only the financial information of Row 44 is presented for comparative purposes, because our historical financial statements for periods prior to the business combination are deemed to be those of Row 44, the accounting acquirer.
For the first quarter of 2013, revenues were $42.2 million, operating income (loss) was ($21.9) million and pre-tax income (loss) was ($26.7) million. First quarter results were heavily impacted by approximately ($19) million in one-time transaction costs and non-cash changes in the value of Global Eagle warrants.The Company finished the first quarter with approximately $135.3 million in cash.
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