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RigNet Announces Second Quarter 2013 Earnings Results

  • Quarterly revenue of $51.3 million, including $12.1 million from our Nessco operations, a recently acquired subsidiary. Organic revenue increased 18.2% over the same quarter last year.
  • Record quarterly Adjusted EBITDA of $13.9 million, an increase of 40.5% over the same quarter last year.
  • Net income attributable to common stockholders of $4.9 million, or $0.28 per diluted share, an increase of $0.11 per diluted share, or 64.7%, over the same quarter last year.

HOUSTON, Aug. 5, 2013 (GLOBE NEWSWIRE) -- RigNet, Inc. (Nasdaq:RNET), a leading global provider of remote communications services to the oil and gas industry, today reported quarterly results for the quarter ended June 30, 2013.

Revenue was $51.3 million for the second quarter, including $12.1 million from our Nessco operations, a recently acquired subsidiary. Organic revenue increased by $6.0 million, or 18.2%, for the three months ended June 30, 2013, as compared to the same period of 2012, primarily due to increases in sites served and increased revenue-per-site resulting from bandwidth upgrades and additional value-added services provided. Revenue decreased by $1.5 million, or 2.8%, for the three months ended June 30, 2013, as compared to the previous quarter primarily due to systems integration revenue declining $4.8 million related to timing of certain projects, partially offset by strong quarter-on-quarter growth in our core offshore rig communications business.

Record Adjusted EBITDA of $13.9 million in the second quarter, or 27.1% of revenue, represents an increase of 37.8% over the same quarter last year and an increase of 10.1% over the previous quarter. Adjusted EBITDA increased by $3.8 million over the prior year period primarily due to growth in our core offshore business and the Nessco acquisition, partially offset by costs associated with head count additions and additional professional fees. Adjusted EBITDA increased $1.3 million over the previous quarter, primarily due to growth in our core offshore business that was partially offset by decreased revenue from systems integration projects.

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