This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,126.12 -36.87 -0.20%
S&P 500 2,120.79 -2.69 -0.13%
NASDAQ 5,097.9760 -8.6170 -0.17%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs