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Globecomm Reports Fiscal 2013 Fourth Quarter And Full Year Financial Results

Globecomm Systems Inc. (NASDAQ:GCOM), a leading communications solutions provider, today announced financial results for the fiscal 2013 fourth quarter and fiscal year ended June 30, 2013. 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)

 
        Q4 FY13     Q4 FY12     % Change     FY13     FY12     % Change
Service $ 50.0 $ 50.1 (0.3) $199.1 $ 220.9 (9.9)
Infrastructure solutions $ 30.6     $ 54.7 (43.9) $ 120.5     $ 161.0 (25.1)
Consolidated $ 80.6     $ 104.8 (23.1) $ 319.6     $ 381.9 (16.3)
 

GAAP Results ($M except EPS)

 
Q4 FY13 Q4 FY12 % Change FY13 FY12 % Change
Net income $ 4.6 $ 7.1 (35.7) $ 15.2 $ 28.6 (46.6)
Diluted EPS $ 0.20 $ 0.31 (35.5) $ 0.66 $ 1.26 (47.6)
 

Non-GAAP Results ($M except EPS)

 
Q4 FY13 Q4 FY12 % Change FY13 FY12 % Change
Adjusted EBITDA $ 10.3 $ 9.1 13.6 $38.5 $42.6 (9.6)
Adjusted Diluted EPS $ 0.19 $ 0.13 46.2 $ 0.66 $ 0.74 (10.8)
 

Fiscal Year 2013 Fourth Quarter Results

Consolidated revenue for the Company’s fiscal 2013 fourth quarter was $80.6 million as compared to $104.8 million in the same period last year, a decrease of 23.1%. Revenues from services were flat at $50.0 million as compared to $50.1 million in the same period last year. Revenues from infrastructure solutions were $30.6 million as compared to $54.7 million in the same period last year, a decrease of 43.9%. The decrease in infrastructure solutions was primarily driven by the achievement of revenue milestones in the fourth quarter of fiscal 2012 of approximately $15.6 million under a major government program which was completed as of January 2013.

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