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RigNet Announces First Quarter 2014 Earnings Results

  • Revenue was a record $75.0 million for the first quarter, including $13.7 million from the Enterprise Energy business unit recently acquired from Inmarsat. Organic revenue increased by $8.5 million, or 16.1%, over the same quarter last year
  • Adjusted EBITDA was a record $16.2 million in the first quarter, or 21.6% of revenue, including $1.0 million from the recently acquired business unit. Organic adjusted EBITDA increased by 20.5% over the same quarter last year
  • Excluding acquisition costs, quarterly net income attributable to common stockholders was $4.5 million, or $0.25 per diluted share, an increase of $0.03 per diluted share, or 13.6%, over the same quarter last year

HOUSTON, May 12, 2014 (GLOBE NEWSWIRE) -- RigNet, Inc. (Nasdaq:RNET), a leading global technology solutions provider to the oil and gas industry, today reported quarterly results for the quarter ended March 31, 2014.

Revenue was a record $75.0 million for the first quarter, including $13.7 million from the Enterprise Energy business unit recently acquired from Inmarsat. Organic revenue increased by $8.5 million, or 16.1%, for the three months ended March 31, 2014, as compared to the same period of 2013, primarily due to increased sites served and increased revenue-per-site. Revenue increased by $15.3 million, or 25.7%, for the three months ended March 31, 2014, as compared to the previous quarter due to the acquisition of Inmarsat's Enterprise Energy business unit, increased sites served and increased revenue-per-site.

Adjusted EBITDA was a record $16.2 million in the first quarter, or 21.6% of revenue, including $1.0 million from the recently acquired business unit. Organic adjusted EBITDA increased by $2.6 million, or 20.5%, over the same quarter last year. The increase was primarily due to growth in our core offshore business partially offset by costs associated with headcount additions to support our continued growth. Adjusted EBITDA increased $1.0 million, or 6.6%, over the previous quarter. The increase was primarily due to the addition of the Inmarsat business unit's results over the last two months of the quarter.

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