ORBCOMM Announces Results For Fourth Quarter And Full Year 2011

ORBCOMM Inc. (Nasdaq: ORBC), a global satellite data communications company focused on two-way Machine-to-Machine (M2M) communications, today announced financial results for the fourth quarter and full year ended December 31, 2011.

The following financial highlights are in thousands of dollars, except per share amounts.
   

Three months ended December 31,
 

Twelve months ended December 31,
2011   2010 2011   2010
Total Revenues (1) $13,674 $7,510 $46,306 $36,676
Service Revenues (1) $10,821 $7,123 $37,513 $34,257
Product Sales $2,853 $387 $8,793 $2,419
Net Income (loss) attributable to ORBCOMM Inc. $699 $(529) $(18) $(5,169)
Net Income (loss) per Common Share $0.01 $(0.01) $(0.00) $(0.12)
EBITDA (2) (4) $1,900 $330 $5,821 $(1,094)
Adjusted EBITDA (3) (4) $2,761 $685 $8,002 $11,111

(1) For the twelve months ended December 31, 2010, Total Revenues is $30.8 million and Service Revenues is $28.4 million after excluding the one-time recognition of $5.9 million of unamortized AIS deferred service revenue in the third quarter of 2010. These figures were used in some cases to calculate the year-over-year increases for Total Revenues and Service Revenues. The Company believes it is useful for investors to evaluate and compare the results of the Company's operations from period to period on a consistent basis by removing this significant one-time event.

(2) EBITDA is defined as earnings attributable to ORBCOMM Inc. before interest income (expense), provision (benefit) for income taxes and depreciation and amortization.

(3) Adjusted EBITDA is defined as EBITDA, adjusted for stock-based compensation expense, Noncontrolling interests, Impairment charges, and Loss on disposition of other investment in Alanco.

(4) A table presenting EBITDA and Adjusted EBITDA, reconciled to GAAP Net Income (loss), is among other financial tables at the end of this release.

Service Revenues for the quarter ended December 31, 2011 were $10.8 million versus $7.1 million in the fourth quarter of 2010, an increase of 52%. Service revenues in the fourth quarter of 2011 benefited from an increase in the number of billable units and higher usage, and the inclusion of StarTrak.

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