RigNet Announces First Quarter 2013 Earnings Results

  • Record quarterly revenue of $52.8 million, including $16.8 million from our Nessco operations, a recently acquired subsidiary. Organic revenue increased 15.4% over the same quarter last year  
  • Record quarterly Adjusted EBITDA of $12.6 million an increase of 36.0% over the same quarter last year  
  • Net income attributable to common stockholders of $3.7 million, or $0.22 per diluted share, an increase of $0.08 per diluted share over the same quarter last year

HOUSTON, May 6, 2013 (GLOBE NEWSWIRE) -- RigNet, Inc. (Nasdaq:RNET), a leading global provider of remote communication services to the oil and gas industry, today reported quarterly results for the quarter ended March 31, 2013.

Revenue was a record $52.8 million for the first quarter, including $16.8 million from our Nessco operations, a recently acquired subsidiary. Organic revenue increased by $4.8 million, or 15.4%, for the three months ended March 31, 2013, as compared to the same period of 2012 primarily due to increases in sites served and increased revenue-per-unit resulting from bandwidth upgrades and additional value-added services provided. Revenue increased by $3.5 million, or 7.2%, for the three months ended March 31, 2013 as compared to the previous quarter primarily due to advancement of systems integration projects.

Record Adjusted EBITDA of $12.6 million in the first quarter, or 23.9% of revenue, represents an increase of 36.0% over the same quarter last year and an increase of 6.8% over the previous quarter. Adjusted EBITDA increased by $3.3 million over the prior year period primarily due to the Nessco acquisition and growth in our core offshore business partially offset by costs associated with head count additions and additional professional fees. Adjusted EBITDA increased $0.8 million over the previous quarter, primarily due to increased revenue described above partially offset by increased operating costs to support the increase in revenue. The increase in Adjusted EBITDA was also partially offset by costs associated with head count additions and additional professional fees.

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