RigNet Announces Third Quarter 2013 Earnings Results

  • Record quarterly revenue of $56.9 million, an 18.6% increase over the same quarter last year and a 10.8% increase over the previous quarter
  • Record quarterly Adjusted EBITDA of $14.5 million, a 16.6% increase over the same quarter last year and a 3.9% increase over the previous quarter
  • Net income attributable to common stockholders of $2.3 million, or $0.13 per diluted share, which includes $2.8 million of acquisition costs associated with the upcoming purchase of Inmarsat's Energy Broadband business. Excluding acquisition costs, net income attributable to common stockholders was $5.1 million, or $0.29 per diluted share, an increase of $0.07 per diluted share, or 33.7%, over the same quarter last year

HOUSTON, Nov. 4, 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 September 30, 2013.

Record revenue of $56.9 million for the third quarter represents an increase of $9.0 million, or 18.6%, for the three months ended September 30, 2013, as compared to the same period of 2012, primarily due to increased systems integration revenue, sites served and increased revenue-per-site. Revenue by $5.6 million, or 10.8%, for the three months ended September 30, 2013, as compared to the previous quarter primarily due to increased systems integration revenue and increased revenue-per-site.

Record Adjusted EBITDA of $14.5 million in the third quarter, or 25.4% of revenue, represents of $2.1 million, or 16.6%, over the same quarter last year and of $0.5 million, or 3.9%, over the previous quarter. These increases are primarily due to growth in our core offshore business partially offset by costs associated with headcount additions to support our continued growth.

Net income attributable to common stockholders was $2.3 million, or $0.13 per diluted share, for the third quarter. This amount includes $2.8 million of acquisition costs associated with the upcoming purchase of Inmarsat's Energy Broadband business. Excluding acquisition costs, net income attributable to common stockholders was $5.1 million, or $0.29 per diluted share, an increase of $0.07 per diluted share, or 33.7%, over the same quarter last year and an increase of $0.01 per diluted share, or 3.3%, over the previous quarter.

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