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ViaSat Reports Fiscal 2011 Second Quarter Results

 

 

 

Nov. 4, 2010

 

ViaSat Inc. /quotes/comstock/15*!vsat/quotes/nls/vsatannounced financial results for the second quarter of fiscal year 2011 that included new contract awards of $251.7 million, revenues of $197.9 million, Adjusted EBITDA of $43.1 million and non-GAAP diluted net income attributable to ViaSat common stockholders of $0.32 per share, or $0.18 per share on a diluted GAAP basis. Year-to-date, ViaSat reported new contract awards of $404.6 million, total revenues of $389.9 million, Adjusted EBITDA of $80.7 million and non-GAAP diluted net income attributable to ViaSat common stockholders of $0.55 per share, or $0.26 per share on a diluted GAAP basis.

"Our fiscal second quarter results for new orders, adjusted EBITDA and cash flow were good," said Mark Dankberg, chairman and CEO. "Earnings per share continue to be impacted by significantly higher tax rates due to the delayed extension of the federal R&D tax credit. Revenue and earnings this quarter also reflects the uneven order flow we've experienced over the last several quarters. However, we believe there is better potential for meaningfully stronger orders in the second half of our year compared to the first - due to a blend of new program award decisions, continued favorable demand for defense satellite and encryption products, as well as follow-on orders that have remained delayed by defense budget and approval processes. The new Blue Force Tracking contract, and our memorandum of understanding with JetBlue Airways for in-flight aviation broadband over ViaSat-1, both represent new growth market opportunities we have pursued diligently over the last two years. Longer term, commercial networking product orders are gated by new satellite launches scheduled to begin in the current quarter."