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ViaSat Inc. announced financial results for the fourth quarter and fiscal year 2010. The fiscal fourth quarter results include new contract awards of $262.8 million, revenues of $212.6 million, Adjusted EBITDA of $48.0 million, net income attributable to ViaSat common stockholders of $0.43 per share on a diluted non-GAAP basis or $0.27 per share on a diluted GAAP basis and cash flows from operations of $54.7 million. Financial highlights for the fiscal year include new contract awards of $766.2 million, revenues of $688.1 million, Adjusted EBITDA of $113.8 million, net income attributable to ViaSat common stockholders of $1.55 per share on a diluted non-GAAP basis or $0.89 per share on a diluted GAAP basis, and cash flows from operations of $112.5 million.

“ViaSat accomplished several important strategic objectives in fiscal year 2010, while still achieving solid financial results,” said Mark Dankberg, ViaSat CEO and chairman. “We acquired and integrated WildBlue Communications under favorable terms – and established a strong financial, operational, and distribution framework for attaining the growth opportunities ViaSat-1 creates upon launch. Our initiatives have been well received in the marketplace, resulting in over $100 million in global orders for Ka-band satellite broadband ground infrastructure and services that are indicative of prospects for sustained growth ahead. The macro competitive landscape continues to afford a meaningful and exciting opportunity for high-quality satellite-delivered broadband services. And we have a number of significant program opportunities in both government and commercial markets that we anticipate will be decided during this next fiscal year.”

(In millions, except per share data)	Q4 FY10	Q4 FY09	FY 2010	FY 2009
Revenues	$212.6	$165.6	$688.1	$628.2
Net income attributable to ViaSat Inc.	$10.4	$12.1	$31.1	$38.3
Diluted per share net income attributable to ViaSat Inc. common stockholders	$0.27	$0.38	$0.89	$1.20
Non-GAAP net income attributable to ViaSat Inc.(2)	$16.6	$14.6	$54.0	$49.9
Non-GAAP diluted net income per share attributable to ViaSat Inc. common stockholders (2)	$0.43	$0.46	$1.55	$1.57
Fully diluted weighted average shares	38.4	31.9	34.8	31.9
Adjusted EBITDA(3)	$48.0	$23.2	$113.8	$82.6

New orders/Contract awards	$262.8	$123.9	$766.2	$728.4
Sales backlog	$528.8	$474.6	$528.8	$474.6

(1) ViaSat uses a 52 or 53 week fiscal year which ends on the Friday closest to March 31. ViaSat quarters for fiscal year 2010 ended on July 3, 2009, October 2, 2009, January 1, 2010, and April 2, 2010. Fiscal year 2010 was a 52 week year, compared with a 53 week year in fiscal year 2009. As a result of the shift in the fiscal calendar, the second quarter of fiscal year 2009 included an additional week.

(2) All non-GAAP net income numbers have been adjusted to exclude the effects of amortization of acquired intangible assets, acquisition related expenses, and non-cash stock-based compensation expenses, net of tax. A reconciliation of specific adjustments to GAAP results for these periods is included in the “Reconciliation Between Net Income Attributable to ViaSat, Inc. on a GAAP Basis and Non-GAAP Basis” table contained in this release. A description of our use of non-GAAP information is provided below under “Use of Non-GAAP Financial Information.”

(3) Adjusted EBITDA represents net income (loss) attributable to ViaSat Inc. before interest, taxes, depreciation and amortization, adjusted to exclude the effects of non-cash stock-based compensation expense and acquisition-related expenses. A reconciliation of specific adjustments to GAAP results for these periods is included in the “Reconciliation Between Net Income Attributable to ViaSat Inc. and Adjusted EBITDA” table contained in this release. A description of our use of non-GAAP information is provided below under “Use of Non-GAAP Financial Information.”

The Government Systems segment posted quarterly and annual revenues of $100.7 million and $385.2 million, respectively, a 7.6% decrease over the fourth quarter of fiscal year 2009 and a 0.9% decrease over the prior year. The decrease was primarily related to lower sales of information assurance and tactical data link products, offset by higher sales in government satellite communication systems. New contract awards in the Government Systems segment for the fourth quarter and fiscal year 2010 were $111.0 million and $377.3 million, respectively.

For the Commercial Networks segment, revenues were $54.4 million for the fourth quarter, basically flat over the fourth quarter of fiscal year 2009. For fiscal year 2010, Commercial Networks segment revenues were $227.1 million, a 1.6% decrease over the prior year. The revenue decrease was primarily due to a reduction in consumer broadband product sales, which was partly due to ViaSat no longer selling equipment to WildBlue following our acquisition of WildBlue, and sales of mobile satellite communication systems, offset by increased sales related to enterprise VSAT networks and antenna systems products. New contract awards in the Commercial Networks segment for the fourth quarter and fiscal year 2010 were $95.6 million and $295.9 million, respectively.

The Satellite Services segment contributed revenues of $57.5 million for the fourth quarter, a $55.4 million increase over the same period last year, and $75.8 million for fiscal year 2010, a $67.1 million increase from fiscal year 2009. The revenue increase was primarily related to the acquisition of WildBlue in the third quarter of fiscal year 2010, as well as growth in our mobile broadband satellite services. New contract awards in the Satellite Services segment for the fourth quarter and fiscal year 2010 were $56.2 million and $93.0 million, respectively.

For the fourth quarter of fiscal year 2010, WildBlue subscriber metrics included: