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Hughes Communications Announces First Quarter 2011 Results
May 5, 2011
Hughes Communications, Inc. announced financial results for the first quarter ended March 31, 2011. Hughes' consolidated operations are classified into five reportable segments: North America Broadband, International Broadband, Telecom Systems, HTS Satellite, and Corporate and Other. The North America Broadband, International Broadband, Telecom Systems, and HTS Satellite segments represent all the operations of Hughes Network Systems, LLC ("HNS"), Hughes' principal operating subsidiary.
Set forth below are tables highlighting certain of Hughes' and HNS' results for the three months ended March 31, 2011 and 2010.
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Hughes Communications, Inc.
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Three Months
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Ended March 31,
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(Dollars in thousands)
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2011
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2010
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Revenue
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North America Broadband
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$ 193,706
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$ 173,995
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International Broadband
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51,672
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43,456
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Telecom Systems
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16,692
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24,692
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HTS Satellite
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602
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-
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Corporate and Other
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1,420
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1,050
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Total
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$ 264,092
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$ 243,193
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Operating income (loss)
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North America Broadband
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$ 21,745
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$ 9,616
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International Broadband
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(738)
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(1,156)
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Telecom Systems
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(316)
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3,708
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HTS Satellite
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(1,304)
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(858)
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Corporate and Other
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(4,467)
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(746)
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Total
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$ 14,920
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$ 10,564
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Net income (loss) attributable to
HCI stockholders
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$ 838
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$ (6,140)
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Adjusted EBITDA*
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$ 57,924
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$ 42,602
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New Orders
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$ 266,351
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$ 238,387
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Hughes Network Systems, LLC
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Three Months
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Ended March 31,
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(Dollars in thousands)
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2011
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2010
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Revenue
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North America Broadband
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$ 193,706
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$ 173,995
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International Broadband
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51,672
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43,456
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Telecom Systems
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16,692
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24,692
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HTS Satellite
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602
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-
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Total
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$ 262,672
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$ 242,143
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Operating income (loss)
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North America Broadband
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$ 21,745
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$ 9,616
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International Broadband
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(738)
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(1,156)
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Telecom Systems
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(316)
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3,708
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HTS Satellite
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(1,304)
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(858)
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Total
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$ 19,387
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$ 11,310
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Net income (loss)
attributable to HNS
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$ 5,164
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$ (5,562)
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Adjusted EBITDA*
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$ 58,223
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$ 43,008
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New Orders
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$ 265,486
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$ 237,117
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* For the definition of Adjusted EBITDA, see "Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures" below.
To summarize, Pradman Kaul, president and CEO said, "Our consumer business continued to lead the way in the first quarter of 2011 with record gross and net adds and increased ARPU, which resulted in strong services revenue growth. The enterprise segments also showed healthy revenue growth and our order backlog continues to be strong, all of which made this an outstanding quarter. Development work on our Jupiter satellite continues on-track for a launch in the first half of 2012, and we are making good progress on the regulatory front as it relates to the merger with EchoStar. We are very pleased with our accomplishments in the quarter."
Commenting on Hughes' financial performance, Grant Barber, executive vice president and CFO said, "The strategy of expanding margins through the satellite ownership model continues to play out very well, as evidenced by continued growth in our operating profits and Adjusted EBITDA in the first quarter of 2011. This, combined with strong working capital management, enabled us to fund substantial capital expenditures on Jupiter and maintain our liquidity at a healthy level."
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