Stratos Announces Third Quarter 2009 Results
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Sun, 08 Nov 2009 15:00:38 GMT |
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Stratos Global Corporation |
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BETHESDA, MD, Nov. 8 /PRNewswire/ - Stratos Global Corporation, the world's trusted leader in delivering vital voice, data and IP communication services today announced financial results for the third quarter ended September 30, 2009.
Financial Highlights
(in millions of U.S. dollars)
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Third quarter ended Nine months ended
September 30 September 30
2009 2008 2009 2008
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Revenue $ 160.1 $ 168.2 $ 477.5 $ 478.4
EBITDA* $ 27.0 $ 28.9 $ 76.2 $ 75.9
Net earnings $ 8.0 $ 8.4 $ 18.3 $ 14.6
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* EBITDA (a non-GAAP measure) is defined by the Corporation as earnings
before interest expense, income tax expense, other (income) costs,
depreciation and amortization, non-controlling interest and equity in
earnings of investees.
The unaudited interim consolidated financial statements and management's discussion and analysis of financial condition and results of operations are available on SEDAR, www.sedar.com and the Corporation's website, www.stratosglobal.com
For the third quarter and nine months ended September 30, 2009, the Corporation achieved revenue of US$160.1 million and US$477.5 million, respectively, a 4.8 percent and a 0.2 percent decrease, respectively, compared with US$168.2 million and US$478.4 million in the same periods in 2008. EBITDA for the third quarter and nine months ended September 30, 2009 decreased by 6.6 percent and increased by 0.4 percent, respectively, to US$27.0 million and US$76.2 million compared with US$28.9 million and US$75.9 million for the same periods in 2008. The decrease in revenue for the three months ended September 30, 2009 when compared to the three months ended September 30, 2008 was due to decreases in revenue in both the Mobile Satellite Services and Broadband segments. The decrease in EBITDA for the three months ended September 30, 2009 was driven primarily by the decrease in revenue, partially offset by a decrease in operating expenses.
Net earnings for the third quarter and nine months ended September 30, 2009 were US$8.0 million and US$18.3 million, respectively, compared with net earnings of US$8.4 million and US$14.6 million, respectively, during the same periods in 2008. The decrease in net earnings for the three months ended September 30, 2009 resulted from the decreased EBITDA and higher income taxes, partially offset by lower interest expense.
Cash flow from operations (including working capital changes) in the third quarter and nine months ended September 30, 2009 totaled US$(13.8) million and US$16.7 million, respectively, compared with US$12.4 million and US$34.8 million, respectively, generated during the same periods in 2008. The decrease for both periods when compared to the same periods in 2008 resulted primarily from an increased investment in working capital related to decreased payables and accruals. The primary decrease results from the change in payment terms to Inmarsat under the new distribution agreements.
About Stratos
Stratos is the world's trusted leader for vital communications. Stratos offers the most powerful and extensive portfolio of remote communications solutions including mobile and fixed satellite and microwave services. More than 20,000 customers use Stratos products and industry-leading value added services to optimize communication performance. Stratos serves U.S. and international government, military, first responder, NGO, oil and gas, industrial, maritime, aeronautical, enterprise, and media users on seven continents and across the world's oceans. Stratos is a wholly-owned indirect subsidiary of Inmarsat plc. For more information visit www.stratosglobal.com
Caution Concerning Forward-Looking Statements
Documents related to this release contain statements and information about potential future circumstances and developments. Such statements and information are qualified by the inherent risks and uncertainties surrounding future expectations generally and may differ materially from Stratos Global Corporation's actual future results. For additional information with respect to these risks and uncertainties, reference should be made to the Corporation's continuous disclosure materials filed with the Canadian Securities Administrators. Stratos Global Corporation disclaims any intention or obligation to update or revise any forward-looking statements or information, whether as a result of new information, future events, or otherwise.
SOURCE Stratos Global Corporation
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