Newsroom
Stratos Announces First-Quarter 2009 Results
BETHESDA, MD (May 7, 2009) - Stratos Global Corporation, the world's trusted leader in delivering vital voice, data and IP communication services today announced financial results for the first quarter ended March 31, 2009.
Financial Highlights
(in millions of U.S. dollars, except per share amounts)
|
|
First quarter ended March 31 |
|
2009 |
2008 |
| Revenue |
$ 156.6 |
$ 147.5 |
| EBITDA* |
$ 27.8 |
$ 23.9 |
| Net earnings |
$ 4.5 |
$ 0.7 |
| Basic and diluted earnings per share |
$ 0.11 |
$ 0.02 |
* EBITDA (a non-GAAP measure) is defined by the Corporation as earnings before interest expense, income taxes, other costs (income), management long-term incentive expense, depreciation and amortization, non-controlling interest and equity in earnings of investee.
|
The unaudited interim consolidated financial statements and management's discussion and analysis of financial condition and results of operation are available on SEDAR, www.sedar.com and the Corporation's website, www.stratosglobal.com
For the first quarter ended March 31, 2009, the Corporation achieved revenue of US$156.6 million, a 6 percent increase compared with US$147.5 million in the same period in 2008. This increase resulted primarily from increased Inmarsat leasing revenue and sales of mobile terminals and equipment. EBITDA for the first quarter of 2009 increased by 16 percent to US$27.8 million compared with US$23.9 million for the first quarter of 2008. The significant improvement in EBITDA was primarily driven by the increased revenue and cost of sales reductions resulting from increased volume discounts.
Net earnings for the first quarter of 2009 were US$4.5 million, or US$0.11 per share, compared with US$0.7 million, or US$0.02 per share during the same period in 2008.
Cash flow from operations (including working capital changes) in the first quarter of 2009 totaled US$21.5 million, compared with US$5.0 million generated during the first quarter in 2008. The increase primarily reflects a decreased investment in working capital and higher EBITDA.
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 communications 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 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.
For additional information :
Paula McDonald, FCA
Executive Vice President and Chief Financial Officer
709.724.5227
paula.mcdonald@stratosglobal.com