Globecomm is reporting its financial results on a generally accepted accounting principles (GAAP) basis as well as adjusted EBITDA and adjusted diluted net income per common share, both non-GAAP financial measures, for which the Company provides detailed reconciliations on the attached tables. The following are highlights:

• Service revenues increased 17.0% to $50.2 million as compared to $42.9 million in the same period last year
• Consolidated revenues increased 33.4% to $71.0 million as compared to $53.2 million in the same period last year
• Infrastructure revenues increased 101.8% to $20.7 million as compared to $10.3 million in the same period last year
• GAAP diluted net income per common share of $0.41 as compared to $0.10 in the same period last year. GAAP diluted net income per common share includes a $0.29 gain relating to fair value earn-out accounting of the Company's acquisition of ComSource
• Adjusted EBITDA increased 27.6 percent to $8.2 million as compared to $6.4 million in the same period last year
Revenues for the Company's fiscal 2012 first quarter increased 33.4 percent to $71.0 million compared to $53.2 million in the same period last year. Revenues from services increased 17.0 percent to $50.2 million as compared to $42.9 million in the same period last year. The increase in service revenue was primarily driven by an increase in our access service offering in the government marketplace, coupled with the Company's acquisition of ComSource, which contributed $4.2 million. Revenues from infrastructure solutions increased by 101.8 percent to $20.7 million compared to $10.3 million in the same period last year. The increase in infrastructure solutions revenues was primarily driven by milestones achieved on a U.S. Government Agency contract announced on August 4th 2011. To read the complete financial report, access this direct link.
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