Globecomm Systems Inc. (NASDAQ:GCOM) announced financial results for the fiscal 2010 first quarter ended September 30, 2009. Globecomm is reporting its financial results on a generally accepted accounting principles (GAAP) basis as well as reporting adjusted EBITDA, a non-GAAP financial measure. In the attached table the Company provides a detailed reconciliation of GAAP earnings to adjusted EBITDA. A summary of the Company’s results are:

• Service revenues increased 52.0% to a record $28.6 million as compared to $18.8 million in the same period last year
• Revenues from infrastructure solutions decreased by 19.0% to $19.1 million as compared to $23.5 million in the same period last year
• Consolidated revenues increased to $47.7 million as compared to $42.4 million in the same period last year
• GAAP earnings per diluted share of $0.06 in the first quarter of fiscal 2010 as compared to GAAP earnings per diluted share of $0.04 in the same period last year
• Adjusted EBITDA was $4.0 million in the first quarter of fiscal 2010 as compared to $3.0 million in the same period last year

To read the entire financial report, select this direct link.