The company also announced that it has been notified by the National Geospatial-Intelligence Agency (NGA) that its EnhancedView contract has been fully funded for the U.S. Government's fiscal 2012. Accordingly, the company expects to receive $250 million in payments under its Service Level Agreement (SLA) for year two under the EnhancedView contract.
"We are delighted to have been notified yesterday of full funding for our share of EnhancedView," said Jeffrey R. Tarr, President and Chief Executive Officer. "We see this as unequivocal validation of our strategy to deliver superior value to taxpayers and that performance matters to our largest customer. We remain fully committed to meeting and exceeding their demanding requirements as we collectively continue to support warfighters, coalition partners and first responders."
First quarter 2012 revenue was $87.0 million, up 12 percent compared with the same period last year. Net income in the first quarter was $3.8 million, or $0.08 per share, compared with a net loss of $(1.3) million, or $(0.03) per share in first quarter 2011. First quarter 2012 EBITDA was $39.2 million, up 14 percent compared with first quarter 2011 EBITDA of $34.3 million. Adjusted EBITDA for the quarter was $53.3 million, compared with Adjusted EBITDA of $54.8 million reported in first quarter 2011. Adjusted EBITDA includes the impact of deferrals related to EnhancedView and excludes amortized revenue related to NextView.
"This quarter's results reflect an excellent start to the year, and were better than our prior expectation," said Tarr. "Once again we grew revenue at a double-digit rate across a broad set of customers while effectively managing costs. We won significant new contracts and began delivering service on others that were signed in prior quarters. We also drove strong growth in our 12-month backlog giving us confidence in our future performance." To read the entire financial report, this direct link.