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ViaSat Posts Strong Profitability and Cash Flow in Fiscal 3Q |
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CARLSBAD, Calif., Feb. 2, 2007/Satnews Daily/ ― ViaSat Inc. (NASDAQ:VSAT) announced on Thursday financial results for the third quarter of fiscal year 2007 highlighted by quarterly and year-to-date revenues of $124.3 million and $384.5 million, respectively.
For the third quarter, the company reported net income of $0.40 per share on a diluted non-GAAP basis or $0.31 per share on a diluted GAAP basis. Year-to-date, the company reported net income of $0.93 per share on a diluted non-GAAP basis or $0.71 per share on a diluted GAAP basis.
“Our results for the quarter include record earnings and EPS, solid margins, and outstanding cash flow,” said Mark Dankberg, chairman and CEO of ViaSat. “The passage of the R&D tax credit puts our expected tax rate for the year at plan, but effectively concentrates about 10 cents per share of our year-to-date earnings into the third quarter.”
Viasat’s Government segment recorded quarterly and nine-month revenues of $67.3 million and $201.9 million, respectively, a 26.5 percent increase over the third quarter of fiscal year 2006 and a 29.3 percent increase over the prior year nine-month period. The third quarter year-over-year increase in revenues resulted primarily from an increase in sales from next generation data link development and information assurance products.
But the Commercial segment, revenues were $57.0 million for the third quarter, a 5.4 percent decrease over the third quarter of fiscal year 2006. The decrease in year-over-year third quarter revenues was due to the timing of consumer broadband related shipments at quarter end.
Year-to-date Commercial segment revenues were $182.6 million, a 10.9 percent increase over the prior year. The revenue growth year-to-date of fiscal year 2006 to third quarter of fiscal year 2007 was primarily related to sales of consumer broadband systems and equipment.
During the quarter, ViaSat said it gained entry to the U.S. Navy Mobile User Objective System (MUOS) program, a new global satellite communications network for the Department of Defense, by supplying communications modeling and simulation systems for the first MUOS terminal test sets.
It was also awarded additional orders for its LinkWay mesh-connection VSATs from General Dynamics C4 Systems and TeleCommunication Systems, Inc. in support of the $5 billion World-Wide Satellite Systems (WWSS) contract. ViaSat said the LinkWay terminal has been designated a “Current Force Modem,” part of the military’s push to accelerate the adoption of new technology to enable more modular, mobile forces and provide quick-deploy communications for all federal missions, including disaster relief and homeland security.
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