[SatNews] Globecomm Systems Inc. (NASDAQ:GCOM) has announced financial results for the fiscal 2011 second quarter and six months ended December 31, 2010. 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 for the quarter increased 40.8 percent to a record $47.3 million as compared to $33.6 million in the same period last year. For the six months ended December 31, 2010, service revenue increased 45.1 percent to a record $90.2 million as compared to $62.2 million in the same period last year
• Consolidated revenues for the quarter increased 23.1 percent to a record $70.2 million as compared to $57.1 million in the same period last year
• GAAP earnings per diluted share for the quarter increased 14 percent to $0.08 as compared to $0.07 in the same period last year. Adjusted diluted net income per common share increased 114 percent to $0.15 as compared to $0.07 in the same period last year
• Adjusted EBITDA for the quarter increased 84.8 percent to a record $8.1 million as compared to $4.4 million in the same period last year
• Company increases full year service revenue guidance from approximately $175 million to $180 million to $185 million and adjusted EBITDA guidance from $28 to $29 million to $31 to $33 million

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