Globecomm Nets US$ 7.1Mil. in 4Q
Hauppauge, N.Y., Sept. 16, 2013 — Globecomm Systems Inc. has reported a drop in its revenue to US$ 80.6 million during the fiscal 2013 fourth quarter, compared to US$ 104.8 million in the same period last year, as the company completed a major government project in January 2013.
The decrease in revenue, equivalent to 23.1 percent, resulted in the reduction of net income to $4.6 million, or $0.20 of diluted net income per common share, compared to net income of $7.1 million, or $0.31 net income per common share in the same period last year.
Globecomm said revenues from services were flat at $50 million, against $50.1 million in the same period last year. Revenues from infrastructure solutions declined to $30.6 million, compared to $54.7 million in the same period last year, reflecting a decrease of 43.9 percent.
Net income for the company’s fiscal 2013 fourth quarter was $4.6 million, or $0.20 of diluted net income per common share, compared to net income of $7.1 million, or $0.31 of diluted net income per common share, last year.
The company said adjusted EBITDA for the fourth quarter of 2013 was $10.3 million against $9.1 million last year.
Consolidated revenue for fiscal year ended June 30, 2013 was $319.6 million, compared to $381.9 million last year, a decrease of 16.3 percent. Revenues from services were $199.1 million, compared to $220.9 million last year, a decrease of 9.9 percent.
The company attributed the reduction of equipment sale and a decrease in managed network services with the reduction of the company services in Iraq and Afghanistan.
Revenues from infrastructure solutions were $120.5 million, against $161 million in the same period last year, a decrease of 25.1 percent. The decrease in infrastructure solutions revenues was driven by a reduction of $34.1 million due to the completion of a major government program in January 2013.
Net income for the company’s fiscal 2013 year ended June 30, 2013 was $15.2 million, or $0.66 of diluted net income per common share, compared to net income of $28.6 million, or $1.26 of diluted net income per common share, last year.
Adjusted EBITDA for the year ended June 30, 2013 decreased to $38.5 million compared to $42.6 million last year.
On August 26, 2013, the company announced that an affiliate of Wasserstein & Co. entered into a definitive agreement to acquire Globecomm for $14.15 per share in cash. The purchase price, the company said, represents a premium of 21.9 percent over the closing price on January 14, 2013. The transaction is valued at about $340 million.
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