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November 5, 2010

Globecomm Q1 revenues up 11%

Expects FY11 revenues between $290m and $305m

By CBR Staff Writer

Globecomm Systems has reported total revenues of $53.2m for the first quarter of the fiscal 2011, an increase of 11% compared to $48m of the same quarter prior year.

The company’s operating income for the quarter was $3.3m, as compared to $2m for the same period last year.

For the quarter ended 30 September 2010, the company posted a net income of $2.1m, or $0.10 per share, as compared to $1.2m, or $0.06 per share, for the same period last year.

Globecomm chairman and CEO David Hershberg said from an earnings perspective the first quarter was stronger than originally anticipated.

"Infrastructure revenues came in as planned and we witnessed very strong related bookings in the first quarter, enabling what should be an increase over the prior year and we look forward to what is anticipated to be a record financial year and to the introduction of new products and service offerings," Hershberg said.

The company expects revenues for fiscal year ending 30 June 2011 to be between $290m and $305m and adjusted EBITDA between $28m and $29m.

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