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September 15, 2010

Globecomm Q4 revenues up 42.7% to $70.2m

Expects FY11 revenues between $290m and $305m

By CBR Staff Writer

Globecomm Systems has reported total revenues of $70.26m for the fourth quarter of the fiscal 2010, an increase of 42.7% compared to $49.23m of the same quarter prior year.

The company’s operating income for the quarter was $4.28m as compared to $0.98m for the same period last year.

For the quarter ended 30 June 2010, the company posted a net income of $4.01m, or $0.19 per share, as compared to $0.98m, or $0.05 per share, for the same period last year.

For the full fiscal year 2010, Globecomm reported revenues of $227.8m as compared to $170.2m last year.

The net income for FY10 was $7.9m as compared to $3.3m.

Globecomm chairman and CEO David Hershberg said that balance sheet remains strong and the company will continue to make strategic acquisitions and make strategic investments internally to expand its products portfolio and capabilities for all market verticals.

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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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