ViaSat Announces Fourth Quarter and Fiscal Year 2014 Results
ViaSat Inc. (NASDAQ: VSAT), an innovator in satellite and other wireless networking systems and services, announced financial results for the fourth quarter and fiscal year 2014. ViaSat’s fiscal year 2014 results reflected strong growth. Revenues increased 21% to $1.4 billion and Adjusted EBITDA grew 35% to $221.2 million compared to last year. Net income attributable to ViaSat (VSAT) common stockholders rose to $0.44 per share on a non-GAAP diluted basis, or a loss of $0.21 per share on a diluted GAAP basis – compared to fiscal year 2013 net income of $0.02 and a loss of $0.94 per share, respectively.
Revenues for the fourth quarter increased 11% to $343.9 million and Adjusted EBITDA hit record levels, growing 41% to $57.4 million for the fourth quarter of fiscal year 2014 compared to the same period last year. New contract awards doubled to $454.0 million for the quarter compared to the same period last year. Non-GAAP diluted net income attributable to ViaSat common stockholders was $0.10 per share, or a loss of $0.08 per share on a diluted GAAP basis compared to net income of $0.19 and $0.04 per share, respectively, for the fourth quarter of fiscal year 2013.
“Fiscal year 2014 was a momentous year,” said Mark Dankberg, CEO and chairman of ViaSat. “We made substantial progress in showing that our innovations in high-capacity satellite network technology have the potential to disrupt attractive markets in consumer broadband, mobile services such as in-flight Wi-Fi, and important government applications. We also achieved record revenues and Adjusted EBITDA, while simultaneously increasing discretionary spending in company-funded R&D, and legal expenses to protect that R&D, by nearly $50.0 million compared to the prior year. We began fiscal year 2014 by commencing construction of ViaSat-2, which we expect will extend the state of the art in satellite broadband. And we begin fiscal year 2015 with a landmark legal victory validating our role in creating the current state of the art, ViaSat-1. We’re excited about building on our momentum and the prospects for continued growth.”
