Hughes Communications, Inc. announced fourth quarter and full year 2010 financial results with record fourth quarter new consumer activations and record adjusted EBITDA.
Snapshot of Fourth Quarter Financial Results
- Consolidated revenues of $281 million for growth of 7% over fourth quarter 2009.
- Strong consumer business growth: record subscriber gross adds of 59,000 and net adds of 20,000 for growth of 29% and 40% respectively over the fourth quarter of 2009; revenue increased by 13% and services revenue by 17%; consumer ARPU increased to $75 from $72 with 2.27%.churn.
- Record Adjusted EBITDA of $71 million, an increase of 25% over fourth quarter 2009.
- Operating income of $32 million for a 61% growth over fourth quarter 2009; net income attributable to stockholders of $16.9 million compared to $2.4 million in fourth quarter 2009; earnings per share of $0.74 compared to $0.11 in the fourth quarter of 2009, both on a fully diluted basis.
- New orders of $307 million for a 13% growth over fourth quarter 2009, with major orders from CVS, Carter’s, GTECH, Row 44, Foot Locker, TJ Maxx, Shell, Denny’s, and Barrett Xplore in North America broadband business; ADB, Avanti, BP, Camelot, Telespazio, Global Crossing, Telemar, Tecban, Central Bank of India, BEL India, and State Bank of India in International broadband business; and Boeing and Thuraya in Mobile Satellite business.
Snapshot of Full Year Ending December 31, 2010
Consolidated services revenues of $791 million for a growth of 11% over the full year ending December 31, 2009, or 14% excluding revenue from the discontinued Telematics contract.
Continued strong growth in consumer business over the full year ending December 31, 2009: revenue of $477 million, up 14%; service revenue up 19%; subscriber gross adds of 213,000 and net adds of 74,000; total subscriber base of 578,000 for a growth of 15% over the subscriber base as of December 31, 2009 with 2.1% churn.
Record adjusted EBITDA of $227 million for a growth of 30% over the full year ending December 31, 2009.
Net income attributable to stockholders of $22.8 million and earnings per share (fully diluted) of $1.00 compared to a net loss of $52.7 million and a loss of $2.46 per share in the full year ending December 31, 2009.
Strong liquidity with cash, cash equivalents, and marketable securities of $183 million as of December 31, 2010.
New orders of $1.297 billion for a growth of 27% over the full year ending December 31, 2009, resulting in a record non-consumer backlog of $1.064 billion, a 27% growth over the backlog at December 31, 2009.
- Consolidated total revenues of $1.043 billion for a 3% growth over the full year ending December 31, 2009, or 6% growth excluding revenues from the discontinued Telematics contract.
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