Hughes Communications, Inc. Announces Record Second Quarter 2008 Results
Hughes successfully completed a public offering of 2 million shares of common stock at $50 per share, proceeds of which will be used for a new satellite or for corporate purposes.
Snapshot of Financial Results Compared to Second Quarter 2007
- Revenues increased by 13% to $266 million
- Adjusted EBITDA increased by 22% to $38 million
- Consumer gross adds increased by 21%, with net adds growing by 32%
- New order bookings increased by 51% to $333 million
Selected Second Quarter Highlights
- Increased the speeds of its three popular HughesNet consumer Internet service plans in North America at the same low prices: up to either 1 Mbps; 1.2 Mbps; or 1.6 Mbps.
- Announced the availability in North America of the fastest consumer broadband satellite Internet access plans ever offered: up to either 2 Mbps; 3 Mbps; or 5 Mbps.
- Signed a $100.8M contract with Globalstar, Inc. (NASDAQ: GSAT) to design, manufacture, and implement the next-generation Radio Access Network and deliver satellite air interface chips to be a part of the User Terminal Subsystem.
- Announced that Sistemas Técnicos de Loterías del Estado has awarded its wholly owned UK subsidiary a contract to provide a geographically redundant HN System, 2800 HN 7700S routers and support/maintenance services for 5 years.
- Selected as prime contractor by the U.S. Social Security Administration to provide operational support services for its interactive video training network.
- Hughes Communications India, Ltd. (HCIL) signed an agreement with SAHAJ SREI e-Village Limited to supply 17,000 VSATs to be installed at rural kiosks across multiple states in India.
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