Hughes Communications, Inc. announced strong second quarter growth in North America and International Services, and record second quarter adjusted EBITA.
Snapshot of Second Quarter Financial Results
- Revenue of $256 million compared to $266 million in the second quarter of 2008; 1% decline on a constant dollar basis.
- Record second quarter adjusted EBITDA of $40.4 million, an increase of 8% over the second quarter of 2008.
- Consumer business continued impressive growth with new highs, including record second quarter subscriber gross adds of approximately 50,000, an increase of 35% over the second quarter of 2008, and subscriber net adds of 18,000 for growth of 103% over the second quarter of 2008.
- New orders of $326 million, an increase of 50% over the first quarter of 2009, with major orders from BP, GTech, Barrett Xplore, Conoco Phillips, National Cinemedia, Siemens, Telemar and Telefonica Brazil, Camelot, SCT Mexico, Bank of India, Terrestar, SkyTerra, and Harris Corp.
- Net loss of $47.7 million due primarily to certain impairment losses, including a $44 million one-time charge as a result of Chapter 11 filing by Boeing’s Sea Launch.
Snapshot of Financial Results for Six Months Ending June 30, 2009
- Revenue of $496 million compared to $503 million in the six-month period ending June 2008, which corresponds to 2% growth on a constant dollar basis.
- Services revenue up 13% over the six-month period ending June 2008, 17% on a constant dollar basis.
- Adjusted EBITDA of $73 million for a growth of 9% over the six-month period ending June 30, 2008.
- Total subscribers of 473,000 on June 30, 2009 reflecting a growth of 15% over the subscriber count at June 30, 2008.
- Strong non-consumer backlog of $879 million on June 30, 2009, an increase of 9% over the backlog at March 31, 2009.
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