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Sunday, September 25, 2016

2Q Financial Results from Stratos

July 27, 2006

Stratos Global Corp. announced financial results for the second quarter ended June 30, 2006. For the quarter, the corporation reported revenue of $139.3m, a 50 percent increase compared with the $92.7m achieved in the same quarter of 2005. This growth primarily reflected the recently completed Xantic acquisition, which was consolidated with Stratos beginning February 14, 2006. The corporation also reported a net loss of $4.1m, or $0.10 basic loss per share, for the second quarter of 2006, compared with net earnings of $400,000, or $0.01 basic earnings per share, reported for the same period last year. Results for the second quarter of 2006 were negatively impacted by $400,000, or $0.01 per share, associated with severance costs related to the integration of Xantic and by the non-cash, after-tax amortization of customer relationship intangibles of $1.9 m, or $0.05 per share, related to the Xantic and Plenexis acquisitions. Second quarter 2005 results were adversely impacted by $1.6m, or $0.04 per share, resulting from an unfavorable lower court decision and by non-cash, after-tax amortization of customer relationship intangibles of $400,000, or $0.01 per share, related to the Plenexis acquisition. Excluding these items, the corporation reported an adjusted net loss (non-GAAP measure) for the quarter of $1.8m, or $0.04 per share, compared with adjusted net earnings of $2.4m, or $0.06 per share in the second quarter a year-ago. The lower results in the second quarter of 2006 reflect higher interest expense associated with the debt financing of the Xantic acquisition.


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