2Q Financial Results from Stratos

Thursday, 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.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DSME Reveals Additional Self-Restructuring Plan

South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has  revealed an additional self-restructuring plan amid the falling shipbuilding orders.

KOTUG Begins Operations in Mozambique

KOTUG Mozambique has begun exclusive port and terminal towage services with two Rotortugs in the new port of Nacala-a-Velha in northern Mozambique for Nacala Development Corridor (CDN),

French Oil and Port Workers Vote to Begin New Strikes

Oil sector workers of French CGT and FO unions voted on Monday to begin a strike at Exxon Mobil's 240,000 barrels-per-day Port Jerome refinery in northern France, the unions said in a joint statement.

Maritime Security

ABS: Sharpening its Global View

The American Bureau of Shipping (ABS), already one of the world’s well-regarded classification societies, recently restructured its ranks to meet the perpetually evolving needs of its customers.

South Africa arrests Chinese ships for illegal squid fishing

South Africa's navy has detained three Chinese ships with around 100 crew on board on suspicion of illegal squid fishing, officials said on Monday. The ships

NATO to Boost Effort to Stop Mediterranean Smugglers

NATO agreed on Thursday to broaden its operations in the Mediterranean to help the European Union stop criminals trafficking refugees from North Africa but will

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0918 sec (11 req/sec)