Stratos Announces 4Q Results

Friday, February 17, 2006
Stratos Global Corp. announced financial results for the fourth quarter and year ended December 31, 2005. The Corporation reported net earnings in 2005 of $5.4 million, or $0.13 basic earnings per share, compared with $25.1 million, or $0.51 basic earnings per share, reported in 2004. Revenue for 2005 was $381.0 million, a 4 percent improvement compared with the $367.8 million achieved in 2004. Segment earnings for 2005 were $58.2 million, compared with $78.1 million reported for the prior year. In the Mobile Satellite Services (MSS) business, both revenue and segment earnings for the full year were adversely impacted by intensified price competition, resulting in lower volumes, prices and reduced margins, as well as a shift toward lower-margin products and services. MSS revenue for 2005 declined by two percent to $259.9 million, and segment earnings declined by 20 percent to $44.7 million, as compared to 2004. Revenue and segment earnings for 2004 were $265.8 million and $56.1 million, respectively. Revenue in the corporation's Broadband division was $121.1 million in 2005, a 19 percent increase over the prior year results, primarily reflecting the acquisition of Plenexis Holding GmbH, which was completed on January 31, 2005. Segment earnings declined to $13.4 million for 2005, as compared with $22.0 million achieved in 2004. Broadband results were impacted by a continued gradual decline in the core Gulf of Mexico market, hurricanes Katrina and Rita which disrupted offshore microwave services in the second half of 2005 and the expiration of certain legacy contracts in the North Sea VSAT business.
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