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

People & Company News

No Clues on Hanjin's Financial Health

Cash-strapped Hanjin Shipping Co. sources say that the negotiations with tonnage providers for lower rates are undergoing, but wouldn't say much else.   According to Korea Herald, the country's No.

DP World's H1 Volumes Rise

Ports operator DP World reported on Tuesday first-half 2016 gross container volumes up 1.2 percent on a like-for-like basis and up 2.5 percent on a reported basis.

Samil PwC Okays Hyundai's Management Improvement Plan

Hyundai Heavy Industries (HHI) is notified by Samil PwC, a local member of the global accounting firm PwC, that its 3.5 trillion won worth management improvement

Maritime Security

Russia: 6th Yasen-Class Nuclear Sub

Russia's sixth Yasen-class nuclear submarine will be laid down at the Sevmash ship-building company in the city of Severodvinsk on July 29, reports RIA Novosti.

China Asks U.S. to Support Resumption of Talks with Philippines

China's foreign minister has asked the U.S. secretary of state John Kerry to support the resumption of talks between China and the Philippines over the South China Sea,

U.S. Backs S. China Sea Bilateral Talks

U.S. Secretary of State Kerry says backs bilateral talks; Philippines says dispute does not involve United States. U.S. Secretary of State John Kerry said on

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.0899 sec (11 req/sec)