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.
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