Stratos Announces 1Q Financial Results

Wednesday, May 10, 2006
Stratos Global Corp. announced financial results for the first quarter ended March 31. Its first quarter results were negatively impacted by non-cash, after-tax write-offs of approximately $23.3m, primarily related to the acquisition of Xantic, which was completed on February 14. These after-tax charges included the write-down of $19.6m of capital assets related to the Goonhilly land earth station as a result of the planned post-acquisition network rationalization; the write-off of $1m of deferred financing costs reflecting the successful financing of the Xantic acquisition; and, the write-off of capital assets of $2.7m related to the breach-of-contract claim recently filed against a provider of business process solutions. As a result, the corporation reported a net loss for the quarter of $24.9m, compared with net earnings of $3.5m reported for the same period last year. First quarter 2005 results were favorably impacted by $1.9m related to the settlement of a dispute over licensing and use of certain technology. Excluding these items, as well as non-cash, after-tax amortization of $1.1m for customer intangibles related to both the Xantic and Plenexis acquisitions, the Corporation reported an adjusted net loss (non-GAAP measure) of $500,000 in the first quarter of 2006, compared with adjusted net earnings of $1.9m in the same quarter a year ago. Revenue for the first quarter of 2006 was $119.3m, a 29 percent increase compared with the $92.4m achieved in the first quarter of 2005. This growth reflected Xantic revenue, which was consolidated with Stratos beginning February 14, as well as higher revenue from the Corporation's Broadband division.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Indonesia Expects Total to Decide on Mahakam within days

French oil firm Total  will decide how much interest it will retain from 2018 in Indonesia's offshore Mahakam oil and gas block over the next two days, the

Research Vessel Heincke: Serving Science for 25 years

7 July 2015. A quarter of a century old, with over 900,000 kilometres (488,842 nautical miles) logged and still on the cutting edge of science and technology:

Stena RoRo Charters Three Vessels

Stena RoRo has reached an agreement with the Finnish shipping company Godby Shipping to long-term charter their three RoRo vessels Misida, Misana and Miranda.

Navy

Fincantieri to Supply Four OPVs to the Bangladesh Coast Guard

Fincantieri has been awarded the contract with the Bangladesh Coast Guard (BCG) for the supply of four Italian Navy “Minerva” class corvettes to be upgraded and

Saab Bags $1 bln Order for Swedish Submarines

The Swedish Defence Materiel Administration (FMV) has awarded contracts worth Skr8.6bn ($1.03bn) to Saab AB for the construction of two new Type A26 submarines

Austal Delivers 7th Cape Class Patrol Boat

Shipbuilder Austal Limited announced it has delivered Cape Wessel, the seventh of eight Cape Class patrol boats being supplied to Australian Border Force under a $330 million design,

 
 
Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Salvage 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: 0.2319 sec (4 req/sec)