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.
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