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.

People & Company News

China Cosco Sinks into Red

Dragged by lackluster freight rates in the maritime transport market during the first half of 2016, China Cosco Holdings logged a 7.2 billion yuan ($1.07 billion) net loss for the January-June half,

DNV GL Backs John Laing on First Offshore Wind Investment

DNV GL successfully completed its due diligence work of the offshore wind farm “Nordergründe” in the North Sea, reviewing and quantifying the technical risks of the project.

MobileOps Pursuing Maritime Business

Redmond, Wash. based MobileOps, Inc., a software company specializing in the design and development of maritime software applications (dispatch, safety, compliance,

Navy

This Day In Naval History: August 29

1861 - During the Civil War, Seaman Benjamin Swearer lands with troops from the steam sloop of war, Pawnee, and takes part in the capture of Fort Clark, at Hatteras Inlet, N.

USS Freedom Suffers Casualty

The U.S. Navy's first littoral combat ship USS Freedom (LCS 1) experienced a casualty to one of its main propulsion diesel engines (MPDE) on July 11 reportedly

Michelle Obama Sponsors Attack Submarine

General Dynamics Electric Boat has delivered to the U.S. Navy an attack submarine that is sponsored by first lady Michelle Obama and will be named for her home state, reports AP.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Ship Electronics Ship Repair Sonar Winch
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: 0.1559 sec (6 req/sec)