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ViaSat Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: February 8, 2012 05:04PM

ViaSat Inc. (VSAT) filed Quarterly Report for the period ended 2011-12-30. Viasat Inc. has a market cap of $1.96 billion; its shares were traded at around $45.04 with a P/E ratio of 41.7 and P/S ratio of 2.4. Viasat Inc. had an annual average earning growth of 0.1% over the past 5 years.



Highlight of Business Operations:

Product revenues decreased from $126.4 million to $121.9 million during the third quarter of fiscal year 2012 compared to the same period last year. The decrease in product revenues was primarily due to lower product sales of $12.4 million in information assurance products, $4.4 million in tactical data link products, $2.3 million in enterprise VSAT networks and products, and $1.2 million in WildBlue products due to a lower number of wholesale subscriber additions. These decreases were offset by higher product sales of $7.3 million in antenna systems products, $4.0 million in satellite payload technology development programs, $3.4 million in consumer broadband products and $2.1 million in mobile broadband satellite communication systems.

The revenue in our government systems segment decreased approximately $2.7 million in the third quarter of fiscal year 2012 compared to the same period last fiscal year, primarily due to a decrease in product revenues of $17.6 million, offset by an increase in service revenues of $14.9 million. The product revenue decrease in our government systems segment was primarily from decreases of $12.4 million in information assurance products and $4.4 million in tactical data link products. The service revenue increase in our government systems segment was primarily due to service revenue increases of $11.0 million in government satellite communication systems services, $2.5 million in information assurance services and $0.9 million in tactical data link services.

During the first nine months of fiscal year 2012 compared to the same period last fiscal year, product revenues increased from $379.0 million to $391.0 million. The product revenue increase was primarily due to higher product sales of $13.2 million in government satellite communication systems, $12.2 million in mobile broadband satellite communication systems, $11.0 million in antenna systems products, $7.7 million in consumer broadband products, $7.4 million in satellite payload technology development programs and $1.5 million in enterprise VSAT networks and products. These increases were offset by lower product sales of $19.8 million in tactical data link products, $17.8 million in information assurance products, $1.8 million in WildBlue products due to a lower number of wholesale subscriber additions and $1.2 million in satellite networking development programs.

Service revenues increased from $206.8 million to $232.1 million during the first nine months of fiscal year 2012 when compared to the first nine months of fiscal year 2011 primarily driven by growth in government satellite communication systems services of $17.3 million, information assurance services of $6.2 million, tactical data link services of $3.4 million, mobile broadband services of $3.0 million and satellite networking development program services of $2.6 million, offset by a decrease in WildBlue services of $5.2 million and in managed broadband services of $3.6 million. The decrease in WildBlue service revenues was mainly due to the lower number of wholesale subscribers as our sales channels provisioned fewer customers with existing service plans in anticipation of the launch of our new ViaSat-1 satellite service offerings in January 2012.

Our government systems segment experienced a revenue increase in the first nine months of fiscal year 2012 compared to the same period last fiscal year due to an increase in service revenues of $27.8 million, offset by a decrease in product revenues of $24.7 million. The increase in service revenues was primarily due to increases of $17.3 million in government satellite communication systems services, $6.2 million in information assurance services and $3.4 million in tactical data link services. The decrease in product revenues was primarily due to decreases of $19.8 million in tactical data link products and $17.8 million in information assurance products, offset by an increase of $13.2 million in government satellite communication systems.

Read the The complete Report



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