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ORBCOMM Inc. (ORBC) filed Quarterly Report for the period ended 2011-09-30.
Orbcomm Inc. has a market cap of $131.1 million; its shares were traded at around $2.87 with and P/S ratio of 3.5.
This is the annual revenues and earnings per share of ORBC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ORBC.
Highlight of Business Operations:
Nine Months: EBITDA during the nine months ended September 30, 2011 improved $5.3 million over 2010. The improvement was primarily due an increase in total revenues of $3.5 million and a non-cash impairment charge of $3.3 million in discontinued operations to write down net assets held for sale in 2010. Service revenues decreased $0.4 million primarily due to a drop in AIS revenue of $8.0 million which included a one-time recognition in 2010 of the remaining unamortized AIS deferred service revenue of $5.9 million prepaid by the U.S. Coast Guard, offset by an increase in satellite and terrestrial revenues of $7.2 million including $2.9 million of incremental revenue from StarTrak. Product revenues increased $3.9 million including $3.5 million from StarTrak. The increase in total revenues was offset by an increase in expenses, excluding depreciation and amortization, of $2.4 million primarily due to a non-cash impairment charge to satellite network of $6.5 million in 2010 and $6.3 million in expenses, excluding depreciation and amortization, from StarTrak and $1.7 million of acquisition-related costs and losses.Three Months: Service revenues decreased $2.7 million for the three months ended September 30, 2011, or 20.5%, to $10.3 million. The decrease in service revenues in 2011 over 2010 was primarily due to a reduction in AIS revenues of $6.5 million including the recognition of $5.9 million of the remaining unamortized AIS deferred service revenues prepaid by the U.S. Coast Guard in 2010, offset by an increase in satellite and terrestrial revenues of $3.8 million primarily from an increase in messaging service due to increases in billable subscriber communicators and usage by some customers and $1.9 million of incremental revenue from StarTrak.
Nine Months: Service revenues decreased $0.4 million for the nine months ended September 30, 2011, or 1.6%, to $26.7 million. The decrease in service revenues in 2011 over 2010 was primarily due to a reduction in AIS revenues of $8.0 million including the recognition of $5.9 million of the remaining unamortized AIS deferred service revenues prepaid by the U.S. Coast Guard, offset by an increase in satellite and terrestrial revenues of $7.2 million primarily from an increase in messaging service due to increases in billable subscriber communicators and usage by some customers and $2.9 million of incremental revenue from StarTrak.
Cash provided by our operating activities for the nine months ended September 30, 2011 was $4.0 million resulting from a net loss of $0.8 million, offset by non-cash items including $4.0 million for depreciation and amortization, $1.1 million for stock-based compensation, $0.3 million loss on the disposition of our investment in Alanco and amortization of premium on marketable securities of $1.0 million. Working capital activities primarily consisted of a net use of cash of $1.8 million for an increase in accounts receivable primarily due to the increase in satellite, terrestrial and product revenues.
Cash provided by our operating activities of continuing operations for the nine months ended September 30, 2010 was $2.6 million resulting from a net loss of $4.2 million, offset by several non-cash items including a $6.5 million impairment charge-satellite network, $3.3 million impairment charge related to the sale of Stellar, $3.2 million for depreciation and amortization and $1.6 million for stock-based compensation. Working capital activities consisted of net uses of cash of $1.1 million for an increase in accounts receivable primarily due to the increase in revenues, $1.0 million from a decrease in accounts payable and accrued expenses primarily related to timing of payments, and $6.6 million from a decrease in deferred revenue of which $5.9 million is related to recognizing the remaining AIS deferred professional services revenue that were prepaid as the agreement with the U.S. Coast Guard expired.
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