ORBCOMM Inc. (ORBC, Financial) filed Quarterly Report for the period ended 2010-06-30.
Orbcomm Inc. has a market cap of $96.62 million; its shares were traded at around $2.27 with and P/S ratio of 3.5. ORBC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Three Months: Costs of product sales increased by $0.3 million, or 839.3%, to $0.3 million for the three months ended June 30, 2010 from less than $0.1 million for the three months ended June 30, 2009. We had a gross profit from product sales (revenues from product sales minus costs of product sales) of $0.2 million and less than $0.1 million for the three months ended June 30, 2010 and June 30, 2009, respectively.
Six Months: Costs of product sales increased by $0.6 million, or 599.0%, to $0.7 million for the six months ended June 30, 2010 from $0.1 million for the six months ended June 30, 2009. We had a gross profit from product sales (revenues from product sales minus costs of product sales) of $0.4 million and $0.1 million for the six months ended June 30, 2010 and June 30, 2009, respectively.
Cash provided by our operating activities of continuing operations for the six months ended June 30, 2010 was $1.1 million resulting from a net loss of $3.8 million, offset by non-cash items including a $3.3 million impairment charge to write down the net assets held for sale to their estimated fair values, $2.3 million for depreciation and amortization and $1.0 million for stock-based compensation. Working capital activities consisted of net uses of cash of $0.6 million for an increase in accounts receivable primarily due to the increase in revenues and $0.8 million from a decrease in accounts payable and accrued expenses primarily related to timing of payments.
Cash provided by our operating activities of continuing operations for the six months ended June 30, 2009 was $1.5 million resulting from a net loss of $9.4 million, offset by non-cash items including a $7.0 million impairment charge for one of our quick-launch satellites, $2.6 million for depreciation and amortization and $0.8 million for stock-based compensation. Working capital activities primarily consisted of a net source of cash of $0.9 million for a decrease in prepaid expenses and other assets primarily related to timing of expenses, offset by a net use of cash for an increase of $0.4 million in accounts receivable primarily related to an increase in our revenues and the timing of collections.
Cash used in our investing activities of continuing operations for the six months ended June 30, 2010 was $50.8 million, resulting from capital expenditures of $2.7 million, purchases of marketable securities of $91.8 million and the purchase of a cost method investment of $1.4 million. These uses were offset by proceeds received from the maturities of marketable securities totaling $45.1 million.
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Orbcomm Inc. has a market cap of $96.62 million; its shares were traded at around $2.27 with and P/S ratio of 3.5. ORBC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
EBITDA during the six months ended June 30, 2010 improved by $5.1 million over the six months ended June 30, 2009. This improvement was primarily due to higher net service revenues of $0.8 million and a decrease in operating expenses of $8.1 million. The decrease in operating expenses was primarily due to a non-cash impairment charge during the six months ended June 30, 2009 of $7.0 million for one of our quick-launch satellites and a decrease of $1.0 million in professional fees. These decreases were offset due to the impairment charge of $3.3 million in discontinued operations to write down the net assets held for sale.Three Months: Costs of product sales increased by $0.3 million, or 839.3%, to $0.3 million for the three months ended June 30, 2010 from less than $0.1 million for the three months ended June 30, 2009. We had a gross profit from product sales (revenues from product sales minus costs of product sales) of $0.2 million and less than $0.1 million for the three months ended June 30, 2010 and June 30, 2009, respectively.
Six Months: Costs of product sales increased by $0.6 million, or 599.0%, to $0.7 million for the six months ended June 30, 2010 from $0.1 million for the six months ended June 30, 2009. We had a gross profit from product sales (revenues from product sales minus costs of product sales) of $0.4 million and $0.1 million for the six months ended June 30, 2010 and June 30, 2009, respectively.
Cash provided by our operating activities of continuing operations for the six months ended June 30, 2010 was $1.1 million resulting from a net loss of $3.8 million, offset by non-cash items including a $3.3 million impairment charge to write down the net assets held for sale to their estimated fair values, $2.3 million for depreciation and amortization and $1.0 million for stock-based compensation. Working capital activities consisted of net uses of cash of $0.6 million for an increase in accounts receivable primarily due to the increase in revenues and $0.8 million from a decrease in accounts payable and accrued expenses primarily related to timing of payments.
Cash provided by our operating activities of continuing operations for the six months ended June 30, 2009 was $1.5 million resulting from a net loss of $9.4 million, offset by non-cash items including a $7.0 million impairment charge for one of our quick-launch satellites, $2.6 million for depreciation and amortization and $0.8 million for stock-based compensation. Working capital activities primarily consisted of a net source of cash of $0.9 million for a decrease in prepaid expenses and other assets primarily related to timing of expenses, offset by a net use of cash for an increase of $0.4 million in accounts receivable primarily related to an increase in our revenues and the timing of collections.
Cash used in our investing activities of continuing operations for the six months ended June 30, 2010 was $50.8 million, resulting from capital expenditures of $2.7 million, purchases of marketable securities of $91.8 million and the purchase of a cost method investment of $1.4 million. These uses were offset by proceeds received from the maturities of marketable securities totaling $45.1 million.
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