ViaSat Inc. (VSAT) has reported a 49.44 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $6.65 million, or $0.11 a share in the quarter, compared with $4.45 million, or $0.09 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $18.46 million, or $0.32 a share compared with $14.28 million or $0.29 a share, a year ago.
Revenue during the quarter grew 11.95 percent to $416.42 million from $371.96 million in the previous year period. Gross margin for the quarter expanded 476 basis points over the previous year period to 34.18 percent. Total expenses were 99.36 percent of quarterly revenues, up from 97.99 percent for the same period last year. That has resulted in a contraction of 137 basis points in operating margin to 0.64 percent.
Operating income for the quarter was $2.68 million, compared with $7.49 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $83.45 million compared with $80.66 million in the prior year period. At the same time, adjusted EBITDA margin contracted 165 basis points in the quarter to 20.04 percent from 21.69 percent in the last year period.
"Our strong fourth quarter wrapped up a fiscal year that featured multiple performance records including revenue, cash flow from operations and new contract awards," said Mark Dankberg, chairman and CEO of ViaSat. "Performance for both the quarter and full fiscal year were driven by our satellite services operations across the residential, aero and government mobility markets, and outstanding results from our government business, where we are capitalizing on our unique market position and capabilities. With our ViaSat-2 launch scheduled for June 1, we are poised to again set a new benchmark for low-cost bandwidth delivery and we’re making great progress with R&D investments in the ViaSat-3 program. Our strategy is simple: we want to lead the way with the highest speeds and the most bandwidth at the lowest total cost, an approach that will continue to redefine global bandwidth economics and open significant opportunities for ViaSat to disrupt multiple markets."
Debt comes down
ViaSat Inc. has recorded a decline in total debt over the last one year. It stood at $848.48 million as on Mar. 31, 2017, down 10.26 percent or $97.05 million from $945.53 million on Mar. 31, 2016. Viasat has recorded a decline in long-term debt over the last one year. It stood at $848.48 million as on Mar. 31, 2017, down 10.26 percent or $97.05 million from $945.53 million on Mar. 31, 2016. Total debt was 28.72 percent of total assets as on Mar. 31, 2017, compared with 39.30 percent on Mar. 31, 2016. Debt to equity ratio was at 0.49 as on Mar. 31, 2017, down from 0.83 as on Mar. 31, 2016. Interest coverage ratio improved to 40.55 for the quarter from 1.25 for the same period last year.
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