ORBCOMM Inc. (ORBC)

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$ORBC ORBCOMM SKYWAVE For Q3 of 2015, Total Revenues were up 99% year-over-year to $46.1 million. #IoT #connect Service Revenues were up 65% over the prior year to $25.0 million. Third quarter 2015 Product Sales of $21.0 million were 165% higher than the prior year. Organic revenue growth for the third quarter of 2015 was 33%. ORBCOMM completed the acquisitions of SkyWave and InSync in the first quarter of 2015 which had a positive impact on year-over-year comparisons.

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For Q3 of 2015, Adjusted EBITDA was $11.0 million, adding $7.2 million or 190% higher than the prior year. ORBCOMM’s Net Income of $1.6 million (basic EPS is $0.02) for the third quarter of 2015 compared to a Net Loss at breakeven (basic EPS is ($0.00)) for the comparable period last year, improving over the prior period notwithstanding higher Depreciation and Amortization expense of $6.3 million that was $3.9 million more due to OG2 satellites put into service and acquired intangible assets, higher Interest Expense of $1.3 million and higher Acquisition-Related and Integration costs at $0.5 million in Q3 related to the recent acquisitions. Excluding Acquisition-Related and Integration costs, Net Income (Loss) – Ex-Items, attributable to ORBCOMM Inc. Common Stockholders was $2.1 million (basic EPS – Ex-Items was $0.03) for the third quarter of 2015 and 10 times larger when compared to Net Income (Loss) – Ex-Items, attributable to ORBCOMM Inc. Common Stockholders of $0.2 million (basic EPS Ex-Items of $0.00 for the comparable period last year (see non-GAAP reconciliation table at the end of this release).

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Net subscriber communicator additions for ORBCOMM were 33,000 in Q3 of 2015, taking the total billable subscriber communicators to 1,330,000 at September 30, 2015, compared to 937,000 at the end of Q3 last year. Billable subscriber communicators increased 42% year-over-year.

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On October 16, 2015, ORBCOMM announced that ORBCOMM and SpaceX plan to launch eleven OG2 satellites from Cape Canaveral Air Force Station in Florida on the next launch of the SpaceX Falcon 9 rocket targeted to take place in December.

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On October 6, 2015, ORBCOMM acquired substantially all the assets of WAM Technologies LLC (WAM), a leading provider of remote wireless telematics solutions for refrigerated sea containers. The acquisition expands ORBCOMM’s industry-leading cold chain monitoring solutions, which include trailers, rail cars, gensets and now sea containers by more than one million additional assets worldwide as reported by World Cargo News in November of 2014. ORBCOMM is the clear leader in monitoring cargo shipments.

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On October 27, 2015, ORBCOMM announced that it has signed an agreement with Morsviazsputnik, the licensed operator of Inmarsat’s mobile satellite services in Russia, to provide SkyWave’s IsatData Pro (IDP) service in the territory of the Russian Federation. This agreement opens the Russian Federation for the global heavy equipment Original Equipment Manufacturer market as well as other key industries such as transportation, oil & gas and maritime. The SkyWave IDP service utilizes Inmarsat’s global L-band satellite network to offer the highest payload and lowest latency of any satellite M2M service.

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On November 3, 2015, ORBCOMM announced that that it has been selected by the China International Marine Container Company’s (CIMC) Intelligent Technology Division to provide next generation OG2 satellite service and modem technology for their dual-mode telematics solution being developed as an Original Equipment Manufacturer (OEM) product designed for dry shipping containers.

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At the 2015 CTIA Super Mobility trade show in Las Vegas focused specifically on mobile innovation, ORBCOMM launched three new wireless solutions, further validating the company’s technological innovation and leadership in the M2M and IoT industries.....more
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