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ViaSat 4Q Profit Rises Sharply
Thursday May 12, 5:50 pm ET
ViaSat Fourth-Quarter Earnings Climb on Growth in New Orders, Sales Backlog Increases


CARLSBAD, Calif. (AP) -- ViaSat Inc., a provider of networking and communication equipment for government and commercial customers, on Thursday said its fourth-quarter earnings rose sharply, boosted by growth in new orders and contract awards.
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Net income climbed 76 percent to $6.7 million, or 24 cents per share, from $3.8 million, or 13 cents per share, a year earlier. On a pro forma basis, which excludes acquisition charges, net income rose to $7.6 million, or 27 cents per share.

Revenue rose 9 percent to $90.9 million from $83.2 million in 2004. Analysts surveyed by Thomson Financial expected the company to earn 24 cents per share on sales of $90.2 million.

The company said new orders climbed 77 percent to $129.5 million from $73.2 million a year ago, and its sales backlog increased 29 percent to $361.9 million.

For the full year, the company's net income increased to $19.3 million, or 68 cents per share, from $13.2 million, or 48 cents per share, a year ago. Excluding a gain of $3.8 million, or 14 cents per share, related to its legal settlement on its Satellite Networks businesses acquisition, net income rose to $23.3 million, or 83 cents per share, in the latest quarter.

Analysts had expected the company to earn 80 cents per share. Revenue grew 24 percent year-over-year to $345.9 million from $278.6 million.

"Sustained strength in new orders continues to drive record financial performance," said Mark Dankberg, chairman and chief executive, in a statement. "Earnings, earnings per share and new orders all met or exceeded our targets, while product mix and non-recurring events somewhat restricted operating margins."

In the third quarter, ViaSat disclosed a material weakness related to significant and non-routine transactions. ViaSat said it has implemented steps to correct the problem, including hiring additional finance and accounting personnel, establishing certain policies and procedures and conducting training.

However, the company said it has not yet concluded its fiscal year-end assessment of internal controls, including testing of the remediated policies and procedures.

ViaSat Inc. shares rose 49 cents, or 2.6 percent, to close at $18.98 on the Nasdaq, then continued to rise another 22 cents, or 1 percent, to $19.20 in after-hours trading.





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