GCOM ,,, Globecomm 3Q Earnings Rise 27 Percent
Wednesday May 11, 6:55 pm ET
Globecomm Posts 27 Percent Jump in Third-Quarter Earnings on Revenue Growth, One-Time Gain
HAUPPAUGE, N.Y. (AP) -- Satellite communications company Globecomm Systems Inc. on Wednesday reported a third-quarter profit, reversing a year-ago loss, as results were helped by revenue growth and a one-time gain.
Net income for the quarter increased to $561,000, or 4 cents per share, compared with a loss of $573,000, or 4 cents per share, a year ago. The results included a gain of $132,000 from securities sales, as well as higher interest income.
Revenue rose 27 percent to $28.2 million from $22.3 million in the same period last year.
The company attributed the increase to a rise in government-sector sales, improved sales to telecommunications companies, and higher gross margin.
Globecomm said it still expects to reach full-year profitability, even excluding one-time gains, with revenue at more than $105 million.
The company's shares closed up 12 cents, or 2.1 percent, at $5.92 on the Nasdaq.
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