Carlsbad-based ViaSat Inc., a provider of satellite and other wireless networking systems and services, on Tuesday reported record operating earnings on a 21 percent increase in revenue for its 2014 fiscal year.
The company’s operating earnings, or adjusted EBITDA, grew 35 percent to $221.2 million on revenue of $1.4 billion in the fiscal year ended April 4. While the company reported a net loss of $9.4 million for the year, it was considerably smaller that the $41.2 million loss in the previous year.
“Fiscal year 2014 was a momentous year,” said Mark Dankberg, CEO and chairman of ViaSat. “We made substantial progress in showing that our innovations in high-capacity satellite network technology have the potential to disrupt attractive markets in consumer broadband, mobile services such as in-flight Wi-Fi, and important government applications.”
“We began fiscal year 2014 by commencing construction of ViaSat-2, which we expect will extend the state of the art in satellite broadband. And we begin fiscal year 2015 with a landmark legal victory validating our role in creating the current state of the art, ViaSat-1. We’re excited about building on our momentum and the prospects for continued growth.”
Revenue for the fourth quarter increased 11 percent to $343.9 million and operating earnings grew 41 percent to $57.4 million compared to the same period last year.
New contract awards doubled to $454.0 million for the quarter compared to the same period last year.
ViaSat offers fixed and mobile satellite network services using ViaSat-1, the world’s highest capacity satellite. The company employs over 3,100 people in a number of locations worldwide for technology development, customer service, and network operations.
— From a ViaSat press release
