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ViaSat Announces Record Fiscal Year 2008 Results

by Staff Writers
Carlsbad CA (SPX) May 19, 2008
ViaSat has announced financial results for the fourth quarter and fiscal year 2008. The fiscal fourth quarter results include revenues of $147.4 million, net income of $0.41 per share on a diluted non-GAAP basis or $0.33 per share on a diluted GAAP basis and cash flows from operations of $2.2 million.

Financial highlights for the fiscal year include record new contract awards of $560.0 million, revenues of $574.7 million, net income of $1.36 per share on a diluted non-GAAP basis or $1.04 per share on a diluted GAAP basis and cash flows from operations of $48.3 million.

"ViaSat completed another growth year in fiscal year 2008, with new records in earnings, revenues and orders," said Mark Dankberg, CEO and chairman of ViaSat.

"Pre-tax earnings rose an exceptional 37% over last year's fourth quarter and 29% for the fiscal year as a whole, though the expiration of the federal R&D tax credit at the end of our third fiscal quarter constrained our EPS growth for both the fourth quarter and the fiscal year.

"Pre-tax earnings were driven by strong product revenues, which improved operating margins, and supported a 50% increase in discretionary R&D investments. New orders in the fourth quarter were lower than planned, attributable to timing of specific defense programs; however, the Company's award volume in early fiscal year 2009 has been excellent and puts us on track to overcome the shortfall."

Effective for the fiscal year ended March 28, 2008, the Company made management and organizational structure changes to better align the organization with our recent strategic changes, which resulted in a new segment presentation. We have recast the data for the prior fiscal year periods presented to conform to the current period presentation.

Our Satellite Services segment is primarily comprised of our ViaSat-1 satellite, mobile broadband, and enterprise VSAT service businesses. Our Commercial Networks segment comprises our former Satellite Networks and Antenna Systems segments, except for the Satellite Services segment.

Government Systems Segment
The Government Systems segment recorded quarterly and annual revenues of $84.1 million and $319.5 million, respectively, an 18.4% increase over the fourth quarter of fiscal year 2007 and a 14.8% increase over the prior year. The fourth quarter year-over-year increase in revenue resulted primarily from higher sales of government satellite communications and information assurance products.

New contract awards in our Government Systems segment for the fourth quarter and fiscal year 2008 were $57.7 million and $306.2 million, respectively.

Commercial Networks Segment
For the Commercial Networks segment, revenues were $61.6 million for the fourth quarter, a 3.2% increase over the fourth quarter of fiscal year 2007. Year-to-date Commercial Networks segment revenues were $248.3 million, a 7.2% increase over the prior year.

The revenue growth for the fourth quarter of fiscal year 2008 compared to 2007 was primarily related to higher sales of consumer broadband products and antenna system products, partially offset by a decrease in our enterprise VSAT products sales. New contract awards in our Commercial Networks segment for the fourth quarter and fiscal year 2008 were $38.6 million and $249.7 million, respectively.

Satellite Services Segment
Our newly established Satellite Services segment contributed revenues of $1.7 million for the fourth quarter, a 25.4% increase over the fourth quarter of fiscal year 2007. Year-to-date Satellite Services segment revenues were $6.8 million, a 1.9% increase over the prior year.

The revenue growth for the fourth quarter of fiscal year 2008 compared to 2007 was primarily related to higher revenues in mobile satellite and managed broadband service. New contract awards in our Satellite Services segment for the fourth quarter and fiscal year 2008 were $2.0 million and $4.1 million, respectively.

Selected Fiscal Year 2008 and Recent Business Highlights:

- Entered into an agreement with WildBlue Communications to supply at least their next 500,000 Ka-band satellite terminals for the WildBlue satellite broadband service. ViaSat also delivered network infrastructure and software upgrades to WildBlue during the year, enabling them to resume selling services in previously sold-out regions.

- Extended our relationship and collaboration with Eutelsat, including the launch of the Tooway consumer broadband satellite service in Europe, and mobile broadband system on high-speed trains operated by the French SNCF railway. ViaSat is the exclusive provider of broadband networking equipment for the Tooway service, which is a forerunner to services that will be provided by Eutelsat's new high capacity Ka-Sat satellite (scheduled for launch in 2010). The ViaSat-1 satellite in North America and the Ka-Sat satellite in Europe are expected to be the highest capacity and most cost-efficient broadband satellites in the world at launch.

- Shipped over 250,000 SurfBeam modems and US Monolithics Ka-band transceivers in support of the WildBlue and Telesat services in North America.

- Received awards totaling $124 million for Multifunctional Information Distribution System (MIDS) Low Volume Terminal (LVT) products, accessory equipment, and next generation data link development programs. ViaSat also shipped over 430 LVT systems during the year.

- Commenced work on a military satellite communication product called the Joint Internet Protocol Modem (JIPM) through a subcontract with Globecomm Systems Inc. The new modem is designed to integrate advanced commercial satellite networking, information assurance technologies, and open standard networking for joint military forces.

- Signed new distribution agreements and received new orders worth $26 million for airborne broadband terminals and satellite services for ARINC SKYLinkSM and Rockwell Collins eXchange services.

- Generated strong growth in antenna systems product sales for government, remote sensing, and service. Also positioned the business for future growth with several new products, primarily in the mobile satellite broadband market, through new product development initiatives and completing the acquisition of JAST, a specialist in small, low-profile antennas.

- Introduced the KG-250 Release 1.4, the first product to be in full compliance with the HAIPE Interoperability Specification, Foreign Interoperability (HAIPE IS-FI) standard, following certification from the National Security Agency.

- Began shipments of LinkStar VSAT system with Adaptive Coding and Modulation (ACM), plus exclusive ViaSat Dynamic Link Adaptation (DLA) and AcceleNet software. LinkStarS2A terminals are already installed and operating in South America, Europe, Africa, the U.S, Australia, and all regions of Asia.

- ICT AcceleNet WAN optimization and application acceleration software product was selected as a finalist for the 2008 Software CEO/CompTIA Software Innovation Awards in the "Most Innovative Enterprise Software" category.

- Achieved a listing on the Forbes magazine "200 Best Small Companies" for the sixth time. The list is a compilation of the best small, but growing, businesses in America.

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