Market Overview

Globecomm Systems Reports Mixed Earnings (GCOM)


Globecomm Systems Inc. (NASDAQ: GCOM) reports Q4 EPS of $0.12, versus the consensus of $0.14. Globecomm Systems Inc. reports revenues of $70.3 million, versus the consensus of $67 million.

Globecomm currently expects the following financial results for the fiscal year 2011:

1. Consolidated revenues to be between $290 and $305 million.
2. Service segment revenues to be approximately $175 million.
3. GAAP diluted net income per common share to be between $0.50 and $0.55.
4. Adjusted EBITDA to be between approximately $28 and $29 million.

David Hershberg, Chairman and CEO, said "The largest acquisition in the Company's history capped off a record year for the company. We enter fiscal 2011 with greater visibility than ever and look forward to a record year as the service segment takes center stage. The balance sheet remains strong and we will continue to make strategic acquisitions if they fit our stringent criteria.”

He added, “The company will also make strategic investments internally to expand our products portfolio and capabilities for all market verticals. Our overall staff has increased by roughly 20% to over 400 employees and we are pleased with the seamless integration of our new subsidiaries. At this point, we have sufficient resources to carry out our business plan and I would like to thank the employees for another terrific year."

Shares of GCOM are lower in the after-hours by 3.03%.

Posted-In: Earnings Guidance After-Hours Center


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