ViaSat-1 Delays Take $3.26 Million Toll on ViaSat’s First Quarter Earnings
2017-05-15
The delayed launch of ViaSat’s ViaSat-1 satellite took a toll on the company’s 2011 first quarter net income, which dropped $3.26 million from the same period last year to $1.76 million, ViaSat announced in its latest financial results issued Aug. 5.
The company now expects to launch ViaSat-1 on Sept. 30. ViaSat CEO Mark Dankberg said the results were anticipated as “revenues and earnings reflected new contract delays in prior periods and costs associated with the ViaSat-1 launch schedule.”
While ViaSat’s revenues for the first quarter grew from $192 million in 2010 to $195.1 million in 2011, the results fell short of analysts’ revenue expectations of $211.19 million.
ViaSat Government Systems, which constitutes about half of the overall company’s business, reported lower sales of tactical data link products and services and saw its revenues fall 3 percent to $86.2 million. ViaSat’s Satellite Services segment also reported lower sales of managed broadband services, which cut segment revenues by 1.2 percent to $56.9 million.
