ViaSat’s third quarter revenues grew 4.6 percent from the previous third quarter to $204.6 million but were 8.8 percent below analysts’ consensus of $225 million, reflecting weaker-than-expected results in its government and commercial networks segments. The satellite communications company earned $11.6 million for the quarter, excluding certain charges. ViaSat earned $18.6 million in the third quarter of last year.

   Dankberg acknowledged ViaSat’s 1.1 percent EBITDA decline to $36.9 million as a consequence of the delay that pushed back the launch of its ViaSat-1 satellite from the middle of 2011 to October of that year. Despite the loss, Dankberg added that the company is optimistic about the ability of its prize new spacecraft to recover lost ground.

   “With the successful launch of the groundbreaking ViaSat-1 satellite in October and the subsequent introduction of our new high-speed Exede broadband service early in 2012, we can really grow our broadband subscriber base for the first time since the WildBlue acquisition two years ago,” said Dankberg.

   In a statement to Satellite TODAY Insider, Raymond James Analyst Chris Quilty said that while he also remains optimistic about ViaSat-1’s potential in service growth, economic factors in the market may create a more difficult and competitive environment for ViaSat.

   “While we like the prospects for ViaSat’s consumer broadband business, we still believe its valuation is too rich due to headwinds in the government sector, estimates that are still too high, and the uncertainty surrounding the company’s wholesale/retail distribution model,” Quilty said in a statement to Satellite TODAY Insider.

   Quilty noted that ViaSat’s government revenues declined 3 percent year-over-year due to ongoing U.S. budget delays. “Management lowered its outlook to flattish full-year growth from a prior outlook of 10 percent growth,” he said. “On a positive note, the order book was solid and ViaSat’s mobile broadband services are growing rapidly, accounting for 20 percent of revenues in third quarter – a 4 percent increase from last year.”

   Dish Network is now signing up customers for ViaSat’s Exede service, but the pay-TV operator’s management recently conceded that the company would likely shift its focus to EchoStar subsidiary Hughes once its Jupiter satellite is placed in service later this year. Dish’s competitor DirecTV also is phasing out its WildBlue service and has not yet signed a new contract for Exede service. “As a result, ViaSat may be forced to rely more heavily on its direct sales efforts, which could translate into a slower subscriber growth rate and higher SG&A spending,” said Quilty.

   Dankberg forecasts ViaSat-1 to reach 25,000 to 30,000 gross add-on subscriptions by its second fiscal quarter of 2013. Analysts project a net loss of 60,000 WildBlue subscriptions for the 2013 full year.