Orbcomm Announces Fourth Quarter and Full Year 2016 Results
Orbcomm has released financial results for the fourth quarter and full year ended Dec. 31, 2016. For the fourth quarter, total revenues of $46.8 million were up 4 percent year-over-year. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) came in at $12.5 million, a 5 percent improvement over the prior year period. Net income (loss) was a $3.2 million net loss compared to net income of $0.2 million for the fourth quarter of 2015, due to an increase in depreciation and amortization, higher direct costs of revenue and higher interest expense. Net subscriber communicator additions were 37,000, increasing the total billable communicators to 1.7 million.
For the full year of 2016, total revenues of $186.7 million grew approximately 5 percent. Adjusted EBITDA totaled $47.3 million, up 12 percent compared to the prior year. Net loss of $23.5 million includes higher depreciation and amortization of $16.2 million and $3.8 million more in interest expense.
Most recently, Orbcomm announced that J.B. Hunt Transport services selected the company to equip its 90,000-plus intermodal and Over-the-Road (OTR) trailing fleets with end-to-end tracking and monitoring.