ViaSat Inc., which offers VSAT products for voice and data applications, broke a company record with revenues of $100 million during the fiscal 2006 first quarter, up from $84.2 million in the same period a year ago. The company also reported net new contract awards of $129.3 million and a backlog of $391.2 million at the end of the first quarter 2006, which ended July 1. ViaSat’s net income increased to $5.2 million for the just ended quarter, up from $3.6 million in the fiscal 2005 first quarter, the company reported Aug. 4.
ViaSat’s government segment accounted for $53.5 million of the quarterly revenues, up 40.6 percent from the previous year. Growth was attributed to increased sales of tactical data link products, partially offset by reductions in information assurance and mobile satellite communications product sales. Revenues from the commercial segment were $47.5 million, essential flat from the previous year. ViaSat noted revenue from its Antenna Systems product line increased 6.3 percent, gains that were offset by a reduction of 1.4 percent in Satellite Networks product line revenue.
Robert Peck, analyst with Bear Stearns, noted in an Aug. 5 equity research report that ViaSat’s numbers were “strong” and surpassed consensus top line expectations by 10 percent and bottom line expectations by a penny.
