Boston, MA 03/13/2014 (wallstreetpr) – RigNet Inc. (NASDAQ:RNET) a leading provider of remote communications services has been surging in the market after reporting record revenues for its fourth quarter and full year. The solid performance for the fourth quarter and full year was mainly as a result of strong growth in core offshore rig businesses.
The year also saw RigNet entering into a long-term relationship with Inmarsat which through the acquisition of its enterprise energy business. The acquisition will essentially broaden RigNet capability to offer top class services to consumers as well as positioning it for enhanced returns.
Fourth quarter Financials
RigNet Inc. (NASDAQ:RNET) was able to report record revenue of $59.7 million for the fourth quarter which was an increase of 21.2% compared to revenues for the same quarter in 2012. This was mainly as a result of an increase in revenue per site. Fourth quarter revenue was also up by 5% compared to the third quarter of the same financial year.
RigNet adjusted EBITDA for the quarter came in at a record high of $15.2 million up by 25.5% compared to earnings of the fourth quarter in 2012 and 5.2% up compared to earnings of the third quarter. Growth in offshore business offset by reduced costs was cited as the reason being the surge in the quarter’s EBITDA earnings.
Net income for the quarter attributable to common stockholders came in at $5.4 million, the amount is inclusive of $1.3 million that was used for the purchase of Inmarsat Energy Broadband business. RigNet capital expenditure for the quarter came in at a high of $7.7 million compared to a low of $5.3 million reported for the fourth quarter of 2012 and a high of $9.1 million reported for the third quarter of the same financial year.
RigNet Inc. (NASDAQ:RNET) was slightly unchanged on Wednesday trading session, going down by 0.07% to close the day at a stable price of $55 a share.
