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GLOBAL EAGLE ENTERTAINMENT REPORTS FOURTH QUARTER AND FULL YEAR 2013 RESULTS
|•||Strong Sequential Revenue and Q4 Adjusted EBITDA* Growth|
|•||Q4 Adjusted EBITDA* Increased to $8.6 million, a 91% Improvement over Q3 2013|
|•||Entered into agreement with Air China for Connectivity Trial on B777 Aircraft|
|•||Initiated Connectivity Coverage and Service to Passengers over Transatlantic Region and Russia|
|•||Selected by Etihad Airways To Enter Into Multi-Year Contract as Primary Content Service Provider|
|•||Launched Gate-to-Gate Wi-Fi and Messaging Services on Southwest|
|•||523 Connectivity Systems Installed at End of Q4; 40 Additional Orders Received Since End of Q3 2013|
|•||Completes $190.0 million follow on offering; $262.0 million in Cash at Quarter End|
LOS ANGELES, CA, March 6, 2014 - Global Eagle Entertainment Inc. (Nasdaq: ENT) (Global Eagle or the Company) today reported financial results for the fourth quarter and year ended December 31, 2013.
Global Eagle Entertainment Inc. is a leading content and connectivity distribution and services company. The Company operates the largest satellite-based Wi-Fi Internet connectivity network serving the worldwide airline industry. Global Eagle is also the leading provider of content and content-related services to the airline, maritime, and other away-from-home non-theatrical markets.
“Our strong fourth quarter operating and financial performance capped off a very productive year for our company,” said John LaValle, Chief Executive Officer. “We aggressively executed the strategic plan we laid out when we brought together the industry’s top connectivity and content businesses only 13 months ago. Our ongoing focus on building the world’s most robust content and connectivity solution is generating results for our airline partners, as they differentiate their brands and elevate the inflight experience for their passengers. Looking ahead, we are well positioned to grow our connectivity footprint and content client base, given our global scale, best-in-class technology and premium product offering.”
“We delivered another significant increase in our revenue and Adjusted EBITDA* during the fourth quarter,” commented Dave Davis, Chief Operating Officer and Chief Financial Officer. “During 2013 we grew our revenue base both organically and through the completion of two acquisitions in the second half of the year. As we install our connectivity system on additional aircraft we are leveraging our in-flight portal to introduce higher value services such as live television, audio programming, texting, and destination services to passengers. In our content business, we’re seeing initial returns from the integration of the acquisitions we completed in 2013. In addition to driving new client growth, such as our win at Etihad, one of the world’s premier airlines, we expect to benefit from significant economies of scale as we complete the consolidation of our content operations over the course of 2014. Supported by our strong balance sheet, we are well positioned to grow revenue and earnings and increase shareholder value.”
The summary consolidated financial information for the three and twelve months ended December 31, 2013 is not directly comparable to the financial information for the three and twelve months ended December 31, 2012. Global Eagle Entertainment was formed through the combination of Row 44 Inc. ("Row 44"), Advanced Inflight Alliance AG (“AIA”), and Global Eagle Acquisition Corp. (“GEAC”) on January 31, 2013. Row 44 was deemed the accounting acquirer in the business combination. As such, the presented financial information for the three and twelve months ended December 31, 2012 reflects the financial information and activities only of Row 44. During 2013, we also acquired the business of Post Modern Edit, LLC and related entities (“PMG”) and the parent of IFE Services Limited (“IFE Services”). The presented financial information for the twelve months ended December 31, 2013 includes the financial information and activities of Row 44 for the period January 1, 2013 to December 31, 2013 (365 days), Global Eagle and AIA for the period January 31, 2013 to December 31, 2013 (335 days), PMG for the period July 10, 2013 (date of acquisition) to December 31, 2013 (174 days), and IFE Services for the period October 18, 2013 (date of acquisition) to December 31, 2013 (75 days).
For the fourth quarter of 2013, revenues were $79.9 million, compared with $14.6 million in the fourth quarter of 2012. The loss from operations for the quarter was $7.8 million, compared to a loss of $13.3 million in the fourth quarter of 2012. The pre-tax net loss for the quarter was $69.2 million, which was largely driven by the quarterly change in the fair value of our publicly traded warrants, compared to a pre-tax net loss of $16.8 million in the fourth quarter of 2012.
Capital expenditures for the twelve month period of 2013 totaled approximately $11.7 million. The Company finished the fourth quarter of 2013 with approximately $262.1 million in cash and $10.8 million in debt.
The following information was filed by Global Eagle Entertainment Inc. (ENT) on Thursday, March 6, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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