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GLOBAL EAGLE ENTERTAINMENT REPORTS RECORD FOURTH QUARTER AND FULL YEAR 2014 RESULTS
|•||Record 2014 revenue of $388 million and Adjusted EBITDA* of $30.7 million, representing year-over-year growth of 49% and 123%, respectively|
|•||Q4 2014 revenue of $101 million and record Adjusted EBITDA* of $10.4 million, representing year-over-year growth of 26% and 21%, respectively|
|•||Record Q4 Connectivity segment service revenue of $21 million grew 28% year-over-year|
|•||Cash flow positive in Q4 2014, net of non-recurring items|
|•||Further strengthened balance sheet by completing convertible note offering in Q1 2015, netting $81 million in proceeds|
LOS ANGELES, CA, March 5, 2015 - Global Eagle Entertainment Inc. (Nasdaq: ENT) (“Global Eagle”, “GEE” or the “Company”), a worldwide leading provider of content, connectivity and digital media solutions for airlines, today reported record financial results for the fourth quarter and year ended December 31, 2014.
Consolidated revenue for Q4 2014 reached $101 million with Adjusted EBITDA* growing to $10.4 million. Both Content and Connectivity segments experienced significant revenue growth in the quarter of 24% and 33%, respectively, when compared to Q4 2013. GEE continued to gain traction with new customers, expanded its service offerings and increased deployments of its content and connectivity offerings. Q4 2014 Adjusted EBITDA* improvement was driven by strong revenue growth, expanded contribution margins, and continued integration of acquired businesses.
“We are extremely pleased with our many achievements in 2014. We added large new customers, renewed all major expiring contracts, integrated our business operations, and inked new partnerships with key suppliers,” commented Dave Davis, Chief Executive Officer of GEE. “We continue to execute on our plans to be a leader in in-flight entertainment and connectivity as we develop our product platforms and grow our strong customer base. Further, with our recent capital raise, we have strengthened our balance sheet to provide us with the flexibility to meet the needs of a diverse customer base, accelerate investment in our growing product portfolio, take advantage of market opportunities, and prudently acquire additional businesses.”
“As we enter 2015, we have undertaken a number of new initiatives to better position us for future growth. In the last few months, we have made investments to provide global satellite coverage, launched development of a new global antenna, and achieved provisions offerability for our Ku antenna on Boeing’s 737,” said Davis. “We will continue to grow our product offering and provide new solutions to our airline and maritime customers and the passengers that they serve.”
“We closed 2014 with record revenue and Adjusted EBITDA*,” said Michael Zemetra, Chief Financial Officer. “Further, we have successfully integrated the businesses that we have acquired and realized expected synergies. GEE’s balance sheet is extremely strong and we are well positioned for continued success in 2015.”
The table below presents financial results for the three-months ended December 31, 2014 and 2013. The financial results for the quarterly period ended December 31, 2013 include financial information for the business of IFE Services Ltd. (“IFES”), from its acquisition date of October 18, 2013.
The following information was filed by Global Eagle Entertainment Inc. (ENT) on Thursday, March 5, 2015 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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