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GLOBAL EAGLE REPORTS FINANCIAL RESULTS FOR
FIRST THREE QUARTERS OF 2017
Today Becomes Current with SEC Reporting Obligations
Today Satisfies All NASDAQ Continued Listing Conditions
LOS ANGELES, CA, January 31, 2018 Global Eagle Entertainment Inc. (NASDAQ: ENT) (Global Eagle, the Company or we), a leading provider of media, content, connectivity and data analytics to markets across air, sea and land, today announces unaudited financial results for the nine months ended September 30, 2017. Today, the Company will file with the Securities and Exchange Commission (SEC) its Quarterly Reports on Form10-Q for the quarters ended March 31, June 30 and September 30, 2017. For the nine-month period ended September 30, 2017, Global Eagle recorded revenue of $460 million; incurred a net loss of $223 million; and generated Adjusted EBITDA* of $48.3 million.
Today, we become current with our SEC reporting and will have met all of Nasdaqs conditions for continued listing, commented Jeff Leddy, CEO of Global Eagle. The results for our first three quarters of 2017 are consistent with our goal of building a solid foundation for Global Eagle. We have worked internally to drive operational improvements through integration of our products, personnel and locations, setting the foundation for continuous efficiency gains as we move into 2018.
Over the past year, Global Eagle has improved service levels to its customers and their end-users through more efficient network management, due in part to the implementation of technology from prior acquisitions. Further, the Company continues to strengthen its go-to-market strategy by developing solutions that enhance the customers entertainment experience, such as the Companys new Ocean Prime TV product for maritime markets. Ocean Prime TV is an extension of the Companys successful aviation IPTV and cruise-television products, which the Company has customized for broader maritime segments.
We have made important investments in customer service and operational excellence to improve the delivery of our world class products to airline, cruise and yacht passengers and other end-users, continued Mr. Leddy. Our emphasis on operational execution combined with our improved go-to-market strategy has been validated recently with multiple new business wins in both our Media & Content and Connectivity segments.
Paul Rainey, CFO of Global Eagle, remarked, Beginning in 2017 and continuing into 2018, we began strengthening our finance functions and shared services, which we expect will lead to lower one-time cash expenses and reduce overall operating expenses as we move into 2018. We plan to drive margin expansion through operating leverage driven by organic revenue growth, the integration of past acquisitions, and the continued implementation of finance and operational control systems and processes. Additionally, we are putting particular emphasis on improving our cash-flow generation in 2018.
The following information was filed by Global Eagle Entertainment Inc. (ENT) on Wednesday, January 31, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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