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GLOBAL EAGLE REPORTS FINANCIAL RESULTS FOR THE
FOURTH QUARTER AND FULL YEAR 2018
Accelerated Air France installations
Renewed largest two Cruise customers under multi-year agreements
Secured new Media & Content contract from major global airline
Initiated Phase II of Cost Realignment Plan
LOS ANGELES, CA, March 14, 2019Global 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 announced financial results for the fourth quarter and full year ended December 31, 2018. For the fourth quarter of 2018, Global Eagle recorded revenue of $161 million; incurred a net loss of $109.2 million (partially due to anon-cash impairment charge described below) and generated Adjusted EBITDA* of $17.0 million. For full year 2018, Global Eagle recorded revenue of $647 million; incurred a net loss of $236.6 million and generated Adjusted EBITDA of $73.1 million.
Global Eagles Connectivity segment is a leading provider of satellite-based passenger connectivity for single-aisle airliners and broadcaster of live television to the aviation and maritime markets. During the fourth quarter, Global Eagle continued to build commercial and operational momentum. We accelerated Air France installations, renewed our two largest cruise customers under multi-year contracts and launched the next generation of our proprietary Network Resource Management software platform which enables unprecedented flexibility and efficiency of the underlying drivers for user experience. In January, Air France commenced operation of inflight connectivity services to its passengers, supported by Global Eagles Ku high-throughput satellite (HTS) network, the first HTS inflight connectivity network to span Europe, Russia, the Nordics and Scandinavia, and North Africa. This network is capable of delivering speeds up to 500 Mbps to each aircraft cabin.
During the fourth quarter, Global Eagles market-leading Media & Content segment was approximately flat with the prior-year quarter. We expect the new wins and expanded relationships announced in the third quarter to positively impact the segments revenue growth during the first quarter of 2019. Our Media & Content segment has recently secured a multi-year contract award from a major global airline, previously held by a competitor. We expect the win to positively impact Media & Content revenue growth beginning in the third quarter of 2019.
Building upon the operating expense savings plan implemented throughout 2018, Global Eagle initiated the planning of Phase II of our Cost Realignment Plan in November. This process included a detailed review of cost of sales and operating expenses supporting each business unit, along with accelerated integration of global offices, software engineering and customer support teams. We commenced implementation of the majority of the plans initiatives in late February 2019. Therefore, we expect the plan to have a positive impact on expenses beginning in the second quarter of 2019 and building throughout the year.
The following information was filed by Global Eagle Entertainment Inc. (ENT) on Thursday, March 14, 2019 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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