ORBCOMM Inc. (ORBC, Financial) filed Quarterly Report for the period ended 2010-03-31.
Orbcomm Inc. has a market cap of $94.92 million; its shares were traded at around $2.23 with and P/S ratio of 3.44. ORBC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Service revenues increased $0.3 million for the three months ended March 31, 2010, or 3.9%, to $6.9 million, or approximately 92.8% of total revenues, from $6.6 million, or approximately 98.4% of total revenues for the three months ended March 31, 2009. The increase in service revenues were primarily due to an increase in AIS revenue of $0.3 million and an increase in satellite and terrestrial revenue of $0.3 million from an increase in the number of billable subscriber communicators activated on our communications system, less customer credits of $0.3 million. As of March 31, 2010, we had approximately 525,000 billable subscriber communicators on the ORBCOMM System compared to approximately 477,000 billable subscriber communicators as of March 31, 2009, an increase of approximately 10.2%.
Costs of product sales increased by $0.2 million, or 447.5%, to $0.3 million for the three months ended March 31, 2010 from $0.1 million for the three months ended March 31, 2009. We had a gross profit from product sales (revenues from product sales minus costs of product sales including distribution costs) of $0.2 million and less than $0.1 million for the three months ended March 31, 2010 and March 31, 2009, respectively. The increase in gross profit from product sales was primarily due to an increase in product sales by our Japanese subsidiary.
Cash used in our operating activities of continuing operations for the three months ended March 31, 2010, was $0.3 million resulting from a net loss of $0.6 million, offset by non-cash items including $1.4 million for depreciation and amortization and $0.4 million for stock-based compensation. Working capital activities consisted of net uses of cash of $0.8 million for an increase in accounts receivable primarily due to the increase in revenues and $0.5 million from a decrease in accounts payable and accrued expenses primarily related to timing of payments made to vendors.
Cash used in our operating activities of continuing operations for the three months ended March 31, 2009 was $1.3 million resulting from a net loss of $9.1 million, offset by non-cash items including $7.0 million impairment charge for one of our quick-launch satellites, $1.3 million for depreciation and amortization and $0.5 million for stock-based compensation. Working capital activities primarily consisted of a net uses of cash of $0.5 million for an increase in accounts receivable primarily related to the increase in our service revenues and $1.0 million for a decrease in accounts payable and accrued expenses primarily related to timing of payments made to vendors.
Cash used in our investing activities of continuing operations for the three months ended March 31, 2009 was $6.9 million, resulting from capital expenditures of $0.4 million for the Coast Guard demonstration satellite and quick-launch satellites and $6.0 million for next-generation satellites and $0.5 million of improvements to our internal infrastructure and ground segment.
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Orbcomm Inc. has a market cap of $94.92 million; its shares were traded at around $2.23 with and P/S ratio of 3.44. ORBC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
EBITDA during the three months ended March 31, 2010 improved by $8.5 million over the three months ended March 31, 2009. This improvement was primarily due to higher net service revenues of $0.3 million and a decrease in operating expenses of $7.9 million. The decrease in operating expenses was primarily due to a non-cash impairment charge during the three months ended March 31, 2009 of $7.0 million for one of our quick-launch satellites and a decrease of $0.5 million in professional fees and bad debt reserves.Service revenues increased $0.3 million for the three months ended March 31, 2010, or 3.9%, to $6.9 million, or approximately 92.8% of total revenues, from $6.6 million, or approximately 98.4% of total revenues for the three months ended March 31, 2009. The increase in service revenues were primarily due to an increase in AIS revenue of $0.3 million and an increase in satellite and terrestrial revenue of $0.3 million from an increase in the number of billable subscriber communicators activated on our communications system, less customer credits of $0.3 million. As of March 31, 2010, we had approximately 525,000 billable subscriber communicators on the ORBCOMM System compared to approximately 477,000 billable subscriber communicators as of March 31, 2009, an increase of approximately 10.2%.
Costs of product sales increased by $0.2 million, or 447.5%, to $0.3 million for the three months ended March 31, 2010 from $0.1 million for the three months ended March 31, 2009. We had a gross profit from product sales (revenues from product sales minus costs of product sales including distribution costs) of $0.2 million and less than $0.1 million for the three months ended March 31, 2010 and March 31, 2009, respectively. The increase in gross profit from product sales was primarily due to an increase in product sales by our Japanese subsidiary.
Cash used in our operating activities of continuing operations for the three months ended March 31, 2010, was $0.3 million resulting from a net loss of $0.6 million, offset by non-cash items including $1.4 million for depreciation and amortization and $0.4 million for stock-based compensation. Working capital activities consisted of net uses of cash of $0.8 million for an increase in accounts receivable primarily due to the increase in revenues and $0.5 million from a decrease in accounts payable and accrued expenses primarily related to timing of payments made to vendors.
Cash used in our operating activities of continuing operations for the three months ended March 31, 2009 was $1.3 million resulting from a net loss of $9.1 million, offset by non-cash items including $7.0 million impairment charge for one of our quick-launch satellites, $1.3 million for depreciation and amortization and $0.5 million for stock-based compensation. Working capital activities primarily consisted of a net uses of cash of $0.5 million for an increase in accounts receivable primarily related to the increase in our service revenues and $1.0 million for a decrease in accounts payable and accrued expenses primarily related to timing of payments made to vendors.
Cash used in our investing activities of continuing operations for the three months ended March 31, 2009 was $6.9 million, resulting from capital expenditures of $0.4 million for the Coast Guard demonstration satellite and quick-launch satellites and $6.0 million for next-generation satellites and $0.5 million of improvements to our internal infrastructure and ground segment.
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