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Stratos year-end results

  • Friday, 15 February 2008 | News

Stratos Global Corporation yesterday announced its financial results for the year ended December 31, 2007, showing an 11 per cent increase in revenues compared with 2006.

For the year ended Stratos achieved revenue of US$594.3 million, compared with US$537.8 million in 2006. The company primarily attributes this improvement to growth in newer generation Inmarsat products and the costs incurred the previous year through the acquisition of Xantic, which was completed on February 14, 2006.

Segment earnings for 2007 also increased, by 35 per cent, to US$101.0 million, compared with $74.7 million for 2006. Earnings growth was driven by the increased revenue, and affected by higher volume discounts earned from Inmarsat.

The end of 2007 also marked a significant change in ownership for Stratos, with CIP Investments Inc. (CIP Canada) acquiring beneficial ownership of 100 per cent of the Corporation's common shares on December 11, 2007.

Financing for this deal was partly provided by Inmarsat, who have agreed an option for a possible takeover of Stratos in 2009.

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