Global Eagle Entertainment Reports Record Third Quarter 2014 Results
06 Nov, 2014
LOS ANGELES, Nov. 6, 2014 (GLOBE NEWSWIRE) -- 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 financial results for the third quarter ended September 30, 2014.
Consolidated revenue for Q3 2014 reached a record $102.6 million with Adjusted EBITDA* growing to$8.8 million. Both Content and Connectivity segment revenue experienced significant growth in Q3 2014 of 34% and 48%, respectively, when compared to Q3 2013. Content segment revenue growth resulted from a mix of organic and acquisition-related activities, while Connectivity segment revenue grew through increased deployments and higher customer usage. Q3 2014 Adjusted EBITDA* improvement was driven by strong increases in contribution profit in both the Content and Connectivity segments and cost-savings achieved through the Company's restructuring efforts to date and continued integration of past acquired businesses.
"We are excited with our third quarter 2014 performance, as we drove annual and sequential revenue growth of 38% and 5%, respectively, bolstered by solid growth in both our Content and Connectivity segments," said Dave Davis, Chief Executive Officer. "We continue to execute on our plans to be a leader in in-flight entertainment and connectivity as we integrate our business and product platforms. This can be seen by recent wins across our product solutions and GEE's revenue and Adjusted EBITDA* growth."
"Global Eagle is uniquely positioned to lead the market in providing content services, connectivity systems and digital media solutions to our airline and travel customers," continued Davis. "We provide our customers with innovative products to attract and retain passengers while driving new revenue opportunities."
"We continued our 2014 financial momentum in Q3 with record revenue and strong sequential Adjusted EBITDA* growth," said Michael Zemetra, Chief Financial Officer. "With a strong balance sheet and over$200 million in cash, we are investing in future growth to increase shareholder value. Additionally, with our publicly announced integration plans and new satellite agreement with SES, we continue to improve our cost structure. We plan to reinvest a portion of these savings into customer and technology growth initiatives."
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