[08-23-12] Satellite communications systems provider ViaSat<\/b> CFO Ronald Wangerin will resign from his position after 10 years of service, the company confirmed Aug. 23.<\/p>\n
Wangerin will remain with the company until Dec. 17 to assist with the transition of his responsibilities. ViaSat Vice President Shawn Duffy will take over for Wangerin as interim CFO, while the company searches for a full-time replacement.
\n Duffy joined ViaSat in 2005 as corporate controller and was promoted to vice president, corporate controller and chief accounting officer in April 2012. She previously served as a senior manager at Ernst & Young LLP, which serves the technology and consumer product markets.
\n In the management shift announcement, ViaSat noted that it had already begun a search for a full time CFO and expects to, \u201cconclude the search process expeditiously.\u201d
\n While ViaSat said Wangerin was leaving the company to, \u201cpursue other opportunities,\u201d the resignation comes just weeks after ViaSat CEO Mark Dankberg warned investors that the company\u2019s commercial networks segment would continue to generate losses in 2013 despite its 46 percent increase in its first fiscal quarter of 2013. In a statement issued Aug. 3, Dankberg said that ViaSat\u2019s 2013 first quarter would likely represent the worst percentages of expenses surpassing subscriber revenue from its new Exede broadband service.
\n ViaSat received mixed reviews for its performance in its latest financial quarter. While the company\u2019s revenues increased 24 percent year-over-year to $242 million and beat analysts expectations by 5 percent, ViaSat missed the consensus EBITDA forecast of $38.4 million by nearly $9 million. The company\u2019s satellite services EBITDA dropped approximately 80 percent from $20.8 million in the same period last year to $4.4 million despite seemingly in-line subscriber adds and acquisition costs.
\n Dankberg said higher selling, general and administrative expenses and a still-evolving consumer model contributed to the poor performance, but added that he expects sequential improvement moving forward.
\n \u201cIn our satellite services segment, we are focused on the primary mission of adding subscribers, assessing the addressable market and confirming the unit economics that will transition us to profitable growth in subsequent periods,\u201d said Dankberg. \u201cWhile total subscriber acquisition costs are the primary driver of our higher operating loss for the quarter, our unit economics for acquiring new subscribers and servicing existing ones are consistent with our models \u2014 positioning us for steady sequential growth in adjusted EBITDA and earnings beginning in our fiscal second quarter.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
[08-23-12] Satellite communications systems provider ViaSat CFO Ronald Wangerin will resign from his position after 10 years of service, the company confirmed Aug. 23. Wangerin will remain with the company until Dec. 17 to assist with the transition of his responsibilities. ViaSat Vice President Shawn Duffy will take over for Wangerin as interim CFO, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-82599","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/82599"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=82599"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/82599\/revisions"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=82599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=82599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=82599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}