Iridium Announces Fourth-Quarter and Full-Year 2017 Results; Company Issues 2018 Outlook

Feb 22, 2018

Iridium Announces Fourth-Quarter and Full-Year 2017 Results; Company Issues 2018 Outlook

MCLEAN, Va., Feb. 22, 2018 (GLOBE NEWSWIRE) — Iridium Communications Inc. (Nasdaq:IRDM) (“Iridium”) today reported financial results for the fourth quarter of 2017, issued its full-year 2018 guidance and updated its long-range outlook.  Net income was $141.9 million, or $1.10 per diluted share, for the fourth quarter of 2017, as compared to net income of $24.1 million, or $0.19 per diluted share, for the fourth quarter of 2016.  Operational EBITDA (“OEBITDA”)(1) for the fourth quarter was $63.7 million, as compared to $61.3 million for the prior-year period, representing a year-over-year increase of 4% and an OEBITDA margin(1) of 55%.  OEBITDA benefitted from continued growth in the Company’s Internet of Things (“IoT”) data business and from higher equipment sales.

Iridium reported fourth-quarter total revenue of $115.5 million, which consisted of $91.4 million of service revenue and $24.0 million of revenue related to equipment sales and engineering and support projects.  Total revenue increased 7% versus the comparable period of 2016, while service revenue grew 9% from the year-ago period.  Service revenue, which represents primarily recurring revenue from Iridium’s growing subscriber base, was 79% of total revenue for the fourth quarter of 2017.

The Company ended the quarter with 969,000 total billable subscribers, which compares to 850,000 for the year-ago period and is up from 949,000 for the quarter ended September 30, 2017.  Total billable subscribers grew 14% year-over-year, driven by growth in commercial IoT and government customers.

Full-Year 2017 Iridium Business Highlights

For the full year, Iridium reported net income of $233.9 million, or $1.82 per diluted share attributable to common stockholders, as compared to net income of $111.0 million, or $0.89 per diluted share attributable to common stockholders for 2016.  The Company reported 2017 total revenue of $448.0 million, which was up 3% from the year-ago period.  Total revenue included $349.7 million of service revenue and $98.3 million of revenue related to equipment sales and engineering and support projects.  OEBITDA for 2017 was $265.6 million, a 4% increase from $254.2 million in the prior-year, representing an OEBITDA margin of 59%.  Capital expenditures were $400.1 million for the full-year 2017.

“Iridium is executing well as we continue to move into the Iridium® NEXT era.  IoT remains a strong catalyst for subscriber growth, and Iridium’s unique offering continues to attract large, new business partners with growing satellite requirements,” said Matt Desch, CEO, Iridium.  Desch continued, “The Company delivered 9% total service revenue growth in the latest quarter and exceeded our full-year guidance for Operational EBITDA in 2017.  Momentum for services enabled by the Iridium network, including personal tracking and real-time asset telemetry, helped to fuel a 23% rise in commercial IoT subscribers and drive total billable subscribers to a record 969,000 at year end.”

Commenting on Iridium NEXT, Desch said, “We made great progress in 2017 on our next generation constellation, with four launches and 40 satellites in orbit, including our most recent launch in December.  Thirty-two satellites are now in operation with eight more drifting toward their intended orbital slots.”

Desch concluded, “Today, we issued 2018 full-year guidance and updated our long-term outlook.  We expect continued demand for Iridium’s one-of-a-kind global solutions and new services available with Iridium NEXT satellites will drive significant revenue and subscriber growth for our Company.”

Fourth-Quarter Iridium Business Highlights

Service – Commercial

Commercial service remained the largest part of Iridium’s business, representing 60% of the Company’s total revenue during the fourth quarter.  The Company’s commercial customer base is diverse and includes markets such as maritime, aviation, oil and gas, mining, recreation, forestry, construction, transportation and emergency services.  These customers rely on Iridium’s products and services as critical to their daily operations and integral to their communications and business infrastructure.

  • Commercial service revenue was $69.4 million, up 12% from last year’s comparable period due to revenue from hosted payload and other data services and to increased IoT revenues.
  • Commercial voice and data subscribers rose from the year-ago period to 359,000 customers.  Commercial voice and data average revenue per user (“ARPU”) was $42 during the fourth quarter, compared to $41 in last year’s comparable period.  Commercial IoT data subscribers grew 23% from the year-ago period to 510,000 customers.  Commercial IoT data ARPU was $13 in the fourth quarter, compared to $14 in last year’s comparable period.
  • Iridium’s commercial business ended the quarter with 869,000 billable subscribers, which compares to 766,000 for the prior-year quarter and is up from 854,000 for the quarter ended September 30, 2017.  IoT data subscribers represented 59% of billable commercial subscribers at the end of the quarter, an increase from 54% at the end of the prior-year period.

Service – Government

Iridium’s voice and data solutions improve situational awareness for military personnel and track critical assets in tough environments around the globe, providing a unique value proposition that is not easily duplicated.  The Company operates through two Defense Information Systems Agency (“DISA”) contracts, which include a $400 million, five-year, fixed-price agreement for satellite communications services and a $38 million multi-year contract to support and maintain the Department of Defense’s (“DoD”) dedicated gateway.   

  • Government service revenue was $22.0 million, consistent with the prior-year period, as the final step up in the fixed fee under the Company’s airtime services contract with DISA occurred in 2015.
  • Iridium’s government business ended the quarter with 100,000 subscribers, which compares to 84,000 for the prior-year quarter and is up from 95,000 for the quarter ended September 30, 2017.  Government voice and data subscribers increased 18% from the year-ago period to 52,000 as of December 31, 2017.  IoT data subscribers increased 20% year-over-year and continued to represent 48% of government subscribers at year-end.

Equipment

  • Equipment revenue was $19.4 million during the fourth quarter, up 18% from the prior-year period, reflecting heightened sales from hurricane-related activity.
  • The Company forecasts lower equipment sales in 2018.

Engineering & Support

  • Engineering and support revenue was $4.7 million during the fourth quarter, down 32% from the prior-year quarter, primarily due to the episodic nature of government-sponsored projects.

Capital expenditures were $109.4 million for the fourth quarter and primarily related to spending for the Company’s next-generation satellite constellation, Iridium NEXT.  The Company ended the fourth quarter with a cash and marketable securities balance of $297.6 million and credit facility gross debt of $1.8 billion.  Net debt was $1.5 billion, calculated as $1.8 billion of credit facility gross debt and $55.6 million of Thales bills of exchange, less $297.6 million of cash and marketable securities, as well as $102.4 million in restricted cash.

2018 Outlook

The Company issued its full-year 2018 outlook for total service revenue growth and OEBITDA.    Based on expectations that approximately $14 million in hosting revenues from Aireon will be recognized, the Company expects:

  • Total service revenue growth between 10% and 12% for the full-year 2018.
  • Full-year 2018 OEBITDA between $280 million and $290 million.  OEBITDA for 2017 was $265.6 million.

The Company also announced that it believes it has reached an agreement in principle with its credit facility lenders to solidify its liquidity position.  Pursuant to this agreement, the Company would be required to raise additional debt by July 2018, and the lenders would delay a portion of the principal repayments.  The proceeds of this capital raising and delayed principal payment schedule would provide the Company with sufficient cash to meet its needs, including principal and interest payments under its credit facility, for the next several years, even in the absence of any hosting fee payments from Aireon.

Long-Range Outlook

The Company updated its long-range outlook for total service revenue growth and peak net leverage, while affirming its guidance for OEBITDA margin, cash taxes, and 2019 net leverage.  Given our expected completion of the Iridium NEXT system in 2018, the Company expects:

  • Total service revenue of approximately $440 million for the full-year 2019.
  • OEBITDA margin of approximately 60% in 2019.
  • Negligible cash taxes through approximately 2020.
  • Peak net leverage of 6.0x to 6.5x OEBITDA in 2018.
  • Net leverage of approximately 4.5x OEBITDA in 2019.

Non-GAAP Financial Measures & Definitions

  1. In addition to disclosing financial results that are determined in accordance with U.S. GAAP, the Company provides Operational EBITDA and Operational EBITDA margin, which are non-GAAP financial measures, as supplemental measures to help investors evaluate the Company’s fundamental operational performance.  Operational EBITDA represents earnings before interest, income taxes, depreciation and amortization, Iridium NEXT revenue and expenses (for periods prior to the deployment of Iridium NEXT only), loss from investment in Aireon, share-based compensation expenses, the impact of purchase accounting, and non-cash gain from the Boeing transaction.  Iridium NEXT revenue and expenses were excluded from Operational EBITDA through 2017.  In 2018, Iridium NEXT revenues and recurring Iridium NEXT expenses (recurring Iridium NEXT expenses are not part of the approximately $3 billion construction cost of Iridium NEXT (the “Construction Costs”)) will no longer be excluded in calculating Operational EBITDA.  U.S. GAAP requires that certain of the Construction Costs be expensed.  These certain Construction Costs, which beginning in 2018 will principally consist of in-orbit insurance, will continue to be excluded from the calculation of Operational EBITDA through 2019.  The Company also presents Operational EBITDA expressed as a percentage of GAAP revenue, or Operational EBITDA margin.  Operational EBITDA, along with its related measure, Operational EBITDA margin, does not represent, and should not be considered, an alternative to U.S. GAAP measurements such as net income or loss, and the Company’s calculations thereof may not be comparable to similarly titled measures reported by other companies.  By eliminating interest, income taxes, depreciation and amortization, Iridium NEXT revenue and expenses (for periods prior to the deployment of Iridium NEXT only), loss from investment in Aireon, share-based compensation expenses, the impact of purchase accounting, and non-cash gain from the Boeing transaction, the Company believes the result is a useful measure across time in evaluating its fundamental core operating performance.  Management also uses Operational EBITDA to manage the business, including in preparing its annual operating budget, debt covenant compliance, financial projections and compensation plans.  The Company believes that Operational EBITDA is also useful to investors because similar measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies in similar industries.  However, there is no standardized measurement of Operational EBITDA, and Operational EBITDA as the Company presents it may not be comparable with similarly titled non-GAAP financial measures used by other companies.  As indicated, Operational EBITDA does not include interest expense on borrowed money, the payment of income taxes, amortization of the Company’s definite-lived intangible assets, or depreciation expense on the Company’s capital assets, which are necessary elements of the Company’s operations.  It also excludes expenses in connection with the development, deployment and financing of Iridium NEXT and the loss from investment in Aireon.  Since Operational EBITDA does not account for these and other expenses, its utility as a measure of the Company’s operating performance has material limitations.  Due to these limitations, the Company’s management does not view Operational EBITDA in isolation, but also uses other measurements, such as net income, revenues and operating profit, to measure operating performance.  Please refer to the schedule below for a reconciliation of consolidated GAAP net income to Operational EBITDA and Iridium’s Investor Relations webpage at www.iridium.com for a discussion and reconciliation of this and other non-GAAP financial measures. We do not provide a forward-looking reconciliation of expected full-year 2018 Operational EBITDA guidance as the amount and significance of special items required to develop meaningful comparable GAAP financial measures cannot be estimated at this time without unreasonable efforts.
        
 Iridium Communications Inc.
 Supplemental Reconciliation of GAAP Net Income to Operational EBITDA
 (In thousands)
        
 Three Months Ended December 31, Year Ended December 31,
 2017 2016 2017 2016
GAAP net income$141,877  $24,103  $233,856  $111,032 
Interest income, net (1,417)  (676)  (4,328)  (2,934)
Income taxes (154,479)  17,846   (114,284)  67,133 
Depreciation and amortization 65,615   11,806   122,266   49,394 
Iridium NEXT expenses, net 7,965   4,614   23,316   16,732 
Share-based compensation 4,119   3,806   15,806   13,689 
Non-cash purchase accounting    (204)     (825)
Non-cash gain on Boeing transaction       (11,003)   
Operational EBITDA$63,680  $61,295  $265,629  $254,221 
        

Conference Call Information

As previously announced, the Company will host a conference call to discuss its results at 8:30 a.m. ET on Thursday, February 22, 2018.  Callers should dial (877) 334-1964 (U.S. only) or (631) 291-4574 (from outside the U.S.) to access the call.  The conference call ID is 2659408.  The conference call will also be simultaneously webcast on Iridium’s Investor Relations webpage at www.iridium.com.  An archive of the webcast will be available following the live conference call.

About Iridium Communications Inc.

Iridium® is the only mobile voice and data satellite communications network that spans the entire globe.  Iridium enables connections between people, organizations and assets to and from anywhere, in real time.  Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications.  The company has a major development program underway for its next-generation network – Iridium NEXT.  Iridium Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock trades on the NASDAQ Global Select Market under the ticker symbol IRDM.  For more information about Iridium products, services and partner solutions, visit www.iridium.com.  IRDM-F

Forward-Looking Statements 

Statements in this press release that are not purely historical facts may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding Iridium’s expectations with respect to total service revenue growth, OEBITDA and hosted payload revenues, including from Aireon, for 2018; service revenue, OEBITDA margin, cash taxes and leverage over the longer-term; the timing of Iridium NEXT launches and the prospects for related services, including IoT; anticipated equipment revenue, and its agreement in principle with its credit facility lenders to solidify its liquidity position.  Forward-looking statements can be identified by the words “anticipates,” “may,” “can,” “believes,” “expects,” “projects,” “intends,” “likely,” “will,” “to be” and other expressions that are predictions or indicate future events, trends or prospects. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Iridium to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, uncertainties regarding customer demand for Iridium’s products and services, including demand from the U.S. Government; Iridium’s ability to maintain the health, capacity and content of its current satellite constellation; the manufacture and launch of and transition to Iridium NEXT; Iridium’s ability to finalize its agreements with its credit facility lenders and to raise additional debt, and the development of and market for Iridium’s products and services, as well as general industry and economic conditions, and competitive, legal, governmental and technological factors. Other factors that could cause actual results to differ materially from those indicated by the forward-looking statements include those factors listed under the caption “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission (“SEC”) on February 22, 2018, as well as other filings Iridium makes with the SEC from time to time.  There is no assurance that Iridium’s expectations will be realized. If one or more of these risks or uncertainties materialize, or if Iridium’s underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. Iridium’s forward-looking statements are based on information available to it as of the date of this press release and speak only as of the date of this press release, and Iridium undertakes no obligation to update forward-looking statements. 


   
   
Iridium Communications Inc.
Condensed Consolidated Statements of Operations
(In thousands)
  
 Three Months Ended December 31,
 2017 2016
Revenue       
Service revenue       
Commercial$69,437  $62,197 
Government 22,000   22,000 
Total service revenue 91,437   84,197 
Subscriber equipment 19,377   16,389 
Engineering and support service 4,655   6,863 
Total revenue 115,469   107,449 
      
Operating expenses     
Cost of services (exclusive of depreciation and amortization) 21,187   16,671 
Cost of subscriber equipment sales 11,287   10,488 
Research and development 5,025   4,469 
Selling, general and administrative 26,306   22,419 
Depreciation and amortization 65,614   11,806 
Total operating expenses 129,419   65,853 
        
Gain on Boeing transaction     
        
Operating income (loss) (13,950)  41,596 
        
Other income (expense)       
Interest income, net 1,417   676 
Undrawn credit facility fees    (170)
Other expense, net (69)  (153)
Total other income, net 1,348   353 
        
Income (loss) before income taxes (12,602)  41,949 
Benefit (provision) for income taxes 154,479   (17,846)
Net income 141,877   24,103 
Series A preferred stock dividends, declared and paid    1,750 
Series B preferred stock dividends, declared and paid    2,109 
Series A preferred stock dividends, undeclared 1,750    
Series B preferred stock dividends, undeclared 2,109    
Net income attributable to common stockholders$138,018  $20,244 
        
Operational EBITDA$63,680  $61,295 
        

 

    
Iridium Communications Inc.
Condensed Consolidated Statements of Operations   
(In thousands)   
  
 Year Ended December 31,
 2017 2016
Revenue   
Service revenue   
Commercial$261,735  $246,822 
Government 88,000   88,000 
Total service revenue 349,735   334,822 
Subscriber equipment 77,119   74,211 
Engineering and support service 21,192   24,607 
Total revenue 448,046   433,640 
    
Operating expenses   
Cost of services (exclusive of depreciation and amortization) 80,396   64,958 
Cost of subscriber equipment sales 44,445   44,286 
Research and development 15,247   16,079 
Selling, general and administrative 84,405   82,552 
Depreciation and amortization 122,266   49,394 
Total operating expenses 346,759   257,269 
    
Gain on Boeing transaction 14,189    
    
Operating income 115,476   176,371 
    
Other income (expense)   
Interest income, net 4,328   2,934 
Undrawn credit facility fees (25)  (1,346)
Other income (expense), net (207)  206 
Total other income, net 4,096   1,794 
    
Income before income taxes 119,572   178,165 
Benefit (provision) for income taxes 114,284   (67,133)
Net income 233,856   111,032 
Series A preferred stock dividends, declared and paid 1,750   7,000 
Series B preferred stock dividends, declared and paid 2,109   8,436 
Series A preferred stock dividends, undeclared 5,250    
Series B preferred stock dividends, undeclared 6,327    
Net income attributable to common stockholders$218,420  $95,596 
    
Operational EBITDA$265,629  $254,221 
    

 

              
Iridium Communications Inc. 
Summary Revenue and OEBITDA Highlights 
(In thousands) 
               
 Three Months Ended December 31,    Year Ended December 31,    
 2017 2016 % Change  2017 2016 % Change  
Revenue              
Service revenue(1)              
Commercial              
Voice and data and IoT data service              
Voice and data$45,353  $44,189  3% $177,686 $177,666 0% 
IoT data(2) 19,525   16,750  17%  74,142  65,523 13% 
Hosted payload and other data service (3) 4,558   1,258  262%  9,908  3,633 173% 
Total commercial data service 69,437   62,197  12%  261,735  246,822 6% 
               
Government service revenue(4) 22,000   22,000  0%  88,000  88,000 0% 
               
Total service revenue 91,437   84,197  9%  349,735  334,822 4% 
               
Subscriber equipment 19,377   16,389  18%  77,119  74,211 4 
               
Engineering and support(5)              
Commercial 1,119   377  197%  3,109  2,245 38% 
Government 3,536   6,486  -45%  18,083  22,362 -19% 
Total engineering and support 4,655   6,863  -32%  21,192  24,607 -14% 
               
Total revenue$115,469  $107,449  7% $448,046 $433,640 3% 
               
               
Operational EBITDA              
Operational EBITDA$63,680  $61,295  4% $265,629 $254,221 4% 
               
Other              
Capital expenditures (6)$109,395  $173,896     $400,107 $405,687    
               
Net debt (7)$1,455,591  $1,254,294            
              
Cash, cash equivalents, and marketable securities$297,626  $410,495           
              
Credit facility$1,800,000  $1,777,789           
Deferred financing costs (96,445)  (120,644)          
Credit facility, net$1,703,555  $1,657,145           
               
(1) Service revenue consists of primarily subscription-based services which often generate a long-term recurring revenue stream from subscribers.   
               
(2) IoT data service provides a two-way short burst data transmission between Iridium Communications Inc.’s network and a telemetry unit, which may be located, for example, on a container in transit or a buoy monitoring oceanographic conditions. 
               
(3) Hosted payload and other services consist primarily of services that do not have traditional billable subscribers, but are based on capacity. Hosted payload services consist of hosting and data services to our payload customers, Aireon and Harris. Other services include primarily Iridium Communications Inc.’s one-way satellite timing, location, and authentication services (STL) which provides position, navigation and timing technology. 
               
(4) Government service revenue consists of voice and M2M data subscription-based services provided to agencies of the U.S. government through prime contracts or subcontracts. 
               
(5) Engineering and support includes maintenance services to the U.S. government’s dedicated gateway in Hawaii and engineering services to assist customers in developing new technologies for use on Iridium Communications Inc.’s satellite system. 
               
(6) Capital expenditures based on cash spent in the respective period. 
               
(7) Net debt is calculated by taking the sum of the gross credit facility and Thales bills of exchange, less cash and cash equivalents, marketable securities, and the debt service reserve for the credit facility. 
               

 

Iridium Communications Inc.             
Subscriber Highlights             
(In thousands, except ARPU)             
              
              
 As of December 31,          
 2017 2016 % Change        
Billable Subscribers (1)(2)             
Commercial             
Voice and data and IoT data service             
Voice and data 359   353  2%       
IoT data 510   413  23%       
Total commercial voice and data and IoT data service 869   766  13%       
              
Government             
Voice and data and IoT data service             
Voice and data 52   44  18%       
IoT data 48   40  20%       
Total government voice and data and IoT data service 100   84  19%       
Total billable subscribers 969   850  14%       
              
              
              
 Three Months Ended December 31,    Year Ended December 31,   
 2017 2016 % Change  2017 2016 % Change 
Net Billable Subscriber Additions             
Commercial             
Voice and data and IoT data service             
Voice and data (9)  (5) -80%  6  2 200%
IoT data 24   15  60%  97  54 80%
Total commercial voice and data and IoT data service 15   10  50%  103  56 84%
              
Government             
Voice and data and IoT data service             
Voice and data 3   1  200%  8  4 100%
IoT data 2   1  100%  8  8 0%
Total government voice and data and IoT data service 5   2  150%  16  12 33%
Total net billable subscriber additions 20   12  67%  119  68 75%
              
              
 Three Months Ended December 31,    Year Ended December 31,   
 2017 2016 % Change  2017 2016 % Change 
 ARPU(2)(3)             
Commercial             
Voice and data$42  $41  2% $42 $42 0%
IoT data$13  $14  -7% $13 $14 -7%
              
              
(1) Subscribers as of the end of the respective period. 
(2) Billable subscriber and ARPU data is not applicable for Hosted payload and other data service revenue items, and is excluded from presentation above. 
(3) Average monthly revenue per unit, or ARPU, is calculated by dividing revenue in the respective period by the average of the number of billable subscribers at the beginning of the period and the number of billable subscribers at the end of the period and then dividing the result by the number of months in the period. 
 

Investor Contact:

Kenneth Levy
Iridium Communications Inc.
+1 (703) 287-7570
ken.levy@iridium.com

Press Contact:

Jordan Hassin
Iridium Communications Inc.
+1 (703) 287-7421
jordan.hassin@iridium.com


Source: Av News Feed

Read More

TTM Technologies, Inc. Announces a Retirement and Nominates a New Board Member

Feb 20, 2018

TTM Technologies, Inc. Announces a Retirement and Nominates a New Board Member

COSTA MESA, Calif., Feb. 20, 2018 (GLOBE NEWSWIRE) — TTM Technologies, Inc. (NASDAQ:TTMI) (“TTM”), a major global printed circuit board (PCB) manufacturer, announced today that Ronald W. Iverson will not stand for reelection to the Board of Directors in accordance with TTM’s mandatory retirement policy which requires Directors to retire at the age of 75.

TTM also announced that Rex D. Geveden has been nominated to serve on the Company’s Board of Directors pending approval from the Defense Security Service (“DSS”) pursuant to the Special Security Agreement between TTM and DSS.  Once approved by DSS, and upon election by TTM’s stockholders at the Stockholder’s Meeting on May 9, 2018, Mr. Geveden will serve as a Class III director with a term expiring in 2021. 

Mr. Geveden currently serves as president and chief executive officer since January 1, 2017 and as chief operating officer from October 2015 until December 2016 of BWX Technologies, Inc. (NYSE:BWXT), a $1.6 billion nuclear industrial conglomerate headquartered in Lynchburg, VA.  Previously, Mr. Geveden was executive vice president at Teledyne Technologies Incorporated, a provider of electronic subsystems and instrumentation for aerospace, defense and other uses.  There he led two of Teledyne’s four operating segments since 2013 and concurrently served as President of Teledyne DALSA, Inc., a Teledyne subsidiary, since 2014.  Mr. Geveden also served as president and chief executive officer of Teledyne Scientific and Imaging, LLC from 2011 to 2013 and President of both Teledyne Brown Engineering, Inc. and Teledyne’s Engineered Systems Segment from 2007 to 2011.  Mr. Geveden is a former Associate Administrator of the National Aeronautics and Space Administration (“NASA”), where he was responsible for all technical operations within the agency’s $16 billion portfolio and served in various other positions with NASA in a career spanning 17 years.  Mr. Geveden holds both a bachelor’s and a master’s degree in physics from Murray State University.

“We are pleased to nominate Rex to join our Board of Directors,” said Robert E. Klatell, Chairman of the Board of TTM. “His extensive background in the technology industry, coupled with his experience in the aerospace and defense sector, will bolster the Board’s capabilities as we look forward to the future for TTM.  We are very appreciative of the exceptional service of Ron Iverson over the years. For the past eight years we have benefitted immeasurably from his leadership of the Board’s Government Security Committee and his many other contributions to the success of TTM, particularly as we grew our aerospace and defense business on our path to a leading position in the global PCB industry.”

After Mr. Iverson’s retirement and Mr. Geveden’s appointment, TTM’s Board will consist of 10 directors, eight of whom are independent under NASDAQ rules.

About TTM
TTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs, backplane assemblies and electro-mechanical solutions. TTM stands for time-to-market, representing how TTM’s time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.

Contact:
Sameer Desai
Senior Director, Corporate Development & Investor Relations
TTM Technologies, Inc.
+1 714 327 3050
sameer.desai@ttmtech.com


Source: Av News Feed

Read More

Growing in the Caribbean! Spirit Airlines to Add New Service to St. Croix

Feb 20, 2018

Growing in the Caribbean! Spirit Airlines to Add New Service to St. Croix

MIRAMAR, Fla., Feb. 20, 2018 (GLOBE NEWSWIRE) — More crystal blue water, more palm trees, more toes in the sand and More Go to the Caribbean with Spirit Airlines. Beginning May 24, 2018, Spirit will connect Fort Lauderdale-Hollywood International Airport (FLL) with nonstop service to St. Croix’s Henry E. Rohlsen Airport (STX). The service will run three times per week on Tuesday, Thursday and Sunday. The Caribbean island will become Spirit’s 65th destination, following last week’s addition of Columbus, OH, and upcoming new service to Richmond, VA; Guayaquil, Ecuador; and Cap Haitien, Haiti.

“Spirit is proud of its strong connection to the Caribbean, and we’re thrilled to bring more ultra-low fares to the U.S. Virgin Islands,” said Mark Kopczak, Spirit Airlines’ Vice President of Network Planning. “With this new service to St. Croix, and our continuing resumption of service to the other islands impacted by last year’s hurricanes, we are excited to expand on our 12 years of service to the region and continue to deliver ultra-low fares for tourists and locals alike.”

“The U.S. Virgin Islands is making tremendous progress in its recovery from last September’s hurricanes,” said Kenneth E. Mapp, Governor of the U.S. Virgin Islands. “The decision by Spirit Airlines to provide service to St. Croix not only provides additional options for travelers to and from the mainland, but also signals confidence in the Territory’s continued growth and progress.”

Spirit continues to rebuild to its full historic Caribbean scheduled service levels.  On March 10, service to St. Thomas, U.S. Virgin Islands and to San Juan and Aguadilla in Puerto Rico all return to pre-storm, daily service. On April 12, Spirit will also celebrate expanded service to Kingston, Jamaica for the summer season and new nonstop service to Cap Haitien, Haiti. Spirit intends to resume its Saturday-only service to St. Maarten on May 5, 2018.

“This additional service helps to meet the growing demand for air service into St. Croix, the largest of the U.S. Virgin Islands,” said Beverly Nicholson Doty, Commissioner of Tourism U.S. Virgin Islands. “We thank Spirit Airlines for its commitment to the Territory and look forward to developing our expanding partnership.”

Guests can check out the crazy-low fares and vacation packages available to all of Spirit’s destinations at spirit.com, where they can also sign up to receive alerts on Spirit’s email deals and offers.

About Spirit Airlines:
Spirit Airlines (NYSE:SAVE) is committed to offering the lowest total price to the places we fly, on average much lower than other airlines, on average more than 30% less*. Our customers start with an unbundled Bare Fare™ and get Frill Control™ which allows them to pay only for the options they choose – like bags, seat assignments and refreshments – the things other airlines bake right into their ticket prices. We help people save money and travel more often, create new jobs and stimulate business growth in the communities we serve. Our Fit Fleet is one of the youngest, most fuel-efficient in the U.S.  We operate more than 450 daily flights to 61 destinations in the U.S., Latin America and the Caribbean. Come save with us at spirit.com.

*U.S. Department of Transportation statistics

MEDIA NOTE:  Spirit aircraft photos and video b-roll are available in the press room section of spirit.com at http://www.spirit.com/Pressrelease.aspx.

CONTACT: Contact: Stephen Schuler
954-364-0231
Stephen.Schuler@spirit.com 

En Español: Manuel Jaquez
954-628-4898
Manuel.Jaquez@spirit.com


Source: Av News Feed

Read More

Iridium Certus(SM) Mission-Critical Broadband Readies for Department of Defense Users with COMSAT

Feb 19, 2018

Iridium Certus(SM) Mission-Critical Broadband Readies for Department of Defense Users with COMSAT

MCLEAN, Va., Feb. 19, 2018 (GLOBE NEWSWIRE) — Iridium Communications Inc. (NASDAQ:IRDM) announced today that COMSAT, Inc., has signed an agreement to become an Iridium Certus service provider for U.S. Department of Defense (DoD) users. This unique, long-term deal will allow COMSAT Inc. to provide Iridium’s secure global satellite broadband connectivity for mobile voice and data services to the Department of Defense (DoD) beginning in mid-2018.

COMSAT, Inc., a leader in delivering world-class, secure satellite solutions to government, military and maritime customers, will bring its full suite of value-added services to the Iridium Certus program. By leveraging the inherent advantages of the Iridium® network, like truly global, on-the-move L-band connectivity, COMSAT will be able to deliver enhanced capabilities that meet Communications Security (ComSec) requirements for the DoD and warfighter. These capabilities include, but are not limited to, real-time usage statistics, telematics data, voice calling, personnel tracking applications, and real-time environmental assessments.  The Iridium Certus service will offer dramatic improvements to current L-band services offered by other satellite companies.  Iridium Certus terminals are smaller and capable of maintaining broadband connectivity in fast-paced, unpredictable environments on land, at sea, in the air – and can do it without landing or passing through non-U.S. territories.  The service will debut at speeds of 352 Kbps, with terminals upgradable to 704 Kbps through a future firmware update.

“This is a new generation of technology that will keep users connected on-the-move, combining the robustness and reliability of the Iridium network with the value-added services and years of experience provided by COMSAT,” said David Greenhill, president of COMSAT. “U.S. government users will experience a new level of mission-critical mobile capabilities thanks to this partnership.  We’re excited to bring this new service to them.”

Whether in high-risk combat zones or during inclement weather events, Iridium’s network provides uncompromised satellite communications that keeps users connected when it’s needed most. Through the service, U.S. government users will be able to securely connect remote assets to respective command and control centers back on U.S. soil in a cost-effective and secure manner, from anywhere on the planet including Arctic and Antarctic regions.

“Iridium and the DoD have maintained a longstanding and collaborative partnership through our Enhanced Mobile Satellite Services (EMSS) contract, and we believe Iridium Certus complements this perfectly by bringing never-before-possible, mission-critical broadband capabilities to the warfighter,” said Matt Desch, CEO, Iridium. “We’re excited to partner with COMSAT, who brings innovation and a broad portfolio of capabilities to the table, and we look forward to working together for many years to come.”

Iridium Certus is planned for commercial availability in mid-2018. Iridium NEXT is the Company’s next-generation satellite constellation, which will replace its existing network.  To date, there have been four successful Iridium NEXT launches, deploying more than half of the new constellation. Four additional launches are planned for 2018.

For more information about Iridium Certus, please visit https://www.iridium.com/company/industryleadership/iridiumcertus

For more information about COMSAT, Inc., please visit http://www.comsat.com/

For more information about Iridium NEXT, please visit www.IridiumNEXT.com

About COMSAT Inc.

COMSAT, Inc. is a leading operator of customized, secure end-to-end satellite communications services. We deliver a full portfolio of fixed satellite solutions (C-Band, Ku-Band, Ka-Band, X-Band and UHF), mobile satellite solutions (Inmarsat, Thuraya and Iridium) to aeronautical, land-mobile and maritime users in multiple markets, including U.S. government and military, global governments, educational

institutions and commercial maritime. COMSAT owns and operates two teleports located in Southbury, CT and Santa Paula, CA that provide various teleport and data center services to commercial, government and educational institutions world-wide including end to end connectivity, co-location and research efforts, critical data backup and recovery, satellite and terrestrial network data center, cloud and cybersecurity services.

About Iridium Communications Inc.

Iridium is the only mobile voice and data satellite communications network that spans the entire globe. Iridium enables connections between people, organizations and assets to and from anywhere, in real time. Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications. The company has a major development program underway for its next-generation network — Iridium NEXT. Iridium Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock trades on the NASDAQ Global Select Market under the ticker symbol IRDM. For more information about Iridium products, services and partner solutions, visit www.iridium.com.

Forward Looking Statements

Statements in this press release that are not purely historical facts may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The Company has based these statements on its current expectations and the information currently available to us. Forward-looking statements in this press release include statements regarding the deployment and capabilities of the Iridium NEXT constellation and products and services to be offered over the constellation, including Iridium Certus, as well as the potential market for such products and services. Forward-looking statements can be identified by the words “anticipates,” “may,” “can,” “believes,” “expects,” “projects,” “intends,” “likely,” “will,” “to be” and other expressions that are predictions or indicate future events, trends or prospects. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Iridium to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, uncertainties regarding potential delays in the Iridium NEXT deployment, the development and functionality of Iridium NEXT and related products and services, and the company’s ability to maintain the health, capacity and content of its satellite constellation, as well as general industry and economic conditions, and competitive, legal, governmental and technological factors. Other factors that could cause actual results to differ materially from those indicated by the forward-looking statements include those factors listed under the caption “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2017, as well as other filings Iridium makes with the SEC from time to time. There is no assurance that Iridium’s expectations will be realized. If one or more of these risks or uncertainties materialize, or if Iridium’s underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. Iridium’s forward-looking statements speak only as of the date of this press release, and Iridium undertakes no obligation to update forward-looking statements.

Press Contact:

Jordan Hassin
Iridium Communications Inc.
+1 (646) 872-0067
Jordan.Hassin@iridium.com
Twitter: @IridiumComm

Investor Contact:

Kenneth Levy
Iridium Communications Inc.
+1 (703) 287-7570
Ken.Levy@iridium.com
Twitter: @IridiumIR


Source: Av News Feed

Read More

Iridium to Participate at March Conferences

Feb 16, 2018

Iridium to Participate at March Conferences

MCLEAN, Va., Feb. 16, 2018 (GLOBE NEWSWIRE) — Iridium Communications Inc. (Nasdaq:IRDM) (“Iridium”) today announced that Chief Financial Officer Thomas J. Fitzpatrick is scheduled to participate in three conferences in March:

  • The Deutsche Bank 26th Annual Media, Telecom & Business Services Conference on Monday, March 5, 2018 at 10:55 a.m. ET.
  • The Raymond James 39th Annual Institutional Investors Conference on Tuesday, March 6, 2018 at 4:35 p.m. ET.
  • The 2018 Wells Fargo Satellite Forum on Thursday, March 15, 2018 at 9:30 a.m. ET.

A live webcast of each event will be available in the Investor Relations section of Iridium’s website at http://investor.iridium.com/events.cfm.  The webcasts will be archived at the same location for 30 days.

About Iridium Communications Inc.
Iridium® is the only mobile voice and data satellite communications network that spans the entire globe.  Iridium enables connections between people, organizations and assets to and from anywhere, in real time.  Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications.  The company has a major development program underway for its next-generation network – Iridium NEXT.  Iridium Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock trades on the NASDAQ Global Select Market under the ticker symbol IRDM.  For more information about Iridium products, services and partner solutions, visit www.iridium.com.  IRDM-F

Investor Contact:                                                         

Kenneth Levy 
Iridium Communications Inc.
+1 (703) 287-7570
ken.levy@iridium.com

Press Contact:

Jordan Hassin
Iridium Communications Inc.
+1 (703) 287-7421
jordan.hassin@iridium.com


Source: Av News Feed

Read More

Air Lease Corporation Announces the Placement of Airbus A320-200neo with Atlantic Airways

Feb 12, 2018

Air Lease Corporation Announces the Placement of Airbus A320-200neo with Atlantic Airways

LOS ANGELES, Feb. 12, 2018 (GLOBE NEWSWIRE) — Air Lease Corporation (NYSE:AL) announced a long term lease agreement for one Airbus A320-200neo with Atlantic Airways, the national airline of the Faroe Islands.  The aircraft will deliver in March 2019 from ALC’s order book with Airbus. 

“We are very pleased to announce this new lease placement with Atlantic Airways, a new customer for ALC,” said Steven F. Udvar-Házy, Executive Chairman of Air Lease Corporation.  “Atlantic Airways connects the Faroe Islands in the North Atlantic with multiple destinations in Scandinavia and a growing route network in Europe.  The A320neo will help add capacity and efficiency to Atlantic’s all-Airbus fleet.”

Grant Levy, Air Lease Corporation’s Executive Vice President added, “ALC is delighted to welcome Atlantic Airways as our newest customer, and we expect the addition of the A320neo to enhance their fleet operations and provide their passengers with an even better experience than the great service already provided by Atlantic Airways.”

“The addition of this modern, fuel-efficient A320neo aircraft supports our main objective to connect the Faroe Islands with the world, providing good fares to Faroese travelers and further developing the Faroese tourist industry,” said Jóhanna á Bergi, CEO of Atlantic Airways. 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including expected delivery dates.  Such statements are based on current expectations and projections about our future results, prospects and opportunities and are not guarantees of future performance. Such statements will not be updated unless required by law.  Actual results and performance may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors, including those discussed in our filings with the Securities and Exchange Commission.

About Air Lease Corporation (NYSE:AL)

ALC is a leading aircraft leasing company based in Los Angeles, California that has airline customers throughout the world.  ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions.  For more information, visit ALC’s website at www.airleasecorp.com.

About Atlantic Airways

Atlantic Airways is an international company whose corporate culture is known by its focus on safety, punctuality, the customer and the result. The Sørvágur-based company, which is the Faroese flag carrier airline, currently employs around 172 people. The Atlantic Airways fleet consists of three aircraft and two helicopters. The aircraft provide regular service between the Faroes and a range of cities in Denmark as well as neighboring countries, with direct routes to Copenhagen, Billund, Aalborg, Bergen, Reykjavik, Edinburgh, Barcelona, ​​Mallorca, Lisbon, Malta and Gran Canaria.  In addition, the company’s activities include charter operation outside the Faroes. The helicopter department provides regular service to the different islands in the Faroes and search-and-rescue activities.

Investors:

Mary Liz DePalma
Assistant Vice President, Investor Relations
Email: mdepalma@airleasecorp.com

Media:

Laura Woeste
Manager, Media and Investor Relations
Email: lwoeste@airleasecorp.com

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/acf726f8-c433-47a9-9df3-b3767c1cea63


Source: Av News Feed

Read More

VistaJet Presents Exceptional Travel Experiences for The Collection of Peggy and David Rockefeller

Feb 8, 2018

VistaJet Presents Exceptional Travel Experiences for The Collection of Peggy and David Rockefeller

LONDON, Feb. 08, 2018 (GLOBE NEWSWIRE) —

VistaJet, the first and only global private aviation company, showcases today three exclusive experiences to enrich the exhibitions and global tour of The Collection of Peggy and David Rockefeller, the most valuable auction of a private collection entirely dedicated to raising funds for philanthropic causes. 

Following the unveiling of early highlights in Hong Kong last November, the global public tour will move to London (February 21 – March 8), Paris (March 16 – 21), Beijing (April 6 – 7), Los Angeles (April 6 – 12) and Shanghai (April 10 – 11), ahead of the final exhibition in New York at Christie’s Rockefeller Center from April 28 until the sale on May 7 – 11. With each stop on the pre-sale tour, additional works of art and objects will be revealed.

With 80% of customers regularly investing in art, VistaJet flies some of the world’s most prominent collectors. Art has always integrated organically into the brand and as the company continuously strives to provide exceptional and curated experiences for members, anytime and anywhere, VistaJet’s three fully customizable The Art of Flying Experiences* will offer exclusive previews, private dinners, lectures and talks, enriching their engagement with the Rockefeller pieces.

The World of Art Experience will offer customers the opportunity to travel to all of The Collection of Peggy and David Rockefeller exhibitions on-board VistaJet for a private tour of the emblematic collection at each location. By booking this multi-leg journey, VistaJet will transport clients and their art at no additional cost on flights anytime, anywhere** and the experience will also include a year-long membership*** to The Cultivist, the global arts club.

The Direct Experience will offer any guest flying with VistaJet to any of The Collection of Peggy and David Rockefeller exhibitions in London, Paris, Beijing, Shanghai, Los Angeles or New York, an invitation to receive a complimentary membership to VistaJet Direct worth $10,000. The Direct membership gives clients access to available VistaJet private flights at special rates from any mobile device, through the world’s first end-to-end business jet app.

The third exclusive opportunity, The Rockefeller Experience, will allow up to 10 guests traveling with VistaJet on one of its iconic silver and red jets to New York, a rare opportunity for a behind the scenes private discovery tour of Kykuit, the historical National Trust landmark of the Rockefeller Estate in Pocantico Hills, before enjoying a Rockefeller-inspired multi-taste feast at an exclusive Upstate New York venue. Guests will then be invited for a personal tour of The Collection of Peggy and David Rockefeller exhibition in New York, and to view the live auction at Christie’s New York with leading art experts.

“The Collection of Peggy and David Rockefeller is a unique collection of the finest works of art and objects,” said Nina Flohr of VistaJet. “The fact that 100% of the proceeds from the auction of the collection will be donated to charities worldwide is a remarkable philanthropic effort.  We fully support the Rockefellers’ commitment to giving back, and our sponsorship is VistaJet’s way to facilitate and contribute to the exhibitions, auctions, and ultimately, the Rockefeller family’s charitable mission. We are very proud to support their initiative as the key global partner.”

The global nature of the auction and exhibitions aligns seamlessly with the VistaJet brand and its global reach. With a fleet of over 70 super-mid and long range identically designed aircraft, VistaJet guarantees availability within 24 hours to its customers, no matter where in the world they are based. The sponsorship of such a landmark collection is a way for VistaJet to support not only the arts, but David and Peggy Rockefeller’s philanthropic endeavours.

Sales of The Collection of Peggy and David Rockefeller will be conducted in keeping with David Rockefeller’s pledge to direct the majority of his wealth to philanthropy. All the Estate proceeds will be donated to charities, directly benefiting the philanthropic missions that have been maintained by the family for decades.

Find more info on how to enjoy The Collection of Peggy and David Rockefeller with VistaJet at VistaJet.com/TheArtOfFlying

* Price on request – dependent on origin location, availability, cabin size, airport and slot restrictions..
** Insurance and transportation terms and conditions apply.
*** Membership to The Cultivist upon application.

VistaJet Press Contacts:
Global and EMERI: Jennifer Farquhar | M: +44 7834 335505 | jennifer.farquhar@vistajet.com
APAC: Amy Yang | M: +852 9080 3985 | amy.yang@vistajet.com  

USA: Michael Salamanca | M: +1 917 755 3734 | michael.salamanca@vistajet.com  

                         
About VistaJet
VistaJet is the first and only global aviation company. On its fleet of silver and red business jets, VistaJet has flown corporations, governments and private clients to 187 countries worldwide. Founded in 2004 by Thomas Flohr, the company pioneered an innovative business model where customers pay only for the hours they fly, free of the responsibilities and asset risks linked to aircraft ownership. VistaJet’s signature Program service offers customers a bespoke subscription of flight hours on its fleet of mid and long-range jets, to fly them anywhere and at any time.

More VistaJet information and news at vistajet.com

Photos accompanying this announcement are available at 
http://www.globenewswire.com/NewsRoom/AttachmentNg/23769297-bca1-4a67-a687-3d839dcb602a 

http://www.globenewswire.com/NewsRoom/AttachmentNg/17a32814-f7d0-4bff-879f-7654a5747449


Source: Av News Feed

Read More

SunExpress Reserves 66 WheelTug Systems

Feb 7, 2018

SunExpress Reserves 66 WheelTug Systems

GIBRALTAR, Feb. 07, 2018 (GLOBE NEWSWIRE) — SunExpress, a Deutsche Lufthansa / Turkish Airlines joint venture, has executed a slot option purchase agreement for the SunExpress fleet of Boeing 737NG/MAX aircraft.

This agreement brings the total number of WheelTug systems reserved by airline customers to 1,042 across more than 20 airlines.

The WheelTug system uses high-performance electric motors, installed in the nose gear wheels of an aircraft, to provide full mobility and enhanced autonomy while on the ground.  Pilots can use WheelTug to conduct pushback and taxi operations without needing to use tugs or the aircraft’s jet engines.  WheelTug systems are expected to improve the efficiency and reliability of SunExpress ground operations, leading to reduced costs and enhanced aircraft utilization.

WheelTug CEO Isaiah Cox said, “We are very happy to have SunExpress take us past the 1,000 aircraft milestone, and look forward to bringing their customers an even better journey.”

About SunExpress
For almost 30 years, SunExpress has offered non-stop leisure flights between Europe, Turkey, and vacation destinations all along the Mediterranean. The Lufthansa and Turkish Airlines joint venture offers 60 international destinations in more than 20 countries. Over 8 million passengers annually enjoy friendly on-board service and a comfortable flight experience. For more information, visit: www.SunExpress.com

About WheelTug plc
WheelTug plc is developing the WheelTug aircraft electric drive system, and is based in Gibraltar. A full listing of WheelTug partner companies and airline customers is on the company’s website at http://www.wheeltug.gi.

For more information:

Jan Vana
Director
WheelTug plc
+420 724 276 506
+1 410 419 0082
exec@wheeltug.gi
www.wheeltug.gi

Forward-looking statement at:http://www.wheeltug.gi/fls.shtml


Source: Av News Feed

Read More

First Bahama Beach Skydiving Event, West End, Grand Bahama, February 2-12, 2018

Feb 6, 2018

First Bahama Beach Skydiving Event,
West End, Grand Bahama,
February 2-12, 2018

West End, Grand Bahama, Feb. 06, 2018 (GLOBE NEWSWIRE) — A group of some 60 licensed skydivers and aviation enthusiasts are at the Old Bahama Bay on Grand Bahama Island this week for its first Bahama Beach Skydiving event. The historic event which features skydivers, jumping from parachutes amid 14,000 feet, takes place daily between 10 am and 5 pm – February 2 through 12 from the West End International Airport.

Organized by Sky’s The Limit, a skydiving company based in East Stroudsburg, Pennsylvania, the event is also sanctioned by The Bahamas Ministry of Tourism and Aviation (MOTA). Sponsors for the event include Old Bahama Bay Resort, United Parachute Technologies, Vigil, Aerodyne, Great Wolf Lodge, Sun Path and Shooting Star.

According to Jeff Root, CEO and owner of Sky’s The Limit, “all of the skydivers are licensed jumpers and are excited to visit and participate in a sport they love in such a wonderful location as Grand Bahama Island and Old Bahama Bay Resort. It is our hope that we can make this event, in Grand Bahama, an annual one for our aviation members”.

Greg Rolle, pilot and Sr. Director of Sports and Vertical Markets for The Bahamas MOTA said, “the organizers of this event jumped full force, no pun intended, into planning and executing this event. This is a prime example of private enterprise working cohesively with the public sector, and we could not have been more excited to work alongside such a reputable and influential body. The economic injection, particularly into the West End community and the added interest generated from its marketing, are beneficial to the destination.”

Local residents and aviation enthusiasts can watch the exciting parachute jumps, complimentary, from bleachers erected at the Old Bahama Bay Resort. For more information on the Bahama Beach Skydiving event visit: https://skysthelimit.net/bahama-boogie.

About The Islands Of The Bahamas

The Islands Of The Bahamas have a place in the sun for everyone from Nassau and Paradise Island to Grand Bahama to The Abaco Islands, The Exuma Islands, Harbour Island, Long Island and others. Each island has its own personality and attractions for a variety of vacation styles with some of the world’s best golf, scuba diving, fishing, sailing, boating, as well as, shopping and dining. The destination offers an easily accessible tropical getaway and the Bahamian dollar on par with the U.S. dollar. Do everything or do nothing, just remember It’s Better in The Bahamas. For more information on travel packages, activities and accommodations, call 1-800-Bahamas or visit www.Bahamas.com. Look for The Bahamas on the web on Facebook, Twitter and YouTube.

Attachments:

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/b9bdfa82-0d23-4ce8-b80d-79ce97c342d3

Attachments:

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/4471ef98-5fa9-46d4-b676-6246ca9065f1

CONTACT: D. Earnestine Moxyz
Bahamas Ministry of Tourism
954-236-9292
emoxyz@bahamas.com


Source: Av News Feed

Read More

EMCORE Introduces New EMCORE-Hawkeye™ Series of Precision Single-Axis Fiber Optic Gyroscope Modules

Feb 6, 2018

EMCORE Introduces New EMCORE-Hawkeye™ Series of Precision Single-Axis Fiber Optic Gyroscope Modules

ALHAMBRA, Calif., Feb. 06, 2018 (GLOBE NEWSWIRE) — EMCORE Corporation (NASDAQ:EMKR), a leading provider of advanced Mixed-Signal Optics products that provide the foundation for today’s high-speed communication network infrastructures and leading-edge defense systems, announced today the introduction of the new EMCORE-HawkeyeTM series of precision, single-axis Fiber Optic Gyroscope (FOG) modules. The new EMCORE-HawkeyeTM EG-120 and EG-200 models will deliver the industry’s best Size, Weight and Power (SWaP) compared to competing products.

The EMCORE-HawkeyeTM EG-120 FOG module is an ultra-compact, state-of-the-art design that is the smallest, most affordable closed-loop FOG available on the market today. It is approximately 1/2 the weight with 1/3 the power requirements of current generation FOGs and is 35% smaller than EMCORE’s previous generation EMP series FOGs. The EMCORE-HawkeyeTM EG-120 incorporates advanced, next-generation Field Programmable Gate Array (FPGA) electronics that deliver increased performance and reliability combined with low cost. The model EG-200 shares these advanced electronics with the EG-120, but with even greater performance capabilities compared to the EG-120 and the EMP series.

The EMCORE-HawkeyeTM series features performance specifications ideal for medium accuracy platform stabilization applications such as camera systems used in aircraft, Unmanned Aerial Vehicles (UAVs) and gun stabilization systems. A wide variety of other guidance, navigation and aeronautics applications are supported. The differences between these new models provide customers with greater flexibility to choose the performance level and form-factor that best meets their application, and these are only the first models to be announced. The EMCORE-HawkeyeTM FOG platform will allow even greater selection of performance capabilities in the future to meet a broad range of customer requirements.

“We saw a market need for an ultra-compact, more cost-effective FOG than what is currently available on the market,” commented David Faulkner, EMCORE’s Vice President and General Manager of Aerospace & Defense. “Our new EMCORE-Hawkeye series delivers a high level of performance and at the same time can be easily customized to meet our customer’s needs. We are very pleased to have received initial orders for both these products from key customers for qualification into their systems,” added Mr. Faulkner.

“EMCORE now develops all its key FOG components internally including the next-generation, solid-state optical transceiver, lithium-niobate modulator and FPGA electronics,” added Dr. KK Wong, Sr. Director of Fiber Optic Gyro Products for EMCORE. “This allows performance parameters to be more easily customized to specific customer requirements at price levels equivalent to, or less than that of lower-performance open-loop designs.” 

EMCORE’s EG-120 has a typical in-run bias drift from 1-10 deg/hr with Angle Random Walk (ARW) from 0.1 to 1 deg/rt-hr. The bias drift of the EG-200 is <0.1 deg/hr with ARW of 0.01 deg/rt-hr. Bias drift is an important measure of accuracy and precision of the FOG, with lower bias models delivering higher performance overall. EMCORE’s new EG-120 and EG-200 FOG modules combine advanced, next-generation integrated optics and FPGA electronics to deliver higher accuracy, lower noise, greater efficiency, improved drift stability and higher linearity than competing units.

About EMCORE

EMCORE Corporation is a leading provider of advanced Mixed-Signal Optics products that provide the foundation for today’s high-speed communication network infrastructures and leading-edge defense systems. Our optical chips, components, subsystems and systems enable broadband and wireless providers to continually enhance their network capacity, speed and coverage to advance the free flow of information that empowers the lives of millions of people daily. The Mixed-Signal Optics technology at the heart of our broadband transmission products is shared with our fiber optic gyros and military communications links to provide the aerospace and defense markets state-of-the-art systems that keep us safe in an increasingly unpredictable world. EMCORE’s performance-leading optical components and systems serve a broad array of applications including cable television, fiber-to-the-premise networks, telecommunications, data centers, wireless infrastructure, satellite RF fiber links, navigation systems and military communications. EMCORE has fully vertically-integrated manufacturing capability through its world-class Indium Phosphide (InP) wafer fabrication facility at our headquarters in Alhambra, California, and is ISO 9001 certified in Alhambra and at our facility in Beijing, China. For further information about EMCORE, please visit http://www.emcore.com.

Forward-looking statements:

The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include statements regarding EMCORE’s plans, strategies, business prospects, growth opportunities, changes and trends in our business and expansion into new markets. These forward-looking statements are based on management’s current expectations, estimates, forecasts and projections about EMCORE and are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated in the forward-looking statements, including without limitation, the following: (a) the rapidly evolving markets for EMCORE’s products and uncertainty regarding the development of these markets; (b) EMCORE’s historical dependence on sales to a limited number of customers and fluctuations in the mix of products and customers in any period; (c) delays and other difficulties in commercializing new products; (d) the failure of new products: (i) to perform as expected without material defects, (ii) to be manufactured at acceptable volumes, yields, and cost, (iii) to be qualified and accepted by our customers, and (iv) to successfully compete with products offered by our competitors; (e) uncertainties concerning the availability and cost of commodity materials and specialized product components that we do not make internally; (f) actions by competitors; and (g) other risks and uncertainties discussed under Item 1A – Risk Factors in our Annual Report on Form 10-K for the fiscal year ended September 30, 2017, as updated by our subsequent periodic reports. Forward-looking statements contained in this press release are made only as of the date hereof, and EMCORE undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

EMCORE Corporation
David Faulkner
Vice President and General Manager, Aerospace & Defense
(626) 293-3698
David_Faulkner@emcore.com 

Media
Joel Counter
Manager, Corporate & Marketing Communications
(626) 999-7017
media@emcore.com

Investor
Erica Mannion
Sapphire Investor Relations, LLC 
(617) 542-6180 
investor@emcore.com

 


Source: Av News Feed

Read More

Login

Lost your password?