HAUPPAUGE, N.Y., May 07, 2008 "(pressreleasepoint)" -- Globecomm Systems Inc. (NASDAQ: GCOM), a leading provider of satellite-based communications infrastructure solutions and services on a global basis, today announced financial results for the fiscal 2008 third quarter and nine-months ended March 31, 2008. Globecomm reports its financial results on a generally accepted accounting principles (GAAP) basis and also provides pro-forma results excluding certain non-cash items. In an attached table the Company provides a detailed reconciliation of GAAP earnings to earnings excluding certain non-cash items. Highlights of the Company's results are:-- GAAP earnings per diluted share of $0.17 in the fiscal 2008 third quarter as compared to GAAP earnings per diluted share of $0.14 in the same period last year. -- Pro-forma earnings per diluted share of $0.18 in the fiscal 2008 third quarter as compared to pro-forma earnings per diluted share of $0.14 in the same period last year. Excluded from the pro-forma earnings were non-cash charges for share-based compensation and amortization of intangibles relating to an acquisition. -- Consolidated revenues of $43.3 million in the fiscal 2008 third quarter as compared to $39.1 million in the same period last year. -- Service revenues increased 116.6% to $15.8 million as compared to $7.3 million in the same period last year. Fiscal Year 2008 Third Quarter Results Revenues for the Company's fiscal 2008 third quarter increased 10.7% to $43.3 million, compared to $39.1 million in the same period last year. Revenues from infrastructure solutions decreased by 13.6% to $27.5 million compared to $31.8 million in the same period last year. Revenues from services increased 116.6% to $15.8 million as compared to $7.3 million in the same period last year. This service increase includes $6.3 million generated from the GlobalSat business acquired in May 2007. The decrease in infrastructure solutions revenue in the three months ended March 31, 2008 was due to timing of shipments and project milestones in the government marketplace. Net income for the Company's fiscal 2008 third quarter increased to $3.4 million, or $0.17 per diluted share, compared to net income of $2.3 million, or $0.14 per diluted share, in the third quarter of fiscal 2007 on a GAAP basis. Excluding certain non-cash items, pro-forma earnings per diluted share were $0.18 for the third quarter of fiscal 2008 as compared to $0.14 in the third quarter of fiscal 2007. The increase in net income continues to be primarily driven by the operating leverage the Company is currently experiencing resulting from a greater mix of service and pre-engineered systems revenues as a percentage of total revenues as compared to the same period last year. Fiscal Year 2008 Nine-Month Results Revenues for the Company's fiscal 2008 nine-months ended March 31, 2008 increased 37.9% to a record $140.1 million, compared to $101.6 million in the same period last year. Revenues from infrastructure solutions increased by 20.1% to $93.2 million compared to $77.6 million in the same period last year. Revenues from services increased 95.9% to $46.9 million as compared to $23.9 million in the same period last year. This service increase includes $20.3 million generated from the GlobalSat business acquired in May 2007. The overall increase in revenues was primarily driven by growth in the systems design and integration services, pre-engineered systems, and content distribution services. Net income for the Company's first nine-months of fiscal 2008 increased to a record $10.2 million, or $0.51 per diluted share, compared to net income of $5.1 million, or $0.31 per diluted share, in the same period last year on a GAAP basis. Excluding certain non-cash items, pro-forma earnings per diluted share were a record $0.57 for the first nine-months of fiscal 2008 as compared to $0.32 for the same period last year. The increase in net income continues to be primarily driven by revenue growth and the operating leverage the Company is currently experiencing resulting from a greater mix of service and pre-engineered systems revenues as a percentage of total revenues as compared to the same period last year. Management's Review of Results David Hershberg, Chairman and CEO of the Company, said, "Globecomm continues to execute on the current year financial goals as evidenced by the third quarter and nine-month results. The Company is well positioned to capitalize on favorable trends in the broadcast, government and wireless marketplaces and has strengthened its sales and marketing organization to further address these markets, with Bill Raney's recently announced promotion to Senior Vice President of Sales and Marketing. Globecomm possesses extensive engineering talent and has built multiple technology platforms to serve these high growth markets and looks forward to communicating our progress." Management's Current Expectations for the Fiscal Year Ending June 30, 2008 Globecomm continues to expect consolidated revenues for fiscal year 2008 to be between $190 million and $200 million. GAAP earnings per diluted share are expected to be approximately $0.70 per share, which includes $0.08 of certain non-cash charges or approximately $0.78 pro-forma earnings per diluted share excluding non-cash charges. These expectations reflect actual results for the Company's nine months ended March 31, 2008 and management's current view of the next three months. Actual results for fiscal year 2008 will remain susceptible to certain factors. These may include, but are not limited to, timing of shipments and milestones from certain projects included in management's projections, unfavorable product mix, possible cost overruns on projects, and major disruptions in the marketplaces in which the Company operates due to political unrest, local violence, global economic recession and changes in the United States Government foreign policy. About Globecomm Systems Globecomm Systems Inc. provides end-to-end value-added satellite-based communication products, services and solutions by leveraging its core satellite ground segment systems and network capabilities, with its satellite communication services capabilities. The products and services Globecomm offers include pre-engineered systems, systems design and integration services, managed network services and life cycle support services. Globecomm's customers include communications service providers, commercial enterprises, broadcast and other media and content providers and government and government-related entities. Based in Hauppauge, New York, Globecomm Systems also maintains offices in Washington, DC, Maryland, Hong Kong, the United Kingdom, the United Arab Emirates and Afghanistan.