56Chevy
1 year ago
Marker:
SKYT
$7.81 -1.61 (-17.09%)
Volume: 1,082,269
* The 2nd Qtr shows good news and bad news. The market today is reacting to the bad news.
SkyWater Technology Reports Second Quarter 2023 Results
Record Revenues and Continued Year-over-Year Increase in Gross Margin
BLOOMINGTON, Minn., – August 7, 2023 – SkyWater Technology (NASDAQ: SKYT), the trusted technology realization partner, today announced financial results for the second quarter of 2023, ended July 2, 2023.
Highlights for Q2 2023:
•Revenue increased 47% year-over-year to a record $69.8 million.
•Gross margin increased to 23.9% on a GAAP basis, compared to 4.4% in Q2 2022, and increased to 24.7% on a non-GAAP basis, compared to 5.6% in Q2 2022.
•Net loss to shareholders of $8.6 million, or $(0.19) per share on a GAAP basis, and net loss to shareholders of $6.4 million, or $(0.14) per share on a non-GAAP basis, compared to net loss to shareholders of $13.0 million, or $(0.32) per share on a GAAP basis, and net loss to shareholders $10.8 million, or $(0.27) per share on a non-GAAP basis in Q2 2022.
•Adjusted EBITDA of $6.5 million, or 9.3% of revenue, compared to $(1.6) million, or (3.4)% of revenue in Q2 2022.
[....]
Source: https://ih.advfn.com/stock-market/NASDAQ/skywater-technology-SKYT/stock-news/91751085/skywater-technology-reports-second-quarter-2023-re
** FD: I do not have a position on this stock.
up-down
13 years ago
Obama lost about $15,000 on Skyterra and earned a profit of about $2,000 on AVI. Skyterra stocks continued to drop after Obama divested.
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Thursday, April 1, 2010
Hedge Fund Harbinger Capital Consummates Skyterra Communications Merger
Just a few days ago we touched on how Philip Falcone's hedge fund Harbinger Capital Partners announced plans for a 4G wireless network as spectrum is apparently the hottest new asset class out there. They are doing so via their stakes in TerreStar (TSTR) and Skyterra Communications (SKYT) and yesterday after the market close we see that they filed an amended 13D and a Form 4 with the SEC, providing us an update as to what's going on behind the scenes. Simply put, Harbinger acquired 45,147,477 shares of stock and paid $5.00 in cash per share for each totaling $225,737,385. Upon the completion of this transaction, the stock was canceled and ceased to exist (i.e. merger complete). As such, the company is now privately held with no public market for stock.
Before we dive into the legal jargon, we'll just preface this in layman's terms by saying that all you really need to know is that the merger between SKYT and Harbinger was consummated. On March 29th, Harbinger acquired 23,042,077 shares of voting common stock at $5 per share and 22,105,400 non-voting shares at the same price. This transaction was part of Harbinger's acquisition of Skyterra through a merger and all shares of common stock not previously held by Falcone's hedge fund firm were "converted into a right to receive $5.00 in cash, subsequently canceled and ceased to exist." Additionally, all warrants were canceled and ceased to exist as well. So, this appears to be one of the first major steps towards their play on spectrum and make sure you head to their plans for a 4G wireless network.
Other recent activity out of hedge fund Harbinger includes selling some New York Times (NYT) shares and you can view the rest of Falcone's equity portfolio here.
http://www.marketfolly.com/2010/04/hedge-fund-harbinger-capital.html#ixzz1YXvs32u4
GuruTrader
15 years ago
SkyTerra Communications, Inc. Announces Going-Private Transaction
Press Release
Source: SkyTerra
On Wednesday September 23, 2009, 8:10 am EDT
Buzz up! 0 Print.Companies:SkyTerra Communications, Inc.
RESTON, Va.--(BUSINESS WIRE)--SkyTerra (OTCBB:SKYT - News) today announced that it has entered into a definitive merger agreement for SkyTerra to be acquired by a new corporation formed and indirectly wholly-owned by Harbinger Capital Partners Master Fund I, Ltd and Harbinger Capital Partners Special Situations Fund, L.P. Under the terms of the agreement, the new corporation will pay $5.00 in cash per share for each of SkyTerra's outstanding shares of common stock not held by Harbinger or its affiliates. The purchase price represents a premium of approximately 56% over the average closing price of SkyTerra’s common stock for the thirty days ended September 22, 2009, the last day before the announcement of the proposed transaction. Harbinger and its affiliates together hold approximately 48% of SkyTerra's outstanding voting common stock and approximately 49% of SkyTerra's voting and non-voting common stock combined.
Related Quotes
Symbol Price Change
SKYT.OB 3.40 0.00
{"s" : "skyt.ob","k" : "c10,l10,p20,t10","o" : "","j" : ""} The transaction is the culmination of a thorough evaluation of SkyTerra's strategic alternatives by a special committee of SkyTerra's Board of Directors composed solely of independent directors. The special committee was assisted in its evaluation by its independent financial advisor, Morgan Stanley & Co., and counsel, Skadden, Arps, Slate, Meagher & Flom LLP. Harbinger was assisted by its financial advisor, UBS Investment Bank, and counsel, Weil, Gotshal & Manges LLP.
The merger agreement has been approved by the special committee as well as the full Board of Directors of SkyTerra. The transaction is subject to approval by the holders of a majority of SkyTerra's outstanding voting common stock, and to regulatory approvals, including approval of the Federal Communications Commission, and other closing conditions.
It is anticipated that the transaction will be consummated in late 2009 or early 2010.
Harbinger has agreed to vote its shares in favor of the merger. Since Harbinger has approximately 48% of the voting power of SkyTerra's voting common stock, approval of the merger by stockholders is virtually assured if Harbinger so votes in favor of the merger.
SkyTerra and its executive officers and directors may be deemed to be participants in the solicitation of proxies from SkyTerra stockholders in favor of the proposed transaction. Information about the directors and executive officers of SkyTerra and their ownership of SkyTerra common stock is set forth in the proxy statement, dated October 7, 2008, as filed with the SEC on Schedule 14A. Certain executive officers and directors of SkyTerra have interests in the transaction that may differ from the interests of stockholders generally, including acceleration of vesting of stock options, benefits conferred under retention, severance and change in control arrangements, and continuation of director and officer insurance and indemnification. A more complete description of these interests will be contained in the preliminary and definitive proxy statement when and as they become available.
In connection with the proposed transaction, SkyTerra intends to file a proxy statement and other relevant materials with the Securities and Exchange Commission ("SEC"). Before making any voting decision with respect to the proposed transition, stockholders of SkyTerra are urged to read the definitive proxy statement when it becomes available and other relevant materials filed with the SEC because they contain and will contain important information about the proposed transaction. The proxy statement and other relevant materials, and any other documents filed by SkyTerra with the SEC, may be obtained free of charge at the SEC's website at http://www.sec.gov. In addition, stockholders of SkyTerra may obtain free copies of the documents filed with the SEC by contacting SkyTerra Communications, Inc. at: (703) 390-1899 (703) 390-1899 or by writing SkyTerra at 10802 Parkridge Boulevard, Reston, VA, 20191. You may also read and copy any reports, statements and other information filed by SkyTerra Communications with the SEC at the SEC public reference room at 100 F Street, N.E. Room 1580, Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 1-800-SEC-0330 or visit the SEC's website for further information on its public reference room.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to SkyTerra's plans to consummate the merger described in this news release. Such forward-looking statements are based on current expectations that are subject to risks, uncertainties and other factors. Such factors include, but are not limited to, the risk that the conditions to closing contained in the merger agreement are not satisfied or waived and that there is continued compliance with applicable Canadian regulatory requirements. Therefore, no assurance can be given that the merger will close and that stockholders will receive the $5.00 in cash per share merger consideration. SkyTerra assumes no obligation to update or supplement the information in this news release or any such forward-looking statements.
Contact:
SkyTerraMedia Contact:Tom Surface, 703-390-1579M: 703-462-3837 703-462-3837tom.surface@skyterra.com
di4
16 years ago
Shelby County Tennessee Enhances Communications Interoperability via SkyTerra
County Works with Local Service Provider and SkyTerra to Use Urban Area Security Initiative (UASI) Grant to Purchase Critical Communications Equipment and Services
May 26, 2009 8:06:00 AM
Copyright Business Wire 2009
Email Story Discuss on ZenoBank
View Additional ProfilesRESTON, Va.--(BUSINESS WIRE)-- SkyTerra (OTCBB:SKYT) announced today that Memphis/Shelby County, Tennessee Urban Area Security Initiative (UASI) , is deploying push-to-talk satellite services via SkyTerra to provide a network for interoperable contingency communications for emergency operations throughout their six county Homeland Security region.
The Memphis/Shelby County UASI is using a portion of its UASI grants funding designated for one of its Interoperable Communications Projects to purchase more than 250 MSAT-G2 satellite radios and service subscriptions. UASI grants provide funding support for emergency response agencies in areas that are considered high-risk for events - either natural or man-made - and are located within one of the specific Department of Homeland Security (DHS) designated urban areas, such as Memphis. The Memphis/Shelby County UASI includes Shelby, Tipton, Fayette and Lauderdale counties in Tennessee, Crittenden County in Arkansas and Desoto County in Mississippi.
SkyTerra and its local service provider, Central Communications, worked with the Shelby County Office of Preparedness to develop the required documentation for grant funding approval. Once the funds were approved, the county commissioners approved the purchase and the UASI-wide distribution plan for the MSAT-G2s.
"This is an excellent illustration where the public and private sectors have come together and worked in unison to develop a solution for a public safety requirement," said Bob Nations Jr. director, Shelby County Office of Preparedness HLS/EMA. "This is an example that other businesses and agencies around the nation can model to craft solutions for their local security and public service needs."
"In working with the Memphis/Shelby County UASI and Central Communications, SkyTerra has instituted a new program to work with government agencies at all levels to assist them in the development and submission of grant funding initiatives," said Matthew Foosaner, vice president of government sales for SkyTerra. "We will assist our agency partners in planning and implementing push-to-talk satellite communications that meet the interoperability and redundancy requirements of many of the federal grant programs available."
According to county planners, more than 230 mobile units in hardened travel cases with power adaptors will be placed with emergency response agencies throughout the Memphis/Shelby UASI region where they can be readily deployed during emergencies. The rest of the satellite devices will be deployed in critical command and control facilities including the county Emergency Operations Center, the Memphis Police and Fire Department headquarters, and other UASI emergency management locations.
"To facilitate interoperable communications among the various county and city agencies and organizations that will respond to emergencies, SkyTerra is loading - at no additional cost - as many as nine local, regional and national talkgroups so that agencies can readily communicate with one another," said Foosaner. "All devices will have at least three Satellite Mutual Aid Radio Talkgroups or SMART(TM) developed by SkyTerra, so that local responders can talk with federal, state and regional agencies whenever the need arises."
The MSAT-G2 two-way satellite radio supports a range of innovative point-to-multipoint and point-to-point communication solutions that include (dispatch-style) push-to-talk and push-to-track services. The MSAT-G2 two-way satellite radio addresses the increasing needs and demands of public safety and emergency response personnel, is interoperable with land mobile radio systems, and provides access to multiple agencies and talk groups. MSAT-G2 satellite radios contain GPS technology which allows emergency management officials to identify the location of their people.
SkyTerra is developing an integrated satellite-terrestrial communications network, based on SkyTerra's patented ancillary terrestrial component (ATC) technology. The company expects its next-generation network will provide seamless, transparent and ubiquitous wireless coverage of the United States and Canada to conventional handsets. SkyTerra plans to launch two of the most powerful commercial satellites ever built that will enable this network to support communications in a variety of market segments including public safety, homeland security, telematics, transportation and entertainment, by providing a platform for interoperable, user-friendly and feature-rich voice and high-speed data services.
SkyTerra Communications, Inc. (OTCBB:SKYT) owns 100% of SkyTerra LP. SkyTerra LP and SkyTerra (Canada), Inc. jointly operate the MSV-1 and MSV-2 satellites and telecommunications network.
About SkyTerra Communications (www.skyterra.com)
SkyTerra Communications (OTCBB:SKYT) delivers mobile wireless voice and data services primarily for public safety, security, fleet management and asset tracking in the U.S. and Canada. The company's next-generation integrated satellite-terrestrial communications network is expected to provide seamless, transparent and ubiquitous wireless coverage of the United States and Canada to conventional handsets. When completed, the network will support communications in a variety of market segments, including public safety, homeland security, telematics, transportation and entertainment, by providing a platform for interoperable, user-friendly and feature-rich voice and high-speed data services.
Statement under the Private Securities Litigation Reform Act
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to plans described in this news release. Such statements generally include words such as could, can, anticipate, believe, expect, seek, pursue, proposed, potential and similar words. Such forward-looking statements are subject to uncertainties relating to the ability of SkyTerra to raise additional capital or consummate a strategic transaction or deploy the next generation system, as well as the ability of SkyTerra to execute its business plan. We assume no obligation to update or supplement such forward-looking statements.
Source: SkyTerra Communications, Inc.
----------------------------------------------
SkyTerra
Tom Surface
703-390-1579
Mobile: 703-462-3837
tom.surface@skyterra.com
di4
16 years ago
SkyTerra Appoints Jeffrey Carlisle as Vice President of Regulatory Affairs
May 11, 2009 9:03:00 AM
Copyright Business Wire 2009
Email Story Discuss on ZenoBank
View Additional ProfilesRESTON, Va.--(BUSINESS WIRE)-- SkyTerra (OTCBB: SKYT) today announced that Jeffrey Carlisle has been appointed Vice President of Regulatory Affairs. He will develop and implement the company's regulatory and policy strategy with the United States, governments around the world, and international organizations.
Mr. Carlisle brings Skyterra over 15 years of experience in the law and policy of communications and high technology. He most recently served as the vice president for international public policy & government affairs for Lenovo, the global technology products and services company. Prior to joining Lenovo, Mr. Carlisle served at the Federal Communications Commission (FCC) as senior deputy chief and later chief of the wireline competition bureau. While at the FCC, he was co-director of the Internet Policy Working Group and a member of the Homeland Security Policy Council.
"Jeff brings a wealth of domestic and international legal and regulatory experience, including working with the FCC and the European Union," said Gary Epstein, executive vice president of law and regulation for SkyTerra. "His management experience in communications and Internet policy, coupled with his solid understanding of business operations, will help us continue to transform SkyTerra within the telecommunications industry as the company marches toward the launch of its next-generation integrated satellite-terrestrial communications network."
Mr. Carlisle received his Juris Doctor from the University of California, Berkeley, his Master of Arts in Law and Diplomacy from The Fletcher School, and his Bachelor of Arts in History from the University of California, Los Angeles.
SkyTerra is developing an integrated satellite-terrestrial communications network, based on SkyTerra's patented ancillary terrestrial component (ATC) technology. The company expects its next-generation network will provide seamless, transparent and ubiquitous wireless coverage of the United States and Canada to conventional handsets. SkyTerra plans to launch two of the most powerful commercial satellites ever built that will enable this network to support communications in a variety of market segments including public safety, homeland security, telematics, transportation and entertainment, by providing a platform for interoperable, user-friendly and feature-rich voice and high-speed data services.
SkyTerra Communications Inc. (OTCBB: SKYT) is a joint venture between SkyTerra LP and SkyTerra (Canada) Inc.
About SkyTerra Communications (www.skyterra.com)
SkyTerra Communications (OTCBB: SKYT) delivers mobile wireless voice and data services primarily for public safety, security, fleet management and asset tracking in the U.S. and Canada. The company's next-generation integrated satellite-terrestrial communications network is expected to provide seamless, transparent and ubiquitous wireless coverage of the United States and Canada to conventional handsets. When completed, the network will support communications in a variety of market segments, including public safety, homeland security, telematics, transportation and entertainment, by providing a platform for interoperable, user-friendly and feature-rich voice and high-speed data services.
Statement under the Private Securities Litigation Reform Act
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to plans described in this news release. Such statements generally include words such as could, can, anticipate, believe, expect, seek, pursue, proposed, potential and similar words. Such forward-looking statements are subject to uncertainties relating to the ability of SkyTerra to raise additional capital or consummate a strategic transaction or deploy the next generation system, as well as the ability of SkyTerra to execute its business plan. We assume no obligation to update or supplement such forward-looking statements.
Source: SkyTerra
----------------------------------------------
SkyTerra
Media Contact:
Tom Surface
T: 703-390-1579
M: 703-462-3837
tom.surface@skyterra.com
up-down
16 years ago
Corporate Profile
SkyTerra is North America’s leading developer and supplier of mobile satellite communications services (MSS). Since 1996 SkyTerra has been providing reliable wireless voice, two-way radio and data services for a wide range of customers across North America, northern South America, Central America, the Caribbean and Hawaii via its two existing MSAT satellites.
Satellite service is the perfect communications solution for remote locations lacking terrestrial coverage and when man made or natural disasters strike. Current customers cover a broad spectrum including public safety, security, broadcasting, natural resources, fleet management and asset tracking.
SkyTerra Communications is taking wireless to new heights
SkyTerra is at the forefront of the development of the first integrated satellite-cellular communications network, which will provide seamless, transparent, interoperable and ubiquitous wireless coverage of North America using conventional handsets. It has extensive patents on the technology and holds the first FCC license to provide these services.
The company took a lead role in the regulatory process that led to a regime, which allowed ATC, and recognized it as an efficient, effective and forward-thinking use of scarce spectrum resources. As a result, SkyTerra has pioneered the underlying technology necessary to deploy and operate a satellite/terrestrial hybrid network.
SkyTerra is embarking on the deployment of a wireless network whose unique combination of defining characteristics - continental reach, multi-layer network architecture, all-IP technology approach and wholesale distribution model - create the foundation for its highly attractive broadband wireless platform.
SkyTerra currently uses approximately 30 MHz of L-Band spectrum that is conducive for mobile and fixed broadband wireless services and authorized for use in every market in North America, covering a total population of nearly 330 million people.
SkyTerra is building two new satellites for its next generation network which will be among the largest and most powerful commercial satellites ever built. When commercially launched, the network will transform communications in a variety of areas including public safety, homeland security, aviation, transportation and entertainment by providing interoperable, user-friendly and feature-rich voice and high-speed data services.
SkyTerra is a joint venture between SkyTerra LP and SkyTerra (Canada) Inc. SkyTerra LP is owned and controlled by SkyTerra Communications Inc.
http://www.skyterra.com/about/corporate-profile.cfm
up-down
16 years ago
AS: 200M -- OS:48M
http://www.skyterra.com
http://sec.gov/cgi-bin/browse-edgar?company=Skyterra&action=getcompany
Authorized 200,000,000 shares; 48,086,578 and 34,265,663 shares issued and outstanding at September 30, 2008 and December 31, 2007,
As of October 31, 2008 there were 48,086,578 shares of the Company’s voting common stock and 59,958,499 shares of the Company’s non-voting common stock outstanding
Changes in interest rates affect the fair value of the Company’s fixed rate debt. The fair value of the Senior Secured Discount Notes at September 30, 2008 was $412.5 million. The fair value of the Senior Unsecured Notes at September 30, 2008 was $110.6 million. Based on securities outstanding at September 30, 2008, a 1% increase or decrease in interest rates, assuming similar terms and similar assessment of risk by the Company’s lenders, would change the estimated market value, of these securities, by $18.1 million and $18.9 million, respectively at September 30, 2008.
The Company has cash flow exposure to changing interest rates on its Vendor Notes because the interest rate for these securities is not fixed. As of September 30, 2008 the Company had $60.9 million outstanding under its Vendor Notes with interest rates tied to changes in the LIBOR rate. Based on balances outstanding at September 30, 2008, a 1% increase in interest rates, assuming repayment of the Vendor Note in accordance with scheduled maturities, could add $0.9 million to the Company’s annual interest payments.
Pursuant to the Securities Purchase Agreement, Harbinger agreed to purchase up to $500 million in aggregate principal amount of the 16% Senior Unsecured Notes to fund the Company’s business plan through the third quarter of 2010. The 16% Senior Unsecured Notes will be issued to Harbinger in four tranches of $150.0 million, $175.0 million, $75.0 million and $100.0 million on January 6, 2009, April 1, 2009, July 1, 2009, and January 4, 2010, respectively.
If we fail to obtain necessary additional financing on a timely basis, or if our current financing sources do not provide the Company with previously committed funding, our satellite construction, launch, or other events necessary to conduct our business could be materially delayed, or our costs could materially increase; we could default on our commitments to our satellite construction or launch contractors, creditors or other third parties, leading to termination of construction or inability to launch our satellites; we may not be able to launch our next generation integrated network as planned and may have to discontinue operations or seek a purchaser for our satellite business or assets. MSV could lose its FCC or Industry Canada licenses or its international rights if it fails to achieve required performance milestones. We may not be able to continue as a going concern if we fail to receive previously committed funding and we are unable to obtain alternative financing or if we fail to obtain additional necessary financing on a timely basis.
As of October 30, 2008, Harbinger and its affiliates collectively owned an aggregate of 23,452,480 shares of our Voting Common Stock, representing approximately 48.8% of our outstanding Voting Common Stock. In addition, as of October 30, 2008, Harbinger had the right to acquire (i) an additional 442,825 shares of Voting Common Stock, which shares are being held in escrow pursuant to the terms of Harbinger’s agreement with Apollo Investment Fund IV, L.P., Apollo Overseas Partners IV, L.P., AIF IV/RRRR LLC, AP/RM Acquisition LLC and ST/RRRR LLC, and (ii) an aggregate of approximately 12.5 million shares of Voting Common Stock upon exercise of warrants. Harbinger and its affiliates also beneficially own an aggregate of 29,946,362 shares of our Non-Voting Common Stock, representing approximately 49.9% of our outstanding Non-Voting Common Stock. Pursuant to the Master Agreement, Harbinger may acquire a significant number of shares of our common stock if our combination with Inmarsat is successful in order to fund such combination, or if the combination is not successful, pursuant to a shareholder rights offering. In addition, Motient Ventures Holdings, Inc. sold an aggregate of 7,906,737 shares of our Non-Voting Common Stock to Harbinger on September 12, 2008 and September 16, 2008, which are being held by a collateral agent pursuant to a pledge agreement pending the grant by the FCC of Harbinger’s pending application to acquire control of the Company. As of October 30, 2008, the shares held by the collateral agent represented 13.2% of the outstanding shares of our Non-Voting Common Stock.
The significant concentration of ownership of our common stock by Harbinger and its affiliates may adversely affect the trading price of our common stock because investors often perceive disadvantages in owning stock in companies with controlling stockholders. Harbinger and its affiliates have the ability to exert substantial influence over all matters requiring approval by our stockholders, including the election and removal of directors, amendment of our certificate of incorporation, and any proposed merger, consolidation or sale of all or substantially all of our assets. If the proposed business combination of SkyTerra and Inmarsat is completed, it is expected that Harbinger would own an excess of 85% of the outstanding Voting Common Stock of the combined entity. In light of the foregoing, Harbinger can significantly influence the management of our business and affairs. This concentration of ownership could have the effect of delaying, deferring or preventing a change in control, or impeding a merger or consolidation, takeover or other business combination that could be favorable to investors. There can be no assurance that the interests of Harbinger are aligned with other holders of our common stock.
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