Yet another satellite-based communications company has stepped up to the plate and knocked the stitches off the ball. GlobecommSystems (NASDAQ:GCOM) reported earnings for Q4 and fiscal 2006 last night, with a full-year earnings increase of 48% on 15% higher revenues and a steady stream of fat, long-term contracts lined up.

In its discussion of the results, management singled out three "key" contracts that are expected to anchor revenues for the next few years, bringing in additional businesses through their mere presence. There's something to be said for impressing prospective customers with brand-name deals, and these three signings certainly qualify.

The star customers this year were communications expert Harris (NYSE:HRS), defense mammoth Raytheon (NYSE:RTN), and an as-yet unnamed "major media production and distribution company," which could be anybody from Viacom (NYSE:VIA) to Disney (NYSE:DIS). The contracts put Globecomm in charge of mission-critical systems for the media company, the National Weather Service, and the Federal Aviation Administration. That lineup should look good in a handout to interested service buyers.

Moreover, the company has a finger in the Internet Protocol Television (IPTV) pie already and should be ready to build out IPTV infrastructure for telecoms and cable operators when they're ready to take the plunge into the next generation of media delivery systems.

Globecomm's competitors aren't doing badly these days, either. Andrew (NASDAQ:ANDW) looks tasty enough to attract buyout offers, ViaSat has presented consistently good results for each of the past four quarters, and Radyne's (NASDAQ:RADN) biggest problem appears to be an undervalued stock. All in all, this looks like a great time to be in the microwave and satellite communications business.

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