Telesat Holdings Inc. (Telesat) announced its financial results for the three month and one year periods ended December 31, 2009 — unless otherwise stated herein, all amounts are in Canadian dollars.
For the one year period ended December 31, 2009, Telesat reported consolidated revenues of $787 million, an increase of approximately 11 percent ($76 million) compared to the same period in 2008. Increased revenues were primarily from Telesat’s three new satellites (Nimiq 4 launched in late 2008 as well as Telstar 11N and Nimiq 5 launched in 2009) and foreign exchange rate movements, offset by the sale of Telesat’s interest in Telstar 10, the removal of Nimiq 3 from service, and lower North American enterprise revenues. In 2009, operating expenses were approximately $37 million (14 percent) less than 2008, primarily as a result of lower compensation and administrative expenses and reduced revenue related expenses. Adjusted EBITDA1 for 2009 was $560 million, an increase of 25 percent ($113 million) and the Adjusted EBITDA margin1 was 71 percent, compared to 63 percent for 2008. Net income was $414 million, compared to a loss of $822 million in 2008. The impact on net income of a non-cash foreign exchange gain related to Telesat’s U.S. dollar denominated debt, partially offset by non-cash losses on financial instruments, was $366 million, compared to a loss of $446 million in 2008. No asset impairment losses were recorded in 2009, compared to a $485 million loss in 2008. To read the entire financial report, access this direct link.
