Loral Space & Communications… Financially Speaking…

[SatNews] Loral Space & Communications Inc. (Nasdaq:LORL) has announced its financial results for the three and six months ended June 30, 2010.

Revenues and Adjusted EBITDA1 for all segments for the quarter were $481 million and $187 million, respectively, representing an increase of $33 million and $62 million, respectively, over segment revenues and Adjusted EBITDA for the second quarter of 2009. Combined segment revenues and Adjusted EBITDA for the first six months of the year were $903 million and $339 million, respectively, representing an increase of $73 million and $93 million, respectively, compared to the first six months of 2009. All of Telesat’s revenue and Adjusted EBITDA are included in these segment results2. Loral’s income statement, however, reflects its 64 percent economic interest in Telesat under the equity method of accounting.

Loral‘s revenues and Adjusted EBITDA for the quarter after eliminations were $280 million and $34 million, respectively, up $9 million and $29 million, respectively, compared to the second quarter of 2009. Revenues and Adjusted EBITDA for the first six months of 2010 after eliminations were $509 million and $43 million, respectively, up $25 million and $32 million, respectively, from revenues and Adjusted EBITDA after eliminations for the first six months of 2009. The eliminations include all of Telesat‘s results, as well as the impact of Loral‘s portion of the ViaSat-1 construction contract on SS/L‘s results.

Driven by changes in foreign exchange rates at Telesat, Loral reported a net loss of $20 million compared to net income of $74 million for the second quarter of 2009. For the first six months of 2010 net income was $10 million compared to $63 million for the first six months of 2009. Diluted loss per share for the second quarter of 2010 was $0.66 compared to diluted income per share of $2.48 in the second quarter of 2009. For the first six months of 2010 diluted income per share was $0.32 compared to $2.13 for the first six months of 2009. The company’s available cash was relatively unchanged, with $141.7 million in available cash at the end of June 2010, compared to $142.2 million at the end of March 2010. To read the entire financial report, access this direct link.