Revenue and Adjusted EBITDA1 for the third quarter and first nine months at Telesat continued to be strong. Revenue and Adjusted EBITDA1 for the third quarter and first nine months at Space Systems/Loral (SS/L) were in line with the company’s expectations, although lower than for the same periods in 2010. Revenues and Adjusted EBITDA for all segments before eliminations for the third quarter of 2011 were $473 million and $180 million, respectively, compared to $527 million and $207 million, respectively, for the third quarter of 2010. Combined segment revenues and Adjusted EBITDA for the first nine months of the year were $1.42 billion and $560 million, respectively, compared to $1.43 billion and $546 million, respectively, for the first nine months of 2010. All of Telesat’s revenue and Adjusted EBITDA are included in these segment results. 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 $269 million and $23 million, respectively, compared to $323 million and $52 million, respectively, in the third quarter of 2010. Revenues and Adjusted EBITDA for the first nine months of 2011 after eliminations were $801 million and $83 million, respectively, compared to $832 million and $94 million, respectively, for the first nine months of 2010. The eliminations include all of Telesat’s results.
Driven by a large swing in the U.S. dollar versus Canadian dollar exchange rate, Loral reported a net loss in the current quarter of $77 million compared to net income of $72 million in the third quarter of 2010. For the first nine months of 2011, net income was $20 million compared to net income for the first nine months of 2010 of $82 million. Diluted loss per share for the quarter was $2.52 compared to diluted earnings per share for the third quarter of 2010 of $2.29. For the first nine months of 2011 diluted earnings per share was $0.63 compared to diluted earnings per share of $2.63 for the first nine months of 2010. Loral’s available cash increased to $239 million compared to $166 million at the end of 2010, and liquidity continues to be enhanced by the availability of the SS/L $150 million revolver which remains undrawn. To read the entire financial report, access this direct website link.
