Telesat results steady, new tender imminent
Telesat has reported a minor increase in earnings and a small decrease in revenue for Q1 2010.
Consolidated revenue for the period was C$199m, a 2% decrease on Q1 2009. Adjusted EBITDA was up 3% to C$149m. This rose to a 12% increase when adjusted for…
Telesat has reported a minor increase in earnings and a small decrease in revenue for Q1 2010.
Consolidated revenue for the period was C$199m, a 2% decrease on Q1 2009. Adjusted EBITDA was up 3% to C$149m. This rose to a 12% increase when adjusted for foreign exchange rate differences, principally the drop in the value of the US dollar against the Canadian dollar.
Net income was C$80m compared to a loss of C$39m the year previously. The company’s EBITDA margin rose from 70 to 75%.
Telesat President and CEO Dan Goldberg said that the rise in EBITDA was due to incremental revenue contributions from the Nimiq 5 and Telstar 11N satellites, as well as company-wide discipline on costs.
Telesat is planning to finalise the procurement and begin construction of its new Anik G1 satellite before the second quarter closes. It has already agreed to provide a payload of 16 transponders on Anik G1 for one of its main Canadian customers, Shaw Direct.
At Telesat’s investor conference call, Goldberg reiterated the company’s previous statement that other payloads may be placed on Anik G1, possibly to serve the highly utilised Latin American market. The satellite is expected to launch in late 2012.
