Telesat Posts Higher Revenues of CDN$ 216-M, Posts CDN $ 15-M Profits
Ottawa, August 1, 2013 — Telesat Holdings Inc.’s two new satellites – the Nimiq 6 and Anik G1 – have led to higher revenues of CDN$ 216 million (US$208.65 million) for the three months ending June 30, 2013, the company said on Thursday. The revenue growth contributed to a net income of CDN$ 15 million (US$14.49 million) for the quarter, reversing a loss of Ca$244 million (US$235.70 million) the firm recorded a year ago.
Telesat said operating expenses of CDN$ 49 million (US$47.33 million) were 6 percent (CDN$ 3 million or US$2.90 million) lower than for the same period in 2012 due to lower compensation expenses. Adjusted earnings before income tax, depreciation and amortization (EBITDA) was CDN$ 172 million (US$166.11 million), an increase of 10 percent (CDN$ 16 million or US$15.45 million) over the same period in 2012. Its adjusted EBITDA margin for the second quarter of 2013 was 80 percent, compared to 77 percent in the same period in 2012.
For the six month period ended June 30, 2013, consolidated revenues were CDN$ 435 million (US$420.10 million), an increase of approximately 9 percent (CDN$37 million or US$35.73 million) compared to the same period in 2012, because of the addition of the Nimiq 6 satellite in 2012 and Anik G1 satellite in 2013, and higher equipment sales. Operating expenses were CDN$ 99 million (US$95.60 million), a decrease of 27 percent (Ca$36 million or US$34.76 million) compared to 2012 due to special compensation payments to executives and certain employees.
The Adjusted EBITDA margin1 for the first half of 2013 was 79 percent, compared to 78 percent in the same period in 2012.
For the six month period ended June 30, 2013, the net loss was CDN$ 83 million (US$80.14 million), compared to a net loss of CDN$ 145 million (US$140 million) in 2012.
Telesat said results in both the second quarter and first half of 2013 were impacted by an increase in revenues, lower operating expenses, reduced losses on refinancing and by non-cash gains on changes in the fair value of financial instruments. But this was partially offset by increased non-cash losses on foreign exchange transactions.
“I am very pleased with the meaningful growth in revenue and Adjusted EBITDA we achieved in the second quarter compared to the same period last year,” commented Dan Goldberg, President and CEO. “In light of our strong growth in the first half of the year, the recent entry into service of our Anik G1 satellite, and our industry-leading contractual backlog, we are well positioned to continue to grow our business this year and beyond.”
Telesat also announced it has contracted with Astrium SAS to procure a powerful, multi-mission satellite that will replace and expand on Telstar 12 at 15 degrees West. This new state-of-the-art satellite, which Telesat expects to launch in late 2015, will utilize high throughput capabilities and offer superior performance to meet the growing needs of broadcast, corporate, government and enterprise users, including demand for aero and maritime services.
The new satellite will offer a high level of flexibility with coverage of Europe, the Americas, the Middle East, Africa, the Caribbean, North Sea, Mediterranean and South Atlantic regions.
Telesat said it had contracted backlog for future services of about Ca$4.9 billion (US$4.73 billion). Its fleet utilization was 91 percent for Telesat’s North American fleet and 77 percent for Telesat’s international fleet.
Related Articles:
