Intelsat Posts $42.6 Million Net Loss
Satellite Firm Reports $546.1 Million in Revenue in Third Quarter
By Linda Moss -- Multichannel News, 11/9/2007 8:50:00 AM
Intelsat Ltd., the world’s leading provider of fixed satellite services, Friday reported revenue of $546.1 million and a net loss of $42.6 million for the third quarter.
The company also talked about the successful launch of its latest bird.
“We successfully launched the Intelsat 11 satellite last month, and the satellite has completed in-orbit testing,” Intelsat CEO David McGlade said in a prepared statement. “Intelsat’s satellite operations team has now shifted its focus to our final launch of 2007, the Horizons 2 satellite. Our remaining satellite program, which includes four replacement satellites to be launched over the next two years and one ground spare, will deliver fresh, high-power capacity to current orbital locations.”
Intelsat also said that it expects to receive regulatory approvals for its deal with BC Partners to close during the fourth quarter of 2007 or the first quarter next year. In June, BC Partners won an auction to pay $5 billion for a majority stake in Intelsat.
The company also reported Intelsat EBITDA, or earnings before interest, taxes and depreciation and amortization, of $404.5 million, and adjusted EBITDA for Intelsat Bermuda of $427.0 million, or 78% of revenue, for the quarter.
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