Slight 3Q Gain for PanAmSat

10/13/2003 8:22 AM Eastern

PanAmSat Corp. reported higher net income and revenue in the third quarter compared with the year-ago period.

The satellite operator Monday reported net income of $21 million, or 14 cents per share, compared with $20.7 million (14 cents) in the same quarter of 2002.

Revenue rose to $210.1 million from $199.1 million in the year-earlier period.

Earnings before interest, taxes, depreciation and amortization came to $151.5 million, or 72% of total revenue, compared with $145.4 million (73%) last year.

"It continues to be a tough environment for our industry, which has unfortunately launched more capacity than the markets demand," PanAmSat president and chief executive Joseph Wright said in a prepared statement. "We saw this coming, focused on the fundamentals of our business and managed for profitability and free cash flow."

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