Slight 3Q Gain for PanAmSat10/13/2003 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."