Flat 3Q for PanAmSat


PanAmSat Holding Corp. reported its third-quarter financial results Wednesday.

The satellite-based distributor posted revenue of $209.1 million, up 1% from $207.1 million in the year-ago period. Adjusted earnings before interest, taxes, debt and amortization was $167.4 million, a 5.2% gain from the previous-year figure of $159.2 million. And the company posted net income of $54.2 million compared with a net loss of $76.7 million in the third quarter of 2004.

PanAmSat said the current-year quarter’s net income was impacted by an $18.3 million gain on an undesignated interest-rate-swap agreement, and the prior-year period’s net loss was impacted by $154.5 million of transaction-related costs recorded in relation to the company’s recapitalization.

“Our company had one of the most active quarters in our history and continued to perform extremely well as we and Intelsat [Ltd.] took important steps to transform our companies into one that will be the leader in the technology, marketing and customer-service activities that will define our industry in the future,” CEO Joe Wright said in a prepared statement.