Telesat Third Quarter Growth Driven by Nimiq 4, Telstar 11N Services
November 10, 2009 | Staff Writer
Telesat’s launch of service on the Nimiq 4 and Telstar 11N satellites and the stronger standing of the U.S. dollar produced revenues of $187 million in the 2009 third quarter, an increase of about 9 percent from the same period in 2008, according to its financial results, released Nov. 9.
Telesat’s net income stands at $203 million, which includes a $35 million gain due to the sale of Telesat’s interest in Telstar 10. Adjusted EBITDA for the third quarter was $129 million, an 18 percent year-over-year increase.
Telesat President and CEO Dan Goldberg projected a positive year-end report for his company. “With the recent entry into service of Nimiq 5, Telstar 14R under construction and a recently announced new satellite, Nimiq 6, planned for Bell TV, Telesat remains well positioned for the balance of this year and beyond,” Goldberg said in a statement.
In its 2009 nine-month financial results, Telesat’s consolidated revenues are up $88 million to $592 million, with adjusted EBITDA up $103 million at $416 million and net income up $502 million at $351 million.