Record revenues, but Intelsat still making losses
Intelsat has reported record annual revenues of $2.183.1 billion (€13.91 bn) for the year ending December 31, 2007. However, the Bermuda-housed operator still recorded a net loss of $191.9 million. The Q4 figures painted a similar picture as record revenues of $575.5 million sat alongside a net loss of $2.6 million.
Despite the losses, Intelsat CEO Dave McGlade put a positive spin on the numbers, pointing to a backlog on future revenues amounting to $8.2 billion. “In 2007, Intelsat demonstrated the ability to deliver revenue growth, improved operating profit margins and positive free cash flow from operations even as we made significant investments in our fleet. Our fourth quarter results provided a strong finish to a good year, with revenue growth in excess of seven percent over the prior year quarter after excluding our legacy channel service offering,” he said in a prepared statement.
Revenues were helped upwards by improved pricing in Europe, Africa and North America, helping transponder services deliver an increase of $69.4 million.