Loral Reports Strong 2007
Loral Space and Communications reported strong 2007 results for its satellite manufacturing business and its interest in Telesat, which was integrated with the company's satellite services business last year.
The Loral/Telesat transaction resulted in the transformation of Loral's fixed satellite services business into a 64 percent interest in the fourth largest fixed satellite service (FSS) operator in the world. For the two months following the closing of the deal, Telesat reported revenues of $118 million and Adjusted EBITDA of $67 million, both inline with expectations, Loral said.
Loral's satellite manufacturing business, Space Systems/Loral, saw 2007 revenue of $814 million, a 17 percent increase when compared to 2006 revenues of $697 million.
Loral said the satellite manufacturing business has booked orders for eight satellites during the past 16 months, accounting for about 45 percent of the announced orders in its addressable market. In 2007 Space Systems/Loral won bookings of four satellites totaling $721 million, the company said.
Despite the release of 2007 numbers, Loral said it couldn't file its results with the Securities and Exchange Commission before an extended deadline because of income tax accounting complexities arising from the Telesat transaction. The final document should be filed sometime this month.