OTTAWA – Telesat Canada’s third quarter operating revenue of $130.4 million represented a 15% increase from $113.5 million in the same period of 2006, each ended September 30th.
The company posted net earnings applicable to common shares of $26.4 million, 33% higher than the third quarter of 2006. Cash flows from operating activities were $74.7 million for the quarter compared to $47.6 million for the same period in 2006, an increase of 57%. The increase is largely due to higher revenues and to lower cash payments for taxes in 2007.
On October 5, 2007 Loral Space & Communications Inc. and Public Pension Investment Board received the final regulatory approval necessary to complete the $3.25 billion acquisition of Telesat from BCE Inc. The transaction is expected to close on October 31, 2007, at which time, Telesat will cease to be a public company.
Headquartered in Ottawa, Telesat owns and operates satellites serving the Americas and provides a wide range of consulting services, too.
