OTTAWA – Satellite service operator Telesat reported a net loss of $822 million for 2008, which it explained as a result of “non-cash losses arising from foreign exchange fluctuations and an impairment to intangible assets”.
Consolidated revenues and adjusted EBITDA for the year ended December 31, 2008, were $711 million and $456 million, respectively, the press release detailed. Revenues rose by approximately 6% to $44 million, while adjusted EBITDA improved by 24% to $88 million, compared to 2007.
"Telesat achieved all of its key financial and operating objectives in 2008 and, as a result, I am very pleased with our performance for the year”, said Dan Goldberg, president and CEO, in the release. “As a result of our strong performance in 2008, our industry leading backlog, the growth already secured through our new satellite programs, and our deep discipline on the expense side of our business, Telesat is well positioned for 2009 and beyond."
The company reported a backlog for future services of $5.2 billion, and Goldberg called its Nimiq 5 satellite an “important driver for the future”. The satellite, expected to launch late in 2009, is still under construction and will be fully leased to Bell TV.
