Contracted revenue pulls down profits at Telesat

OTTAWA – Telesat started 2012 with decreases in both revenues and profits. Consolidated revenue for the first quarter ended March 31, 2012 was down 3% to $196 million compared to the same period in 2011, which the company said was principally the result of a previously disclosed contractual rate reduction on one of its direct-to-home satellites. Adjusted EBITDA was $153 million, a decrease of 3% year-over-year. Net income dropped to $99 million from $115 million last year due to slightly lower revenues, higher operating expenses and a non-cash loss relating to the write-off of deferred financing fees associated with Telesat’s...