OTTAWA – 2006 consolidated operating revenue at Telesat was $479 million, a 1% increase from 2005.
The company also posted net earnings applicable to common shares of $102.5 million, 15% higher than the previous record of $88.9 million set in 2005.
Cash flows from operating activities were $217.1 million for the year compared with $230.2 million for the same period in 2005, a decrease of $13.1 million or 6%. The decrease is due to the costs for special one-time executive compensation arrangements and to the expenses of the now-cancelled initial public offering.
In September, Telesat announced the retirement of Larry Boisvert and the appointment of Daniel S. Goldberg as the company’s new president and CEO. Goldberg, formerly president and CEO of SES New Skies, has 15 years’ experience in the communications sector.
On December 18, BCE Inc. announced the sale of Telesat to a new company formed by the Public Sector Pension Investment Board and Loral Space & Communications Inc. The sale is subject to regulatory approvals both in Canada and the United States and is expected to close in mid-2007.
Anik F3 is nearing launch: The launch of Telesat’s Anik F3 satellite is scheduled for the first half of 2007 and early in 2006, Telesat signed a construction contract with EADS Astrium and a launch contract with International Launch Services for Nimiq 4, expected to be available for use in 2008. Telesat signed a construction contract in December with Space Systems/Loral for Nimiq, 5, which is slated for launch in 2009. Bell ExpressVu will have exclusive use of both these direct broadcast satellites.
