Sales up, but profit falls $210 million at Telesat

OTTAWA - Telesat is blaming an insurance claim for a $210 million drop in annual profit as reported in its quarterly and full year financials. Revenues for 2012 were $846 million, a 5% increase over the $809 million it recorded in 2011, but net income was only $27 million compared to $237 million in 2011, a decrease of $210 million. “The 2012 net income was lower than 2011 due in part to the recognition in 2011 of a $135 million gain from insurance proceeds received in connection with an insurance claim filed for the failure of a solar array on...