OTTAWA – Despite gains in consolidated revenues and adjusted EBITDA, Telesat Holdings posted a net loss of $39 million for its first quarter of 2009.
The company announcement said that non-cash losses arising from foreign exchange were mainly to blame, as the non-cash foreign exchange loss for the quarter, related to the Company’s US dollar denominated debt, was $101 million.
Consolidated revenues and adjusted EBITDA for the quarter ended March 31, 2009, were $204 million and $143 million, respectively. Revenues rose by approximately 25% ($41 million) and adjusted EBITDA improved by 47% ($46 million) compared to 2008 first quarter results.
The revenue increase was as a result of a full quarter of revenues from its Nimiq 4 satellite, higher US/Canadian dollar exchange rates, and higher utilization of its international fleet.
"I am very pleased with our performance for the first quarter,” said president and CEO Dan Goldberg, in the announcement. “Consistent with our expectations, we experienced significant growth in revenues, even more significant growth in EBITDA and a meaningful expansion in our EBITDA margin when compared to the same period last year.”
Telesat said that it has a contracted backlog for future services worth $5.3 billion.
“Although there are a range of challenges in this difficult economic environment, our industry-leading contractual backlog and focused execution on both the revenue and cost side of our business keep us well positioned as we move through the balance of the year," Goldberg continued.
