OTTAWA – Telesat is back in the black.
The company’s net income for the first quarter of 2010 was $80.1 million, compared to a loss of $39 million for the same period in 2009.
For the three month period ended March 31, 2010, Telesat reported consolidated revenues of $199 million, a decrease of approximately 2% ($5 million) compared to the same period in 2009. However, when adjusted for foreign exchange rate changes, revenue increased by 5% compared to the same quarter in 2009.
Adjusted EBITDA was $149 million, an increase of 3% ($5 million) and an increase of 12% adjusting for foreign exchange rate differences. The adjusted EBITDA margin for the first quarter was 75%, compared to 70% for the same period in 2009.
“I’m very pleased with Telesat’s first quarter results,” said president and CEO Dan Goldberg, in a statement. “Incremental revenue contributions from Nimiq 5 and Telstar 11N and continued discipline on the cost side of our business resulted in strong growth in adjusted EBITDA and a meaningful improvement in Telesat’s adjusted EBITDA margin.
