OTTAWA – Revenue and profits at Telesat both dropped in 2011, pulled down in part by foreign exchange rate changes.
For the year ended December 31, 2011, consolidated revenue was $808 million, down 2% ($13 million) from 2010, though when adjusted for foreign exchange rate changes, revenue increased by 1% ($6 million).
Net income for the year dropped to $237 million from $286 million for the prior year. The satellite operator attributed the $49 million variation as primarily due to a net decrease of $133 million in non-cash items. Adjusted EBITDA for the year was $623 million, an increase of 1% ($4 million) over 2010.
For the three month period ended December 31st, consolidated revenue was $205 million, a modest decrease from $207 million in the same quarter last year.
President and CEO Dan Goldberg said that he was “very pleased” with the company’s financial and operating performance in 2011.
“Notwithstanding the significant contracted rate reduction we experienced mid-year on one of our North American DTH satellites, and taking into account changes in exchange rates, we grew our revenue, reduced our operating expenses, and increased our adjusted EBITDA and adjusted EBITDA margin relative to the prior year”, he said in a statement. “In light of the significant investments we are making in our fleet and our industry-leading contractual backlog, we are well positioned to grow our business in 2012 and the years beyond.”
