OTTAWA – Telesat today announced its financial results for the third quarter of 2021, which shows consolidated revenue decreased by 5% to $192 million compared to Q3 2020.
“When adjusted for changes in foreign exchange rates, revenue declines 2% ($4 million) compared to 2020,” a press release says.
“The revenue decrease was primarily due to a slight reduction of service for one of Telesat’s North American DTH customers, the reduction or non-renewal of certain services in the enterprise segment, including as a result of the Covid-19 pandemic, and lower consulting revenue, partially offset by an increase in revenue associated with short-term services provided to another satellite operator,” says the release.
Adjusted EBITDA was also down – it decreased by 4% to $157 million compared to the same quarter last year. When adjusted for foreign exchange rates, it decreased by 1% ($1 million).
“I am pleased with our results for the third quarter and first nine months of the year, particularly given the fact that the Covid-19 pandemic continued to restrain certain business activities,” said Dan Goldberg, Telesat president and CEO, in the press release.
“Although revenues and Adjusted EBITDA, adjusted for foreign exchange rate changes, were modestly lower, we continued to generate strong cash flows and maintain an industry-leading Adjusted EBITDA margin, high capacity utilization and a substantial contractual backlog.”
Goldberg further indicated the company is “now poised to conclude the process of transforming Telesat into a publicly listed company, which we expect to occur before the end of this year.”
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