Telesat Reports $21 Million Loss for Q4, Overall Revenue Decrease for 2016

Telesat Headquarters
Photo: Telesat

Telesat announced its consolidated financial results for the three month and one year periods ended Dec. 31, 2016. For the fourth quarter, Telesat reported revenues of $240 million, a decrease of approximately 7 percent ($17 million) compared to the same period in 2015. Operating expenses of $46 million for the quarter were 12 percent ($6 million) lower, and adjusted Earnings Before Interest Tax, Depreciation and Amortization (EBITDA) saw a decrease of 7 percent to $194 million. Telesat’s loss for the quarter was $21 million.

For the full year, revenue came in at $931 million, a decrease of 3 percent ($24 million) compared to the same period in 2015. The largest contributors to the reduction were lower revenues resulting from the transition of services from Telstar 12 to Telstar 12 Vantage and lower revenues from the energy and resource industries.

Adjusted EBITDA for the year was $763 million, or 2 percent ($15 million) lower compared to 2015, while net income was $293 million.

“I am pleased with our performance over the past year, particularly given the challenging conditions prevailing in certain of the markets we serve,” commented Dan Goldberg, Telesat’s president and chief executive officer.