Loral Posts Third Quarter Results
[11-08-07 – Satellite Today] Loral Space and Communications Inc. has increased total revenue by four percent for the third quarter of 2007, the company announced Nov. 8.
Loral reported revenue of $236 million, up from $227 million in the third quarter of 2006. Adjusted EBITDA was down 44 percent, from $36 million last quarter to $25 million for the third quarter ending Sept. 30.
On October 31, 2007, Loral and its Canadian partner, PSP Investments, completed the acquisition of Telesat Canada. As part of this transaction, Loral contributed its Skynet fixed satellite services business to the new Telesat. Results for the periods ending September 30, 2007 reflect the consolidated financial results of Loral and its operating units, Loral Skynet and Space Systems/Loral.
"The completion of our Telesat transaction was a critical step in transforming Loral back into a powerful player in the satellite services industry," said Michael Targoff, chief executive officer of Loral. "Loral’s new satellite services structure, together with continued good results from our manufacturing business, positions Loral well for future growth."