Pace Now Sees Less Profits in 2009

[Satellite Today 11-05-08] Pace is revising down its 2009 expectations for profitability, the company said Nov. 5.
    The company, which is a key set-top box supplier of satellite pay-TV operators worldwide, blamed exchange rate risk as one of the reasons for a more conservative profits forecast for 2009.
    However, the company said it was on track to meet expectations for the year to the end of December this year. Neil Gaydon, Pace CEO, commented, “Demand for Pace’s products has been strong, and we are on target to meet 2008 expectations. The ongoing transition to digital TV and consumer demand for high quality home entertainment is a very positive driver for Pace’s business and we expect strong revenue growth to continue in 2009.  As a result of the recent fluctuation in exchange rates, the Board believes it is prudent to revise down expectations for 2009 profitability.”