Intelsat Reports Earnings for Fourth Quarter and Fiscal Year 2013
[Via Satellite 02-20-2014] Intelsat released its fourth quarter earnings for 2013, which reported revenue of $642.8 million for Q4 and fiscal year 2013 revenue of $2.6 billion. During 2013 the company’s total debt declined by $617 million, with a Q4 debt pre-payment of $100 million. Net income attributable during Q4 was $72.6 million, and 2013’s fiscal year net loss was $255.7 million. Intelsat has a current backlog of $10.1 billion.
“Performance overall continued to reflect two trends affecting our revenue growth, including the on-going effects of reduced U.S. government spending and the oversupply environment in Africa, which affects pricing within network services applications in that region,” said Dave McGlade, CEO of Intelsat. “At present, we believe these factors will persist in 2014, resulting in overall reduced revenues for the full year compared to 2013, while our mix of business and strong financial discipline should enable us to deliver Adjusted EBITDA margins consistent with 2013 results.”