Telesat Reports $229 Million in First Quarter Revenues

Telesat headquarters in Ottawa, Canada. Photo: Telesat

[Via Satellite 05-01-2015] Telesat reported consolidated revenues of $229 million, for the quarter ended March 31, 2015, a decrease of approximately 5 percent ($13 million) compared to the same period in 2014. The U.S. dollar was approximately 12 percent stronger than it was during the first quarter of 2014, resulting in a favorable impact on the conversion of U.S. dollar denominated revenues during the quarter. When adjusted for foreign exchange rate changes, revenue decreased by 10 percent ($25 million) compared to the same period in 2014.

“Our first quarter revenue and EBITDA were lower than the same period last year principally as a result of the fact that certain short-term satellite services we provided to other satellite operators in 2014 did not recur in the first quarter of this year,” commented Dan Goldberg, Telesat’s president and CEO. “Despite this reduction, our Adjusted EBITDA margin1 was essentially stable given our continued operating discipline. Looking ahead, the Telstar 12 Vantage satellite remains on schedule, and we anticipate its launch toward the end of this year.”

As of March 31, 2015, Telesat had contracted backlog of approximately $4.6 billion for future services, and the operator’s North American fleet utilization stood at 93 percent, and 80 percent for the international fleet.