PANAMSAT’S 3Q REVENUES DOWN FIVE PER CENT

PanAmSat Corporation reported its third quarter and nine months results ended September 30, 2000 – with a 3Q downturn occurring due to a one-off payment incurred by a venture in India.

Total revenues for the third quarter of 2000 were $199.3 million (E234.33m), a drop of 5 per cent compared to the same period last year. This was “primarily due to a one-time customer payment of approximately $15 million during the third quarter of 1999 that was associated with the termination of a direct-to-home (DTH) video services agreement in India,” said the company.

For the third quarter, operating lease revenues – which were 96 percent of total revenues – decreased by 7 per cent to $190.8 million from $205.0 million for the same period in 1999. The primary factor that contributed to the decrease was the one-time payment of approximately $15 million during the third quarter of 1999.

Sales-type lease revenues were $8.5 million for the quarter, compared to $5.8 million for the equivalent period last year.

For the nine months ended September 30, 2000, total revenues increased by $230.8 million to $820.7 million, compared to revenues of $589.9 million for the nine months ended September 30, 1999. This increase was primarily due to $219.2 million of new sales and sales-type lease revenues recorded during 2000.