PanAmSat’s cash flow dropped in Q4 2000

Satellite-based video and data broadcaster PanAmSat Corp reported an 11 per cent drop in fourth quarter 2000 cash flow from operations as a result of higher expansion costs.

PanAmSat, an affiliate of General Motor Corp’s Hughes Electronics Corp, said its cash flow from operations, or earnings before interest, taxes depreciation and amortisation (EBITDA) fell to $136.2 million from $152.9 million a year ago.

PanAmSat said its fourth quarter revenues fell 2 per cent to $202.9 million from $206 million, while net income fell to $559,000, or nil per share, from $27.2 million, or $0.18 cents per share, a year ago.

Wall Street analysts on average had expected the company to post a loss of $0.03 cents a share, according to research firm First Call/Thomson Financial, which tracks earnings data.

The company also said it expects earnings per share for the first quarter of 2001 in a range of a loss of $0.01 cent to a loss of $0.04 cents, and for the full year 2001, it expects a profit in a range of $0.12 cents to $0.28 cents per share. Analysts currently expect it to report a first quarter 2001 loss of $0.06 cents per share and a full-year profit of $0.06 cents per share, according to First Call.