PanAmSat Notches Profitable Year

PanAmSat [Nasdaq: SPOT] Tuesday reported positive fourth quarter and year-end 2003 financial results.

Total revenues for 2003 rose 2.3 percent to $831.0 million, up from $812.3 million in 2002. Earnings per share (EPS) increased 15.8 percent to 66 cents a share, compared to 57 cents a share for the same period in 2002.

In the fourth quarter of 2003, PanAmSat increased revenues by 10.6 percent to $217.6 million, compared to $196.8 million in the fourth quarter of 2002. The satellite operator generated lower fourth quarter 2003 earnings of 12 cents a share, compared to 16 cents a share during the same period of 2002, primarily due to accelerated depreciation of several satellites.

For more coverage of PanAmSat, see the Feb. 9 issue of SATELLITE NEWS. For info on subscribing to PBI Media’s publications, check out our Web site at www.satellitetoday.com.