PanAmSat Reports 2Q Revenues Increase, Net Income Decreases
By Staff Writer | July 29, 2004
PanAmSat Corp. [SPOT] reported an increase in revenues and a decrease in net income for the second quarter of 2004. Revenues earned in the second quarter increased to $206.8 million from $203.6 million earned during the same period one year ago. However, net income fell to $10.7 million in the second quarter from $30.3 million in 2Q02 due to an unusual non-cash charge of approximately $29.6 million related to the writing off of a bad debt incurred by a non-paying customer.