Intelsat Posts Quarterly Loss On Satellite Glitch, PanAmSat Buy
Intelsat, Ltd., the Bermuda-headquartered satellite services provider, posted a net loss of $172.5 million during July through September, stemming from a glitch in a satellite and a cost related to buying PanAmSat.
Intelsat wrote down a $49 million charge on the satellite that experienced an “anomaly” in September, and $19.9 million for the PanAmSat acquisition.
But revenue totaled $528.5 million in the quarter.
Moving beyond the charges, earnings before interest, taxes and depreciation and amortization (EBITDA) for the quarter totaled $287.5 million.
The company reported adjusted EBITDA for Intelsat Bermuda of $394.8 million, or 75 percent of revenue, for the same three month period.
For the nine months ended September 30, Intelsat reported revenue of $1.1 billion, a net loss of $305.4 million, and EBITDA of $689.2 million.
These results also reflect the impact of the satellite glitch charge. Intelsat Bermuda Adjusted EBITDA was $842.5 million, or 75 percent of revenue, for the nine month period.