[Satellite TODAY 11-11-11] Loral Space & Communications reported a net loss of $77 million in its 2011 third quarter compared to net income of $72 million in same period last year, driven by a large swing in the U.S. dollar versus Canadian dollar exchange rate, according to its latest financial results issued Nov. 10.
Loral’s total revenues and adjusted EBITDA for all segments before eliminations for the third quarter of 2011 were $473 million and $180 million, respectively, compared to $527 million and $207 million, respectively, for the third quarter of 2010.
Combined segment revenues and adjusted EBITDA for the first nine months of the year were $1.42 billion and $560 million, respectively, compared to $1.43 billion and $546 million for the first nine months of 2010. Satellite operator Telesat included its revenue and adjusted EBITDA in the segment results. Loral’s income statement, however, reflected its 64 percent economic interest in Telesat under the equity method of accounting.
Loral’s available cash at the end of the recent quarter increased to $239 million compared to $166 million at the end of 2010. The company said that liquidity continued to be enhanced by the availability of its $150 million revolver with Space Systems/Loral (SS/L), which remains un-drawn.
