Loral Posts 2007 Financial Results
[Satellite Today – 4-2-08] Loral Space and Communications Inc. posted slight declines for the fourth quarter but increased revenue and operating income for the year, Loral announced April 2.
Loral reported $200.3 million in revenues for the quarter ending Dec. 31, with manufacturing segment Space Systems/Loral (SS/L) bringing in $196.3 million. SS/L revenues were 3.2 percent lower than the fourth quarter of 2006, which had revenues of $202.9 million. Satellite services segment Loral Skynet had $13.1 million in revenues, while recent Loral acquisition Telesat Canada reported $117.8 in revenues.
Loral reported operating income of $72 million for the quarter, a 279 percent increase from 2006’s $19 million.
For the year, Loral posted $882.5 million in revenues, a 10.7 percent increase over $797.3 million in 2006. SS/L had $814.3 million in revenues, compared to $696.5 million in 2006. Loral Skynet reported revenues of $123.4 million, a 32.7 percent decrease from $163.8 in 2006, while Telesat Canada posted $117.8 million in revenues. Loral posted $45.2 million in operating revenue for the year.
"Loral’s 2007 pre-tax results reflect the company’s significant achievement in transforming its satellite services business with the closing of the Telesat transaction," Michael Targoff, CEO of Loral, said in a statement. "For the manufacturing business, while we are not satisfied with the reported earnings, Space Systems/Loral continues to demonstrate its market leadership and is on track for creating long-term value."