Telesat Reports Q4 2013 and FY 2013 Financial Results

Telesat headquarters in Ottawa, Canada. Photo: Telesat

[Via Satellite 05-06-2014] Telesat announced its fourth quarter 2013 and fiscal year 2013 financial results. The company reported consolidated revenues of $823.2 million for the year of 2013, an increase of about 5 percent from 2012 when adjusted for exchange rates from Canadian dollar amounts. Revenue was driven primarily from the Nimiq 6 and Anik G1 satellites, which entered into commercial service in June 2012 and May 2013, respectively.

Operating expenses for the year of 2013 decreased by $47 million, a reduction by 19 percent in comparison to 2012 expenses. Telesat reported total net income for 2013 of $62.4 million, compared to a total income of about $22 million in 2012.

For the fourth quarter of 2013, total revenues reached $205.6 million, a decrease of 4 percent compared to the same period in 2012 when adjusted for foreign exchange rate changes. This decrease was driven mainly by lower revenues from Nimiq 1 and Nimiq 2 satellites.