New Skies’ Results

New Skies gained revenues of $51.8 million in the first quarter of 2002. This was an increase of $600,000 over the same quarter last year. The Dutch satellite operator also reported EBITDA of $28.6 million for the quarter.

In announcing the results, CEO Dan Goldberg said, “New Skies has achieved another solid quarter of stable revenues, EBITDA growth and strong cash flows despite the difficult operating environment in which we are operating.”

The results were roughly in line with analysts’ expectations. Bob Peck, a satellite equity analyst at Bear Stearns, said in a research note, “We consider [$51.8 million in revenues] an achievement given the continued slowdown in the telecom markets and believe New Skies is positioned to improve its top line growth over the next year. With NSS-7 recently launched and NSS-6 on schedule to launch later this year, the company should have enough capacity to meet future demand across its key regions.”