Reduced demand for satellite services caused Intelsat‘s revenue to slip 8 percent in the first quarter, dropping to $238 million, compared to $258.5 million for the same quarter last year. In addition, net income dropped 24 percent to $64.1 million for the first quarter, compared to net income of $84.8 million for the same quarter last year.

Intelsat Chairman and CEO Conny Kullman explained that his company is trying to compensate for the weak market conditions by pursuing opportunities in niches, such as government and video services.

“First quarter revenue, while down as expected from the prior-year period, is flat [compared to] the fourth quarter of 2002, increasing our optimism that industry conditions are beginning to stabilize,” Kullman said. “As 2003 unfolds, we are confident that our organization is focused on the service and customer segments that will produce the best results.”

Look for further analysis of Intelsat’s results in the May 5 issue of SATELLITE NEWS. For more information about subscribing to PBI Media‘s satellite newsletters, check out our Web site at https://www.satellitetoday.com