Loral Revenues Plummet, Losses Increase
Loral Space & Communications [OTC BB: LRLSQ.OB] reported a steep decline in revenues for the second quarter, dropping to $143 million from $316 million in the same period of 2002. Sales at Loral’s satellite-manufacturing business were $81 million in the second quarter compared with $250 million for the same quarter a year earlier. Fixed satellite services (FSS) revenues for the quarter were $73 million, compared to $103 million in the year earlier quarter.
For the second quarter, Loral reported a net loss of $99 million, compared with a net loss of $69 million in last year’s quarter. Loral ended the quarter with $128 million in cash. Loral currently is operating under Chapter 11 bankruptcy court protection.