PanAmSat Overcomes Industry Transponder Glut To Notch Profitable Quarter
Wilton, Conn.-based PanAmSat [Nasdaq: SPOT] boosted its third quarter 2003 revenues and profits, compared to the same quarter last year, despite a lingering industry-wide transponder glut in many regions of the world.
The satellite operator generated revenues of $210.1 million in the latest quarter, compared to $199.1 million in third quarter 2002. PanAmSat’s third quarter 2003 net income reached $21.0 million, up slightly from $20.7 million for the same period in 2002. Earnings per share held steady at 14 cents during each quarter.
“It continues to be a tough environment for our industry, which has unfortunately launched more capacity than the markets demand,” said Joe Wright, PanAmSat’s president and CEO. “We saw this coming, focused on the fundamentals of our business and managed for profitability and free cash flow. Our strategy has worked.”