Intelsat Ltd. today reported revenues of $261.7 million for the second quarter, up seven percent from the same period one year ago. However, the net income for the second quarter dropped to $18.5 million from $42.6 million earned during the second quarter of 2003. The drop was attributed to higher total operating expenses and a $10.2 million increase in interest expense that was primarily associated with Intelsat’s 5.25- percent Senior Notes due 2008 and 6.5 percent Senior Notes due 2013 that were issued in November 2003 in connection with Intelsat’s acquisition of the Intelsat Americas satellites.
Intelsat Revenues Up, Net Income Down
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