Intelsat Revenues Up, Net Income Down

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.