Intelsat Ltd. reported revenues of $293.2 million for the first quarter of 2005, which ended March 31, up from $233.9 million in revenues reported in the first quarter of 2004. The company reported a net loss of $151.7 million during the just completed quarter, down from a net income of $16.8 million reported during the same period one year ago.
The net loss for the 2005 first quarter includes a non-cash impairment charge of $69.2 million to write-off the book value of the IS-804 satellite and $59.7 million in charges associated with Intelsat’s acquisition by Zeus Holdings Ltd., the company created by private equity firms Apax Partners, Apollo, Madison Dearborn Partners and Permira.
“Intelsat is executing strategically and operationally and has delivered solid year-over-year revenue growth, driven by our Intelsat Americas acquisition, our Intelsat General government business and GlobalConnex, our portfolio of managed services, which is our fastest-growing offering,” Intelsat CEO David McGlade said in a prepared statement.
