Loral Space & Communications Inc. (Nasdaq:LORL) has announced its financial results for the three months and six months ended June 30, 2009.

Combined segment revenues and Adjusted EBITDA, including both the satellite manufacturing and the satellite services segments for the quarter, were $448 million and $125 million, respectively. This compares to combined segment revenues and Adjusted EBITDA for the second quarter of 2008, which were $383 million and $120 million, respectively. Combined segment revenues and Adjusted EBITDA for the first six months of the year were $830 million and $246 million, respectively, compared to $769 million and $220 million, respectively for the first six months of 2008.

Telesat's revenue and Adjusted EBITDA are included in the segment results; however, Telesat is reported under the equity method of accounting. After eliminating the Telesat results, revenues and Adjusted EBITDA for the quarter were $271 million and $5 million compared to $208 million and $15 million, respectively, in 2008. Revenues and Adjusted EBITDA for the first six months of the year, after eliminating Telesat results, were $484 million and $11 million respectively compared to $427 million and $14 million for the first six months of 2008.

Loral, benefiting from the impact on Telesat of U.S. dollar/Canadian dollar exchange rate changes, reported net income for the quarter of $74 million. In 2008, net income, again benefiting from significant non-operating items, was $52 million for the second quarter. Net income for the first six months of 2009 was $63 million compared to a net loss in the first six months of 2008 of $19 million. The company ended the quarter with $104 million in cash compared to $118 million in cash at the end of 2008. To read the entire financial report, access this direct link.