For the three month period ended September 30, 2009, Telesat reported consolidated revenues of $187 million, an increase of approximately 9 percent ($15 million) compared to the same period in 2008. The increased revenue was primarily the result of the commencement of service on Nimiq 4 and Telstar 11N as well as the impact of the stronger U.S. dollar on the conversion of our U.S. dollar denominated revenues into Canadian dollars, partially offset by the sale of Telesat’s interest in Telstar 10. Adjusted EBITDA1 for the third quarter was $129 million, an increase of $19 million (18 percent) compared to the same quarter last year. Adjusted EBITDA margin was 69 percent for the quarter, compared to 64 percent for the same period in 2008. Telesat reported net income for the three months ended September 30, 2009 of $203 million. The gain on the sale of Telesat’s interest in Telstar 10 was $35 million. The impact on net income of a non-cash foreign exchange gain related to Telesat’s U.S. dollar denominated debt, partially offset by non-cash
losses on financial instruments, was $178 million. For the nine month period ended September 30, 2009, consolidated revenues were $592 million. Adjusted EBITDA for the first nine months of 2009 was $416 million and the Adjusted EBITDA margin was 70 percent. Net income was $351 million. Revenues, Adjusted EBITDA, and net income increased by $88 million, $103 million, and $502 million respectively compared to the same period in 2008. To read the entire financial report, access this direct link.