Telesat Holdings Inc. (Telesat) announced its unaudited financial results for the three month period ended March 31, 2010. Unless otherwise stated herein, all amounts are in Canadian dollars.

For the three month period ended March 31, 2010, Telesat reported consolidated revenues of $199 million, a decrease of approximately 2 percent ($5 million) compared to the same period in 2009. However, when adjusted for foreign exchange rate changes, revenue increased by 5 percent compared to the same quarter in 2009. For the three months ended March 31, 2010, operating and cost of equipment sales expenses of $52 million were $11 million (17 percent) less than 2009, or 9 percent when adjusting for foreign exchange rate movements. Adjusted EBITDA1 for the first three months of 2010 was $149 million, an increase of 3 percent ($5 million) and an increase of 12 percent adjusting for foreign exchange rate differences. The Adjusted EBITDA margin1 for the first quarter was 75 percent, compared to 70 percent for the same period in 2009. Net income was $80 million, compared to a loss of $39 million in 2009. The combined impact on net income of a non-cash foreign exchange gain related to Telesat’s U.S. dollar denominated debt and the non-cash losses on the change in the fair value of financial instruments was $73 million, compared to a loss of $43 million in the comparable quarter of 2009. To read the entire financial report, access this direct link.