[SatNews] Loral Space & Communications Inc. (NASDAQ: LORL) has reported its financial results for the fourth quarter and full year ended December 31, 2011.

Highlights for the year:

• Telesat(1) and Space Systems/Loral (SS/L) financial results continued to reflect strong operating performance
• Loral's liquidity is strong with year end cash of $197 million, no debt, and no drawings against SS/L's $150 million revolving credit agreement
• SS/L booked six satellite orders in 2011 and was selected as supplier for three additional satellites booked in early 2012
• ViaSat 1 and Telstar 14R were launched
• New order flow resulted in continued robust backlog at both SS/L and Telesat

Combined segment revenues and Adjusted EBITDA(2) for the year were $1.926 billion and $750 million, respectively, compared to $1.962 billion and $732 million, respectively, for 2010. Combined segment revenues and Adjusted EBITDA for the fourth quarter of 2011 were $506 million and $190 million, respectively, compared to $533 million and $186 million, respectively in the fourth quarter of 2010. All of Telesat's revenue and Adjusted EBITDA are included in these segment results. Loral's income statement, however, reflects its 64 percent economic interest in Telesat under the equity method of accounting, and accordingly, does not consolidate Telesat's financial results with those of the company.

Loral's revenues and Adjusted EBITDA for the year after eliminations were $1.107 billion and $120 million, respectively, compared to $1.159 billion and $124 million respectively in 2010. Revenues and Adjusted EBITDA for the quarter after eliminations were $306 million and $37 million respectively, compared to $327 million and $30 million respectively, in the fourth quarter of 2010. The eliminations include all of Telesat's results.

Loral reported net income of $127 million compared to net income of $487 million in 2010, which included the accounting recognition of a $335 million tax benefit in the fourth quarter of 2010. For the fourth quarter of 2011, net income was $107 million compared to net income of $405 million for the fourth quarter of 2010.

Net income also includes equity in net income of affiliates, comprised substantially of Loral's share of Telesat's net income, which was $106 million for the year compared to $86 million in 2010 and $113 million in the fourth quarter of 2011 compared to $45 million in the fourth quarter of 2010. Telesat's results included a net foreign exchange charge of $30 million in 2011 compared with a net foreign exchange gain of $82 million in 2010. Telesat's fourth quarter results include a net foreign exchange gain of $54 million, compared with $63 million in 2010. The fourth quarter of 2011 also benefitted from insurance proceeds received of $133 million.

As a result of the above, diluted income per share for 2011 was $3.92 compared to diluted income per share of $15.63 in 2010. For the fourth quarter of 2011 diluted earnings per share was $3.28 compared to $12.87 in the fourth quarter of 2010.

Loral's cash position finished strong, at $197 million at the end of 2011 compared to $166 million at the end of 2010. There continue to be no drawings against the available $150 million revolving credit facility at SS/L. To read the entire financial report, access this direct link.