Intelsat Quarterly Revenue Rises 13% to $262.2 Million

PEMBROKE, Bermuda, Oct. 27/Satnews Daily/ — Intelsat, Ltd. reported Tuesday revenue of $266.2 million and income from continuing operations of $10.7 million for the quarter ended September 30, 2004. The company also reported EBITDA from continuing operations of $180.7 million for the quarter.

For the first nine months of 2004, Intelsat reported revenue of $760.5 million and income from continuing operations of $56.0 million. EBITDA from continuing operations for the nine-month period was $526.7 million.

For the three months ended September 30, 2004, Intelsat recorded a loss from discontinued operations of $27.8 million, as compared to a loss from discontinued operations of $0.5 million for the three-month period ended September 30, 2003. For the first nine months of 2004, Intelsat recorded a loss from discontinued operations of $37.8 million, as compared to a loss from discontinued operations of $0.9 million for the first nine months of 2003. Intelsat said the loss was largely attributed to Intelsat’s decision in September to dispose of its indirect 51% equity interest in Galaxy Satellite Broadcasting Limited.

Commenting on the third quarter results, Intelsat CEO Conny Kullman said Intelsat has been increasingly successful in further penetrating the video and corporate data networks markets in North America, with continued revenue improvement on the Intelsat Americas satellites. He said revenue from video applications represented 22% of the company’s total revenue for the quarter as compared to 16% in the third quarter of 2003.

Kullman said Intelsat also sees strong performance from its managed service offerings such as GlobalConnex and OVS, with managed services again posting a sequential quarterly growth rate of 20%. He added, Intelsat revenue backlog at September 30 held steady at $4.0 billion.

“These factors demonstrate the stabilization of our business and relative strength as we look towards 2005,” he said. “Intelsat is positioned to generate strong, sustained free cash flow, and we will heighten our focus on this aspect of our financial performance," concluded Kullman.  

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