OTTAWA, Canada, May 3, 2007 - Satnews Daily - Telesat Canada, a wholly owned subsidiary of BCE, Inc., announced its unaudited financial results for the first quarter ending March 31, 2007. The company, which owns and operates satellites serving the Americas and provides a range of consulting services, posted increases in both revenue and profitability.
Telesat's first quarter operating revenue of $121.6 million represented a 3 percent increase from $117.9 million in the same period of 2006. The company posted net earnings applicable to common shares of $22.9 million, 6 percent higher than the $21.6 million in the first quarter of 2006 as a result of lower interest expense and higher other income. Cash flows from operating activities were $64.3 million for the quarter compared to $84.9 million for the same period in 2006, a decrease of $20.6 million or 24 percent. The decrease was largely due to the 2006 receipts for promissory notes and an income tax refund.
Telesat highlights for the first quarter included a corporate reorganization last January 1, that saw Telesat Canada, its subsidiary and its parent Alouette Telecommunications, Inc. merge to form Telesat Canada.
Telesat also signed Nimiq 5 contracts and announced plans to build and launch the Nimiq 5 satellite, with Space Systems/Loral selected as the manufacturer and International Launch Services to provide the launch. Bell ExpressVu has contracted for the use of the satellite.
Telesat signed a contract for the technical oversight of the design integration, test, launch and acceptance of the VINASAT-1 satellite and for technical training. Pakistan selected Telesat for procurement and launch of its Paksat 1-R satellite that will replace the existing Paksat-1 satellite in 2010.
On April 9, Telesat’s Anik F3 satellite was successfully launched from the Baikonur Cosmodrome in Kazakhstan.
Headquartered in Ottawa, Telesat Canada is one of the world's pioneers in satellite communications and systems management and the leading satellite service provider in Canada. Created in 1969, the company made history three years later with the launch of Anik A1, the world's first domestic communications satellite in geostationary orbit operated by a commercial company.
Telesat operates a fleet of satellites that provide broadcast distribution and telecommunications services, and is a highly respected consultant and partner in satellite ventures around the world. Telesat has offices throughout Canada, in the United States and in Brazil.
