[SatNews] The columns have been tabulated and the results are now available for Loral Space & Communications Inc's. (Nasdaq:LORL) last three months ending March 31, 2011.

Revenues and Adjusted EBITDA¹at both Telesat and Space Systems/Loral (SS/L) showed continued improvement when compared to the first quarter of 2010.

Highlights include:

• Telesat and SS/L financial results continued to reflect strong operating performance.
• SS/L reported first quarter revenue of $280.7 million and Adjusted EBITDA of $40.5 million.
• Telesat reported first quarter revenue of $205.7 million and Adjusted EBITDA of $158.9 million.
• Loral's liquidity is strong, with quarter end cash of $106.5 million, no debt and no borrowings under the $150 million revolver at SS/L.
• Telesat's newest satellite, Telstar 14R/Estrela do Sul, built by SS/L, was delivered to launch base ahead of schedule for a late May launch.

Combined segment revenues and Adjusted EBITDA for the quarter were $486.4 million and $194.6 million, respectively, which compared to $422.3 million and $151.6 million, respectively, in the first quarter of 2010. All of Telesat's revenue and Adjusted EBITDA are included in these segment results2. Loral's income statement, however, reflects its 64 percent economic interest in Telesat only under the equity method of accounting.

Loral's revenues and Adjusted EBITDA for the quarter after eliminations were $279.9 million and $35.4 million, respectively, compared to $228.9 million and $8.5 million respectively, in the first quarter of 2010. The eliminations include all of Telesat's results, as well as the impact of Loral's portion of the ViaSat-1 construction contract on SS/L's results.

Loral reported income, before equity in net income of affiliates, of $21.6 million in the current quarter compared to a loss, before equity in net income of affiliates, of $15.2 million for the first quarter of 2010.  Equity in net income of affiliates, comprised substantially of Loral's share of Telesat's net income and reflecting foreign exchange changes during the period, was $46.2 million in the current quarter compared to $44.6 million in the first quarter of 2010. As a result, Loral reported net income of $67.8 million in the current quarter compared to net income of $29.4 million for the first quarter of 2010.

Diluted earnings per share for the first quarter of 2011 were $2.10 compared to diluted earnings per share of $0.97 in the first quarter of 2010. Loral's liquidity remained strong with cash of $106.5 million on March 31, 2011 compared to $165.8 million on December 31, 2010. There were no drawings against the $150 million revolving credit facility at SS/L.

"Both Telesat and SS/L continue to focus on operating efficiencies and growth strategies," said Michael Targoff, chief executive officer of Loral Space & Communications. "The steady improvement of our results over the last several years reflects the ongoing success of this strategy." 

A listen-only web cast of the call is available on the Investor Relations section of Loral's web site under "Events & Presentations." A replay of the web cast will be available for 30 days.