Home >> News: May 11th, 2010 >> Story
Satnews Daily
May 11th, 2010

Loral Space & Communications... Financially Speaking...


Loral Space & Communications Inc. (Nasdaq:LORL) has announced its financial results for the three months ended March 31, 2010. Revenues and Adjusted EBITDA1 for all segments for the quarter were $422.3 million and $151.6 million, respectively. This compares to segment revenues and Adjusted EBITDA for the first quarter of 2009 of $381.6 million and $120.9 million, respectively. All of Telesat's revenue and Adjusted EBITDA are included in the results. Loral's income statement, however, reflects its 64 percent economic interest in Telesat under the equity method of accounting. Loral's revenues and Adjusted EBITDA for the quarter after eliminations were $228.9 million and $8.5 million, respectively, compared to $212.5 million and $5.5 million, respectively, for the first quarter of 2009. 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 net income of $29.4 million compared to a net loss of $10.8 million for the first quarter of 2009. Diluted earnings per share were $0.97 compared to a diluted loss per share of $0.36 in the first quarter of 2009. The increase in net income and earnings per share was driven largely by the effect of changes in the U.S/Canadian dollar exchange rate and partially offset by a $14.4 million charge for directors' indemnification expense. The company ended the quarter with $142.2 million in available cash compared to $168.2 million at the end of 2009. To read the entire financial report, access this direct link.