Panamsat reports 2001 results, raises EPS forecast

PanAmSat Corporation, which claims to be the premier provider of global video and data broadcasting services via satellite, has reported total revenues of $870.1 million for 2001. 

Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) were $580.1 million, or 67 per cent of revenues; and earnings per share (EPS) were $0.20. The total revenue was $1.024 billion for the year ended 31 December, 2000. The decrease in revenue has been attributed to the $219.2 million of new outright sales and sales-type lease revenues recorded during the year ended 31 December, 2000 compared to $45.5 million of new sales-type lease revenues recorded during the same period in 2001. Operating lease revenues for 2001 were $802.2 million, a 2.8 per cent increase over operating lease revenues of $780.3 million in 2000. 

Total revenues for the fourth quarter ended 31 December, 2001 were $203.7 million compared to revenues of $202.9 million for the fourth quarter of 2000; EBITDA was $139.3 million compared to $136.2 million for the same period in 2000. The increase in EBITDA was principally due to a decrease in direct operating costs and selling, general and administrative costs, partially offset by severance expenses. Operating lease revenues increased by 0.5 per cent to $197.7 million or 97 per cent of total revenues for the fourth quarter of 2001, compared to $196.7 million for the same period in 2000. 

As of December 31, 2001, PanAmSat had contracts for satellite services representing future payments (backlog) of approximately $5.84 billion, compared to approximately $5.85 billion, as of September 30, 2001. 

Speaking on this president and CEO Panamsat Joe Wright said, Operating lease revenues for 2001 were the highest in the companys history, and they increased during a tough growth year in our industry. The higher operating revenues were primarily due to increases in our direct-to-home and network services, and we continued to see strong demand for our domestic video neighborhood among premier entertainment and media customers."

Forecast for 2002 

The company expects total revenues for the first quarter of 2002 to range from $200 to $205 million, with no new sales or sales-type leases; EBITDA margins would continue to increase and be above 70 per cent and EPS would range between $0.08 and $0.11 per share. The company said that in 2002 total revenues would range between $790 and $825 million, with no new sales or sales-type leases, and EBITDA margins would be above the 70 per cent level.

Some significant achievements in 2001: 

1. The signing of new 10-year, multi-transponder contracts with HBO and Turner Broadcasting System. The long-term arrangements, signed in January 2001, ensure the delivery of CNN, TNT, HBO and Cinemax through 2015. 

2. Warner Bros. selected PanAmSats Galaxy IVR spacecraft as the new vehicle for the digital distribution of The WB Television Network and Warner Bros. Domestic Television Distribution services. 

3. The signing of new long-term sales agreements with Viacoms Showtime and Black Entertainment Television (BET) in late November for follow-on service on a Galaxy V replacement spacecraft in 2005. The agreements renewed Viacoms position on the Galaxy system through 2017. 

With this agreement, PanAmSat continues providing long-term program distribution to all three major U.S.-based global entertainment companies. 

4. The successful launch and subsequent service commencement of the PAS-10 satellite in July to replace PAS-4 in a prime orbital slot above the Indian Ocean. Since the launch, almost all of the available capacity on PAS-10 has been sold. 

For more detailed information about the company's financial guidance and trends visit

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