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MUMBAI:PanAmSat,
the global video and data broadcasting services provider
has reported revenues of $209.2 million for the second quarter
of 2002, in financial results declared last week.
The slight increase in revenues over corresponding figures
last year (total revenues for Q2 2002 were $209.2 million,
compared to revenues of $208.2 million for Q2 2001) was
facilitated by the company's world cup soccer coverage,
claims PanAmSat. The successful completion of the company's
largest single event ever for broadcast services, consisting
of more than 23,000 hours of 2002 FIFA World Cup coverage
to over 24 countries around the globe, was concluded this
quarter.
The company has also declared EBITDA of $150.8 million,
earnings before interest and taxes (EBIT) of $61.0 million
and earnings per share (EPS) of $0.13 during the quarter
ended June 30, 2002. The company’s EBITDA margin was 72
per cent of revenues for Q2 2002, a seven per centage point
increase over the same period last year, says the company.
Other business highlights of PanAmSat's Q2 2002 results
include:
# The culmination of the company’s $2.0 billion, 30-month,
seven-satellite modernisation programme with the successful
launch of the Galaxy IIIC satellite on 15 June, giving PanAmSat
the youngest, most modern fleet in the FSS industry.
# Quarterly EBITDA increased $16.3 million or 12 per cent
as compared to the same period in 2001, despite relatively
flat revenues for PanAmSat and the satellite industry as
a whole.
PanAmSat president and CEO Joseph R. Wright says the company
began to reduce its cost base relative to the revenues realistically
expected for this year after last summer's performance.
"Our operating costs are now over 20 per cent below this
time last year. We also refocused our company away from
the expensive development of new products for the Internet
and back to completing our seven satellite fleet modernization
program to create the youngest, most reliable FSS operation
in the industry. "
The company expects total revenues for the third quarter
of 2002 to be in the range of $190 million to $200 million,
with no new sales or sales-type leases.
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