PanAmSat Q2 results boosted by football world cup coverage

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 companys 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 companys $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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