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Revenues were $199.8 million, compared to revenues of $207.1 million
for last years first quarter. Operating lease revenues decreased
to $195.4 million compared to $201.4 million for the same period
last year. The company has attributed the decrease in operating
lease revenues to lower termination fee revenue of $7.7 million
and lower occasional use services revenue of $2.7 million
On a positive note the decreases were offset to a certain extent
by net new business related to network services, as well as revenues
related to the company's new G2 Satellite Solutions division, which
was formed as a result of the acquisition of Hughes Global Services
last month. Total sales and sales-type lease revenues were $4.3
million for the quarter compared to $5.8 million for the same period
last year.
During the quarter Panamsat added future revenue and backlog after
new agreements with Equity Broadcasting, The Health TV Channel,
ARY Digital and others.
Looking at the future Panamsat CEO Joe Wright said, "There are
expansion opportunities in our industry today and we are reviewing
them. We will act on those that relate to our current service offerings,
match the needs of our customers, offer near term growth opportunities
at a low risk, and provide a good return for our shareholders. We
are particularly interested in exploring areas such as Video-On-Demand,
Digital Store and Forward, HDTV, Broadcast Services and Government
Services.
While many in our sector are wrestling with the overall weakness
in our industry, Panamsat saw this situation occurring two years
ago, and made the necessary changes. As a result, Panamsat is now
stronger than at any time in its history. Not only have we delivered
excellent financial results quarter-after-quarter, but we also completed
the rebuilding of the Company and have initiated our growth programme.
The acquisition of HGS and the rollout of our hybrid fiber/satellite
offering were two critical advances we achieved in the first quarter."
also see
Level 3, Panamsat team
for global satellite service delivery
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