Intelsat posts 29th consecutive year of profitability

BERMUDA: Intelsat a global satellite communications leader providing services in over 200 countries and territories has reported results for the fourth quarter and full-year ended 31 December, 2002.

For the year Intelsat reported revenues of $992.0 million, and net income of $274.1 million. The company reported EBITDA as adjusted, or earnings before interest, other income, taxes, depreciation and amortization (EBITDA) of $713.6 million or 72 per cent of revenue. Excluding $34.4 million in contract termination expenses, EBITDA was $748.0 million or 75 per cent of revenue.

Specific achievements include:

- Taking advantage of distressed telecom asset values, built a global network of teleports, points-of-presence, and fiber connections that complements Intelsat's global satellite system, and introduced GlobalConnexsm Solutions services on this hybrid infrastructure

- Completed the build out of a global sales and marketing organisation, now comprising offices in 13 key markets around the world, and added key resources to increase focus on the broadcasting market segment;

- Successfully placed the Intelsat 903, 904, 905, and 906 satellites into orbit, followed by the successful launch of the Intelsat 907 satellite on February 15, 2003, completing the Intelsat IX series launch programme and continuing Intelsat's legacy of engineering and operational excellence.

CEO Intelsat Conny Kullman said,"In 2002, Intelsat confronted significant marketplace obstacles. This posed a challenge to meeting our financial goals, but the company still delivered its 29th consecutive year of profitability. Our three-year, $2.3 billion satellite fleet renewal programme is nearing its end, and our global satellite fleet now enjoys an average remaining life of 11.0 years-one of the youngest and most technically advanced in the industry.

With reduced capital expense requirements going forward, we enter 2003 with a $4.0 billion backlog, and a truly global platform in terms of customer base, network reach and breadth of services. While near-term market conditions are expected to remain difficult, Intelsat maintains a strong balance sheet and a highly profitable business model that enable the company to execute fully on its business strategies and position it to generate growth as market conditions improve."

In focusing its resources to capture market share in the video segment, the company is looking to build upon its growing base including the eight DTH platforms and 350 channels broadcast by the Intelsat system today. Intelsat recently announced Occasional Video Solutions, state-of-the-art network facilities that combine sophisticated value-added video services with Intelsat's hybrid ground and satellite system, targeting broadcasters who require local connectivity on a global scale.

Kullman continued elaborating on the strategy thus, "Our recently announced planned investments in North American broadband services company WildBlue Communications, Inc., and DTH television provider Galaxy Satellite Broadcasting Limited in Hong Kong, are examples of our strategy to make modest investments in fixed satellite services-related businesses that we believe represent the best growth opportunities in the industry.

We see these investments, which may also include organic growth initiatives, as keeping Intelsat at the forefront of important innovations that will drive demand for satellite services in the future. Lastly, we continue to believe that consolidation is inevitable in our industry. As one of the largest and most financially sound satellite services providers, Intelsat has the size, scale and resources to evaluate and pursue the opportunities that make optimal strategic and financial sense."

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