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For the fourth quarter ended 31 December 2002, the company generated
revenues of $196.8 million, EBITDA of $144.4 million and earnings
per share of $0.16.
Business highlights for the year included:
- Completion of a turnaround beginning in mid-2001 resulting in
an increase in EBITDA and EPS last year despite lower revenues,
a 24 per cent reduction in operating costs, a 13 per cent reduction
in capital expenditures and a 37 per cent increase in free cash
flow to $460.9 million;
- Completion of a $2 billion, seven-satellite fleet modernisation
programme resulting in one of the industry’s youngest and most modern
fleets;
- Formation of one of the sector’s most powerful and far-reaching
satellite networks through expanded relationships with British Telecom,
JSAT and others; and creation of one of the industry’s strongest
customer portfolios with an end-of-year backlog of $5.55 billion
by focusing on partnering with customers to expand products and
service offerings.
Panamsat CEO Joe Wright has said that in 2003, the company's focus
will be on continued profitability and growth. "Our growth
strategy will not rely on one transaction or the launch of a new
satellite or technology. We are coming at it from many angles. Part
one - consolidation. Clearly, consolidation is occurring in this
industry and PanAmSat is looking at these opportunities. Part two
- service expansion. In 2003, PanAmSat will expand its efforts in
areas such as Government Services, Digital Services and Hybrid Networks.
Part three - technology development. We’ll be introducing new ways
of transmitting content seamlessly across our network, while also
increasing our exploration of emerging technologies such as video-on-demand,
HDTV, the integration of fiber/satellite/wireless technologies and
broadband over satellite. These and many other initiatives will
enable the delivery of even greater services to our customers and
even more value to our shareholders over the long-term, " he said.
The company expects total revenues for the first quarter of 2003
to be in the range of $190 million to $200 million, with no new
sales or sales-type leases. The company expects that 2003 total
revenues will be in the range of $790 million to $820 million, with
no new sales or sales-type leases.
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