Intelsat reports $237.2 million revenue, $48.4 million net income at Q3

HAMILTON: Intelsat reported results for the three months and nine months ended 30 September 2003, today. A global satellite communications leader providing services in over 200 countries and territories, reported revenue of $237.2 million and net income of $48.4 million for the quarter.

The company also reported EBITDA, as adjusted, or earnings before interest, other income (expense), taxes and depreciation and amortization, of $172.5 million for the period, says a company release. For the first nine months of 2003, Intelsat reported revenue of $720.6 million and net income of $155.1 million. EBITDA for the nine-month period was $528.7 million.

Third Quarter 2003 Financial Highlights

* Telecommunications revenue of $237.2 million decreased $9.5 million, or 4 percent, from $246.6 million for the three months ended 30 September 2002. For the three months ended 30 September 2003, lease service revenue declined 7 per cent to $148.2 million and channel and carrier service revenue declined 3 per cent to $82.1 million, which includes an offsetting increase in GXS revenue of $7.6 million as compared to the three months ended 30 September 2002.

* Total operating expenses of $165.8 million increased 23 per cent from $134.9 million for the three months ended September 30, 2002. 

* The $5.6 million increase in other income during the period includes $4.9 million of income recorded to reflect a reduction in an obligation payable by Intelsat under a share purchase agreement with Teleglobe Inc.

* Net income was $48.4 million, compared with $82.4 million for the third quarter in the prior year.

* EBITDA, as adjusted, was $172.5 million, or 73 per cent of revenue, down from $200.9 million, or 81 per cent of revenue, for the same period in 2002. 

Other Financial Highlights

" Free cash flow from operations was $284.3 million for the nine months ended 30 September 2003, an increase of $252.7 million over the first nine months of 2002. 

" Intelsat's backlog at 30 September 2003, representing expected future cash payments to be received from customers under contract, was $3.7 billion, as compared to $3.8 billion in backlog at 30 June 30, 2003.

Intelsat executive vice president and chief financial officer Joe Corbett offered: "Although market conditions and the competitive environment pose challenges in terms of our revenue, we remain focused on delivering strong operating margins and free cash flow from operations. We continue to project that our revenue decline in 2003 will be of smaller proportions than that experienced in the prior year."

Intelsat chief executive officer Conny Kullman said, "Our revenue for the quarter reflects the relatively flat conditions of the telecommunications services market; however, we continue to produce solid financial results. With the capital expense associated with our fleet renewal program nearly complete, our year-to-date free cash flow from operations of $284 million is eight times that of the same period in 2002." "The bankruptcy court auction process for Loral's North American satellite assets is currently set to conclude this week. We now await the judge's approval of the sale of the assets. If successful, we will move to complete the regulatory process quickly and close the transaction as soon as possible, providing a smooth and efficient transition for the customers on these satellites," he added.

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