Panamsat reports Q3 financial result; marginally higher than last year

WILTON: Last week Panamsat reported its financial results for the third quarter and nine months, which ended 30 September 2003. In the third quarter, the company generated revenues of $210.1 million compared to $199.1 million in the third quarter of 2002. The earnings per share (EPS) of $0.14 however equaled that of last years Q3.

For the first nine months of 2003, total revenues were $613.4 million compared to $615.5 million in 2002 and EPS was $0.55 per share compared to $0.41 per share for the same period in 2002, says a company release.

According to Panamsat president and CEO Joe Wright, "It continues to be a tough environment for our industry, which has unfortunately launched more capacity than the markets demand. We saw this coming, focused on the fundamentals of our business and managed for profitability and free cash flow. Our strategy has worked."

Panamsat has acquired Esatel to add to its Hughes Global Services HGS acquisition, to fillip its communication capabilities, both in the air and on the ground section to meet the rapidly growing government demand. The satellite service provider launched satellites Galaxy XIII/Horizons-1, which offer the first High-Definition television neighborhood in the US.

Operating lease revenues were $206.0 million for the third quarter of 2003, compared to $194.4 million for the same period in 2002. According to the release, the increase in operating lease revenues could be attributed to additional government revenues related to the Company's new G2 Satellite Solutions division and an increase in network services revenues. These increases were partially offset by lower video revenues recorded as a result of customer credit related issues. Total sales and sales-type lease revenues were $4.0 million for the quarter ended September 30, 2003, compared to $4.7 million for the same period in 2002.

Operating lease revenues from video services were $119.0 million during the third quarter of 2003, compared to $124.9 million for the third quarter of 2002. This decrease was primarily due to customer credit related issues and lower occasional services revenues. Overall video services revenues were $123.1 million in the third quarter of 2003, compared to $129.6 million in the third quarter of 2002, says the release.

Operating lease revenues from network services increased to $54.5 million for the third quarter of 2003, compared to $49.4 million for the third quarter of 2002. This increase in network services revenues is primarily a result of net new business recorded during the third quarter of 2003 from network resellers. Operating lease revenues from government services (previously included within network services revenues) increased to $21.2 million for the third quarter of 2003, compared to $6.3 million for the third quarter of 2002. The $21.2 million for the third quarter of 2003 primarily represents revenues from the Company's G2 Satellite Solutions division, which was formed in 2003 after the acquisition of HGS.

Total direct operating costs and selling, general & administrative costs for the three months ended 30 September 2003 increased by $5.4 million or 10 percent to $57.9 million as compared to $52.5 million for the same period in 2002. This increase is primarily attributable to additional costs related to the Company's G2 Satellite Services division, partially offset by lower bad debt expense and the Company's continued focus on operational efficiencies including lower insurance costs.

Latest Reads
TLC firmly establishes itself as a clear leader in lifestyle genre with 24% upswing in ratings

TLC, leading lifestyle channel from Discovery Communications India, soared to the top of Lifestyle genre with a 24% increase in ratings according to the latest BARC data*. TLC secured 8640 impressions ‘000 in week 11 as compared to 6972 impressions ‘000 in Week 10. The upsurge in ratings is...

Television TV Channels Factual & Documentary
Balaji Telefilms appoints Jyoti Deshpande as non-executive additional director

Balaji Telefilms has appointed Jyoti Deshpande as the non-executive additional director. The appointment, which was approved following a circular resolution by its board on 22 March, is in compliance with share subscription agreement entered into between Balaji and Reliance Industries Ltd (RIL) on...

Television TV Channels People
Aaj Tak relaunches 'Seedhi Baat'

MUMBAI: TV Today Network has relaunched its big-ticket Hindi show Seedhi Baat. The show will be hosted by Sweta Singh, news anchor and executive editor of special programming at Aaj Tak. The first episode of the show, which  will air at 8 pm on 24 March, will feature BJP president Amit Shah as the...

Television TV Channels News Broadcasting
Dsport tops BARC ratings with Nidahas Trophy viewership

MUMBAI: Dsport, which launched last year in February, became the top ranked sports channel according to Broadcast Audience Research Council (BARC) all-India data in week 11. Rishtey Cineplex attracted a big chunk of the Hindi-speaking audience while competing with pubcaster DD Sports.

Television TV Channels Sports
Zee TV’s ‘Ishq Subhan Allah’ year’s second highest weekday fiction launch across GECs

Zee TV recently put the spotlight on Triple Talaaq with its new fiction show Ishq Subhan Allah introducing viewers to the turbulent love story of Zara (Eisha Singh) and Kabeer (Adnan Khan) – an Islamic couple dealing with the issue first-hand. Raising pertinent questions about women having a say...

Television TV Channels GECs
&Privé HD’s Unforgettables at 9 property celebrates movies that have left an indelible mark

There are some movies that become a part of your life and you can’t help but watch them over and over again. There are some characters that reveal a hidden element of yourself that results in an instant connection. &Privé HD’s property ‘Unforgettables at 9’ brings such classics every Monday to...

Television TV Channels English Entertainment
Living Foodz raises a Toast to India’s finest restaurants, night

India’s premium lifestyle channel, Living Foodz organized the second edition of Epicurean Guild Awards at an evening which saluted the game changers in India’s fine-dining, nightlife and lifestyle entertainment space. Held on March 22 at Sahara Star, Mumbai, the event was curated by Chef Manu...

Television TV Channels English Entertainment
Zee Anmol regains top Hindi GEC spot across genres

BENGALURU: Zee Entertainment Enterprises Ltd’s (Zeel) free-to-air (FTA) Hindi GEC Zee Anmol has returned to second place in Broadcast Audience Research Council (BARC) list of top 10 channels across genre in week 11 of 2018 (Saturday, 10 March 2018 to Friday, 16 March 2018). The numero uno position...

Television TV Channels Viewership
Emerald Media buys minority stake in Global Sports Commerce

MUMBAI: Emerald Media, the Pan-Asia company backed by global investment firm KKR, has acquired a significant minority stake in sports technology and management company Global Sports Commerce (GSC) through a combination of primary and secondary investments.

Television TV Channels Sports

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories