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Intelsat Reports Full Year 2010 Results
|11 марта 2011|
Intelsat reported results for the three months and year ended December 31, 2010.
Intelsat S.A. reported revenue of $644.0 million and a net loss of $115.8 million for the three months ended December 31, 2010. The company also reported Intelsat S.A. EBITDAi, or earnings before net interest, loss on early extinguishment of debt, taxes and depreciation and amortization, of $459.6 million, and Intelsat Luxembourg Adjusted EBITDAi of $503.3 million, or 78 percent of revenue, for the three months ended December 31, 2010.
Intelsat S.A. also reported revenue of $2.5 billion and a net loss of $505.5 million for the year ended December 31, 2010. The net loss includes non-cash charges of $110.6 million incurred for impairments of assets resulting from satellite anomalies in the first half of 2010. The company also reported Intelsat S.A. EBITDA of $1.7 billion and Intelsat Luxembourg Adjusted EBITDA of $2.0 billion, or 78 percent of revenue, for the year ended December 31, 2010.
Intelsat CEO Dave McGlade stated, “Our fourth quarter 2010 revenue growth of 4 percent capped a solid second half of 2010. Our Government business grew 14 percent in the quarter and 16 percent for 2010. Our Network Services and Media businesses were solid despite the effects of the two satellite anomalies that occurred in the first half of 2010. During the year, we increased and improved capacity for future growth as new satellites entered service, including Intelsat 14, Intelsat 16 and Intelsat 25, and we built backlog through long-term agreements with strategic accounts in each of our customer sets. Our contracted backlog grew to $9.8 billion at December 31, 2010, providing visibility and stability of future cash flows.”
McGlade continued, “Our capital investment program emphasizes building capacity in frequency bands and regions in which we can support customers’ long-term requirements for critical communications infrastructure. The dynamic nature of our global fleet, orbital rights, and IntelsatONE terrestrial network allow us to be responsive to new applications and opportunities across all of the regions we serve. Two important satellite launches are currently scheduled for 2011, namely Intelsat New Dawn, serving Africa, and Intelsat 18, serving the Asia-Pacific region. The development of the six other satellites in the current plan continues to progress, including Intelsat 21 and Intelsat 27, which will bring new capacity to our fastest growing region, Latin America.”
Financial Results for the Three Months Ended December 31, 2010
Total revenue for the three months ended December 31, 2010 increased by $23.1 million, or 4 percent, to $644.0 million as compared to the three months ended December 31, 2009.
By service type our revenue increased or decreased due to the following:
- Transponder Services—an aggregate increase of $19.3 million. This resulted from a $10.4 million increase from network services customers, primarily in the Africa and Middle East and Latin America and Caribbean regions, the impact of the migration of one customer from managed services to transponder services, an $8.6 million increase from increased capacity sold by our Intelsat General business and a $7.1 million increase from media customers primarily in Latin America. These increases of $26.1 million in the aggregate were partially offset by an aggregate decrease of $6.8 million in revenues related to the IS-4 satellite anomaly, which primarily affected revenue from customers in the Europe and the Africa and Middle East regions, and the Galaxy 15 satellite anomaly, which mostly affected revenue from customers in the North America region.
- Managed Services—an aggregate decrease of $6.7 million primarily due to a decline in trunking services sold in the Africa and Middle East region and the impact of the migration of one network services customer from managed services to transponder services.
- Channel—an aggregate decrease of $4.2 million related to the continued migration of point-topoint satellite traffic to fiber optic cables, a trend which we expect will continue.