Three New Satellites Boost Telesat Revenues in 2009


March 4, 2010


Telesat reported an 11 percent year-over-year increase in consolidated revenues at $787 million by the end of 2009, the company announced in its latest financial results, released March 3.


Telesat sad the revenue growth was driven by its three new satellites, Nimiq 4, launched in late 2008, and Telstar 11N and Nimiq 5, both launched in 2009. The Canadian operator also said the sale of Telesat’s interest in Telstar 10, the removal of Nimiq 3 from service, and lower North American enterprise revenues offset unfavorable foreign exchange rate movements.


Net income was $414 million, compared to a loss of $822 million in 2008. Telesat’s operating expenses were approximately 14 percent less in 2009, compared to 2008, at $37 million, due to lower compensation and administrative expenses and reduced revenue related expenses.


With the recent entry into service of Telstar 11N and Nimiq 5, the future launch of the Telstar 14R and Nimiq 6 satellites presently under construction, and our continued operating discipline and focused execution, we believe Telesat remains well positioned for 2010 and beyond,” Telesat CEO Dan Goldberg said in a statement.