Intelsat, the world’s leading provider of fixed satellite services has reported results for the three months and year ended December 31st, 2010.
Intelsat reported revenue of $644.0 million and a net loss of $115.8 million for the three months ended December 31st, 2010. It reported revenue of $2.5 billion and a net loss of $505.5 million for the year ended December 31st, 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 per cent of revenue, for the year ended December 31, 2010.
Intelsat CEO Dave McGlade stated, “Our fourth quarter 2010 revenue growth of 4 per cent capped a solid second half of 2010. Our Government business grew 14 per cent in the quarter and 16 per cent 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.”