Intelsat’s $10bn backlog falls back

Intelsat has reported that Q4 revenues fell from $672.3 million in 2012 to $642.8 million in the three months to December 31st. The operator’s full year revenue also fell, from $2.61 billion in 2012 to $2.603 billion last year. Intelsat’s contracted backlog also fell back from $10.3 billion (as at September 30th 2013) to $10.1 billion (at December 31st).

The end result is that Q4 net income of $72.6 million helped reduce last year’s overall losses to $255.7 million.  Intelsat made an early debt repayment of $100 million during Q4, and this helped take 2013’s overall debt repayment to $617 million.

Intelsat CEO, Dave McGlade said, “Intelsat’s fourth quarter was in line with our expectations and capped a year of key accomplishments for the company as we position Intelsat to deliver on its long-term value creation strategy. The completion of our IPO, combined with successful refinancing activity, has enabled us to initiate our de-levering plan, improve our maturity profile and significantly reduce our debt service. On the operational side, in 2013, we have charted a solid course for steady longer-term growth expected upon the entry into service of our innovative Intelsat Epic satellites beginning in 2016.

“During the 2013 fourth quarter,” he added, “we saw solid bookings and renewals in our media and network services businesses, and we also furthered our presence in the broadband mobility sector. Backlog at year-end 2013 was $10.1 billion, which provides visibility into revenue and cash flow.

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