Intelsat reported revenue of $621.1 million and a net loss of $102.6 million for the three months ended March 31, 2010. “First quarter 2010 performance was as anticipated in light of the previously reported events that are restraining our growth in the first half of 2010,” said Intelsat CEO, David McGlade.

“Our confidence in our business is well-founded. Our attractive contract backlog, which increased to $9.5 billion at the end of the first quarter, provides stability to our business and visibility into our future revenue streams. Our goal is to deliver sustainable growth over the long term.”

Meanwhile out of control satellite, Galaxy-15 is drifting towards SES World Skies' AMC-11 craft. All traffic had successfully been shifted from G-15 to G-12. Intelsat said they will likely have to suffer an “impairment loss” of $142.4 million for the satellite. The bigger risk is it will begin interfering with AMC-11 signals (as it can't be shutdown at the moment) leaving Intelsat open to compensation claims.

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