Telesat reports flat revenues
November 7, 2011
By Chris Forrester
Dan Goldberg, CEO at Ottawa-based Telesat, has reported flat revenues for the nine month period to September 30th, but he stated that new craft coming on stream next year will boost income for the satellite operator. Two satellites are due for launch in 2012: Nimiq-6 and Anik G1. Telesat’s revenues were $585 million for the nine months, down two per cent on the same period one year ago.
Goldberg also confirmed that Telesat has made a $125 million insurance claim for the failed deployment of a solar panel on its Telstar-14R/Estrela do Sol-2 craft. He also told analysts that the defect would trim about three years from the craft’s expected 15 year life.
Goldberg added that Telesat had now decided to give its owners a large one-off dividend payment. The company earlier in 2011 abandoned plans to sell itself. “Neither one of our shareholders is in need of cash, and both are very bullish” as regards the future, Goldberg said.