{"id":85269,"date":"2011-03-04T19:01:54","date_gmt":"2011-03-04T11:01:54","guid":{"rendered":"https:\/\/wp-productionenv-bjg9h2g2bgg5b8aa.southeastasia-01.azurewebsites.net\/news\/telesat-grows-revenues-cuts-exchange-rate-losses-in-2010\/"},"modified":"2011-03-04T19:01:54","modified_gmt":"2011-03-04T11:01:54","slug":"telesat-grows-revenues-cuts-exchange-rate-losses-in-2010","status":"publish","type":"post","link":"https:\/\/starpath.global\/news\/telesat-grows-revenues-cuts-exchange-rate-losses-in-2010\/","title":{"rendered":"Telesat Grows Revenues; Cuts Exchange Rate Losses in 2010"},"content":{"rendered":"<p>[03-04-11] Canadian operator <strong>Telesat<\/strong> saw its full-year consolidated revenues increase 4 percent from 2009 to $821 million in 2010 but reported income of $228 million in 2010, compared with $431 million in 2009, the company announced in its latest financial results issued March 3.<br \/>\n&nbsp;&nbsp;&nbsp; Telesat\u2019s fiscal results often are hampered by foreign exchange rates between the Canadian dollar and U.S. dollar. However, the operator said it cut foreign exchange losses from $117 million in 2009 to just $11 million in 2010. In a statement, CEO Dan Goldberg said about $56 million of the $106 million improvement was the result of an increase in the fair value of the prepayment options on Telesat\u2019s long-term debt and the balance of the improvement was the result of a stronger Canadian dollar compared with the U.S. dollar. <br \/>\n&nbsp;&nbsp; \u201cAdjusting for foreign exchange movements, we experienced strong growth in revenue, a substantial reduction in expenses, significant growth in adjusted earnings and continued expansion of our adjusted (earnings) margin,\u201d said Goldberg. \u201cOur revenue increase was due to more business on Nimiq 5 and Telstar 11N and were partially offset by Telesat\u2019s decision to terminate its lease in the Telstar 10 satellite in July 2009.\u201d<br \/>\n&nbsp;&nbsp; On a conference call, Goldberg would not comment on a November report in Bloomberg that cited unnamed sources claiming Telesat hired JPMorgan, Morgan Stanley and Credit Suisse Group to discuss financial arrangements for an initial public offering or a possible sell-off. Telesat is partially owned by <strong>Loral Space and Communications<\/strong>.<br \/>\n&nbsp;&nbsp; Separately, Telesat announced today that it has acquired the Canadian payload of the ViaSat-1 satellite from Loral and will assume the 15-year contract<strong> Barrett Xplore <\/strong>signed with Loral in June to use the entire payload to provide broadband services in rural Canada. The agreement will see Telesat receive lease payments of about $250 million from Barrett over the life of the satellite.<br \/>\n&nbsp;&nbsp; \u201cThe capabilities of ViaSat-1 are ideally suited to meet the strong demand for broadband services to rural Canada. Barrett Xplore has been a pioneer and leader in bringing affordable, reliable and high quality broadband services to rural Canadians, and Telesat is pleased to support them with our investment in ViaSat-1, enabling these communities to realize even greater benefits from advanced broadband services,\u201d Goldberg said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[03-04-11] Canadian operator Telesat saw its full-year consolidated revenues increase 4 percent from 2009 to $821 million in 2010 but reported income of $228 million in 2010, compared with $431 million in 2009, the company announced in its latest financial results issued March 3. &nbsp;&nbsp;&nbsp; Telesat\u2019s fiscal results often are hampered by foreign exchange rates [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-85269","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/85269"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=85269"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/85269\/revisions"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=85269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=85269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=85269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}