Telesat reports third quarter results with increases in both revenue and net earnings

    OTTAWA, Oct. 30 /CNW/ - Telesat Canada announced today its unaudited
financial results for the third quarter ending September 30, 2007. The
company, which owns and operates satellites serving the Americas and provides
a wide range of consulting services, posted increases in both revenue and
    Telesat's third quarter operating revenue of $130.4 million represented a
15% increase from $113.5 million in the same period of 2006. The company
posted net earnings applicable to common shares of $26.4 million, 33% higher
than the $19.8 million in the third quarter of 2006 as a result of higher
revenues. Cash flows from operating activities were $74.7 million for the
quarter compared to $47.6 million for the same period in 2006, an increase of
$27.1 million or 57%. The increase is largely due to higher revenues and to
lower cash payments for taxes in 2007.
    On October 5, 2007 Loral Space & Communications Inc. and Public Pension
Investment Board received the final regulatory approval necessary to complete
the acquisition of Telesat from BCE Inc. The transaction is expected to close
on October 31, 2007.

    About Telesat

    Headquartered in Ottawa, Telesat Canada is one of the world's pioneers in
satellite communications and systems management and the leading satellite
service provider in Canada. Created in 1969, the company made history three
years later with the launch of Anik A1, the world's first domestic
communications satellite in geostationary orbit operated by a commercial
    Telesat operates a fleet of satellites that provide broadcast
distribution and telecommunications services, and is a highly respected
consultant and partner in satellite ventures around the world. Telesat has
offices throughout Canada, in the United States and in Brazil. On December 18,
2006, Telesat's parent company, BCE Inc., announced the sale of the satellite
operator for $3.25 billion, net of debt, to a new acquisition company formed
by Canada's Public Sector Pension Investment Board (PSP Investments) and Loral
Space & Communications Inc. (Loral). As part of the agreement between PSP
Investments and Loral, Loral will contribute its fixed satellite services and
network services assets to the new acquisition company.

For further information:

For further information: Ted Ignacy, Telesat, Tel: (613) 748-0123; Dan
Tisch or Kyla Thoms (media only), Argyle Communications, (416) 968-7311, ext.
223 or 237,,

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890