Press Releases
Telesat reports year-end results for 2002
BCE-owned satellite operator posts increases in revenue and earnings.
- Telesat Canada, a wholly owned subsidiary of BCE Inc., announced today its unaudited financial results for the fiscal year ending December 31, 2002. The company, which owns and operates satellites serving the Americas and provides a wide range of consulting services, posted $326.8 million in revenue, and net earnings of $56.3 million, compared to $320.7 million in revenue and net earnings of $52.3 million in 2001.
For the fourth quarter, consolidated operating revenue of $94.4 million was down $1.4 million compared to the same quarter in 2001. Unaudited consolidated net earnings applicable to common shares for the quarter were $17.3 million, an increase of $7.4 million compared to the fourth quarter of 2001. This increase resulted from higher earnings from operations, lower other expenses and lower taxes.
Cash flow from operating activities was $119.8 million for 2002 compared to $116.1 million for 2001. Highlights of the fourth quarter included:
- Launch of new satellite: In December, Telesat’s Nimiq 2 satellite was launched successfully on a Proton rocket from the Baikonur Cosmodrome in Kazakhstan. Telesat’s customer on Nimiq 2, Bell ExpressVu, will use the satellite to expand and enhance its direct- to-home satellite television services, and to provide back-up capacity. Commercial operations on the satellite are expected to begin by March 1st, 2003.
- US regulatory milestone: The U.S. Federal Communications Commission (FCC) approved Telesat’s application to place the Anik F2 satellite on its Permitted Space Station List, which pre-approves U.S.-licensed earth stations to access C- and Ku-band services from this satellite. Within the same approval, the FCC authorized Anik F2’s Ka-band to be accessed by duly-licensed U.S. earth stations. Anik F2 is scheduled for launch in late 2003.
- Revenue from Nimiq 2 uplink facility: Telesat completed the construction and installation of the main components of a Nimiq 2 uplink facility for Bell ExpressVu, allowing the company to recognize $8.6 million in revenue.
- Anniversary of a world first: On November 9th, Telesat celebrated the 30th anniversary of the launch of its Anik A1 satellite - the world’s first domestic geostationary satellite to placed into commercial service.
About Telesat
Telesat is a world leader in satellite operations and systems management. The company made history in 1972 with the launch of the first domestic commercial communications satellite in geostationary orbit. Today, Telesat competes with other top international satellite fleets in providing telecommunications and broadcasting services throughout the Americas. Telesat is a wholly-owned subsidiary of BCE Inc., one of the world’s premier communications companies.
For more information:
Ted Ignacy
Telesat Canada
(613) 748-0123
Dan Tisch or Rajani Kamath (media only)
Argyle Rowland Communications
(416) 968-7311 ext. 223 or 241
dtisch@argylerowland.com
rkamath@argylerowland.com
