Press Releases
Telesat reports first quarter results
OTTAWA, ON, April 30, 2003 - Telesat Canada, a wholly owned subsidiary of BCE Inc., announced today its unaudited financial results for the first quarter ending March 31, 2003. The company, which owns and operates satellites serving the Americas and provides a wide range of consulting services, posted $79.2 million in consolidated revenue compared to $77.2 million in the same period last year.
Net earnings increased by $9.5 million to $22.1 million, compared to the first quarter of 2002. The earnings increase resulted from higher revenues and lower amortization and operating and other expenses, which were partially offset by higher taxes.
Cash flow from operating activities was $49.6 million for the first quarter of 2003 compared to $44.9 million for the comparable period in 2002.
Highlights of the first quarter included:
- New satellite: Telesat signed a contract with Astrium, Europe’s largest space company, for a new satellite to replace Anik F1. Anik F1R will be launched in 2005, ensuring continuity of telecommunications, broadcasting and Internet services for its customers.
- Launch provider selected: Through International Launch Services (ILS), Telesat arranged for the launch of the Anik F1R satellite on a Russian Proton M/Breeze M rocket.
- Technology Showcase: Telesat signed a Research and Development Memorandum of Understanding with Storm Internet Services Inc. to build a joint satellite and terrestrial wireless technology infrastructure to showcase and test the viability of delivering high-speed Internet service to rural and remote areas using this combined technology.
- Nimiq 2: Following an anomaly on Nimiq 2, Telesat restored affected traffic immediately with virtually no disruption of service to ExpressVu customers.
About Telesat
Telesat is a pioneer 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 and consulting services worldwide. Telesat is a wholly-owned subsidiary of BCE Inc., Canada's largest communications company.
For more information:
Marilynn Wright
Telesat
(613) 748-0123
Dan Tisch (media only)
Argyle Rowland Communications
(416) 968-7311 ext. 223
