Loral Reports 2010 Year End Financial Results
NEW YORK, March 15, 2011 (GLOBE NEWSWIRE) -- Loral Space & Communications Inc. (Nasdaq:LORL) today reported its financial results for the year and fourth quarter ended December 31, 2010.
Notable achievements:
- Telesat and Space Systems/Loral (SS/L) financial results continued to reflect strong operating performance. 1
- Adjusted EBITDA 2 for the year at SS/L was $143 million, 58 percent higher than in 2009.
- Loral's liquidity is strong with year end cash of $166 million, no debt, and a new SS/L credit agreement that increases the revolver capacity to $150 million.
- SS/L booked six satellite orders in 2010.
- Adjusted EBITDA for the year at Telesat was $607 million, 24 percent higher than in 2009.
- Telesat's future growth will be enhanced by the procurement of its third satellite currently under construction, and by its agreement to acquire Loral's ownership of the ViaSat-1 broadband payload over Canada.
- Despite increased sales, new order flow resulted in continued robust backlog at both SS/L and Telesat.
- Loral's strong performance and future expectations resulted in accounting recognition of its deferred tax benefit of $335 million, which had previously been offset by a valuation allowance.
- Announced plans to explore strategic alternatives at both SS/L and Telesat are continuing.
Combined segment revenues and Adjusted EBITDA for the year were $1.962 billion and $732 million, respectively, compared to $1.700 billion and $557 million, respectively, for 2009. Combined segment revenues and Adjusted EBITDA for the fourth quarter of 2010 were $533 million and $186 million, respectively, compared to $447 million and $166 million, respectively in the fourth quarter of 2009. All of Telesat's revenue and Adjusted EBITDA are included in these segment results. Loral's income statement, however, reflects its 64 percent economic interest in Telesat under the equity method of accounting, and accordingly, does not consolidate Telesat's financial results with those of the company.
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