PanAmSat earned $9.25 million, or 6 cents a share, compared with $34 million, or 23 cents a share, a year ago. Total revenue for the latest third quarter came in at $199.3 million, below the $210.7 million a year ago. The company blamed its 5% revenue decrease on a one-time customer payment of about $15 million in the third quarter of 1999 that was associated with the termination of a direct-to-home video services agreement in India.
According to a
First Call/Thomson Financial
survey, eight analysts expected the Greenwich, Conn., satellite video and data broadcasting company to earn 7 cents a share in the quarter.
Shares of PanAmSat were recently trading down 56 cents, or 1.9%, to $28.69.