MUMBAI: Satellite service provider, Panamsat, which claims to deliver the largest number of television channels in the world has reported financial results for the third quarter and nine months ended, 30 September 2005.
It reported total consolidated revenues of $209.1 million, an increase of one per cent on a quarter-over-quarter basis. The delay in the launch of Galaxy 15 resulted in approximately $7 million of revenues being delayed until the fourth quarter of this year rather than in the third quarter. Programme distribution and video services revenues, the 'core' markets of the business which represent 64 per cent of Panamsat's total revenues grew by six per cent over the third quarter of last year. Net income for the quarter was $54.2 million, compared to a net loss of $76.7 million for the same period in 2004.
New contracts and contract extensions were signed with customers in Africa, Asia, Australia, Latin America and the US, including: CCTV, OPT New Caledonia, HDNet and Venevision Continental. The PanGlobal TV DTH platform grew with the addition of several new channels including Zee and Japan's NHK. During the quarter, it was bought by Intelsat for $3.2 billion in cash on 29 August, 2005. Total revenues for the first nine months of this year were $631.8 million, compared to revenues of $619.4 million for the same period last year. This represented an increase of two per cent.
Panamsat CEO ,Joe Wright, said, "Our company had one of the most active quarters in our history and continued to perform extremely well ,as,we and Intelsat took important steps to transform our companies into one that will be
the leader in the technology, marketing and customer service activities that will define our industry in the future.
"This transaction to merge Panamsat with Intelsat is proceeding on schedule. We also completed the acquisition of Europe*Star which strengthens our presence in the European and Middle Eastern marketplaces. We successfully launched Galaxy 14 in August and then Galaxy 15 in October giving our customers two in-orbit back-up satellites for increased reliability while solidifying our position as the largest FSS provider of HDTV signals in the world. In addition, we launched an emergency response unit, which will work specifically with first responder and disaster recovery customers in the event of a sudden emergency, terrorist attack or natural disaster.
"While our management team remains focused on profitable growth, we are also committed to maintaining our fleet reliability as the highest in the industry, exercising sound financial discipline and staying financially strong in order to continue providing predictable and attractive dividends to our shareholders".
