Telesat Reports Results for the Quarter and Year Ended December 31, 2019
Loral Space and Communications, Inc. (LORL)
US:NASDAQ Investor Relations:
loral.com/investors/overview/default.aspx
Company Research
Source: GlobeNewswire
OTTAWA, Feb. 27, 2020 (GLOBE NEWSWIRE) -- Telesat today announced its financial results for the three-month and one-year periods ended December 31, 2019. All amounts are in Canadian dollars and reported under International Financial Reporting Standards (“IFRS”) unless otherwise noted. For the year ended December 31, 2019, Telesat reported consolidated revenue of $911 million, an increase of 1% ($8 million) compared to the same period in 2018. When adjusted for changes in foreign exchange rates, revenue was unchanged compared to 2018. Revenue increases related to the Telstar 19 VANTAGE and Telstar 18 VANTAGE satellites, which were launched in 2018, and revenues earned from short-term services to other satellite operators. These increases were offset by lower equipment sales, a reduction of service for a certain customer in the broadcast segment, lower revenue due to the completion of the term for prepaid services in a customer agreement which was accounted for as having a signific
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