Telesat Reports Results for the Quarter Ended March 31, 2020
Loral Space and Communications, Inc. (LORL)
US:NASDAQ Investor Relations:
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Source: GlobeNewswire
OTTAWA, April 30, 2020 (GLOBE NEWSWIRE) -- Telesat today announced its financial results for the three-month period ended March 31, 2020. All amounts are in Canadian dollars and reported under International Financial Reporting Standards (“IFRS”) unless otherwise noted. For the quarter ended March 31, 2020, Telesat reported consolidated revenue of $209 million, a decrease of 6% ($14 million) compared to the same period in 2019. When adjusted for changes in foreign exchange rates, revenue declined 5% ($12 million) compared to 2019. Revenue decreases were primarily due to a reduction of service for one of Telesat’s North American DTH customers and lower revenue due to the completion of the term for prepaid services in a customer agreement that was accounted for as having a significant financing component. These decreases were partially offset by higher equipment sales and new revenue from services provided to users impacted by a failure of a competitor’s satellite in 2019. Operat
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