Telesat Reports Results for the Quarter and Year Ended December 31, 2016
Loral Space and Communications, Inc. (LORL)
US:NASDAQ Investor Relations:
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Source: GlobeNewswire
OTTAWA, March 02, 2017 (GLOBE NEWSWIRE) -- Telesat today announced its consolidated financial results for the three month and one year periods ended December 31, 2016. All amounts are in Canadian dollars and are reported under International Financial Reporting Standards (“IFRS”) unless otherwise noted. Three Months Ended December 31, 2016 For the quarter ended December 31, 2016, Telesat reported revenues of $240 million, a decrease of approximately 7% ($17 million) compared to the same period in 2015. The reduction was due to lower equipment sales, lower revenues resulting from the transition of services from Telstar 12 to Telstar 12 VANTAGE, and lower revenues from the energy and resource industries. Operating expenses of $46 million for the quarter were 12% ($6 million) lower than the same period in 2015. The reduction in operating expenses was principally attributable to lower costs for third party satellite capacity, lower Canadian spectrum license fees, lower cost of equipme
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