Business
Telesat Reports Results for the Quarter and Six Months Ended June 30, 2023
OTTAWA, Aug. 11, 2023 (GLOBE NEWSWIRE) -- Telesat (NASDAQ and TSX: TSAT), one of the world’s largest and most innovative satellite operators, today announced
About this update from Telesat Corporation
[{"type":"text","content":"OTTAWA, Aug. 11, 2023 (GLOBE NEWSWIRE) -- Telesat (NASDAQ and TSX: TSAT), one of the world’s largest and most innovative satellite operators, today announced its financial results for the three and six-month periods ended June 30, 2023. All amounts are in Canadian dollars and reported under International Financial Reporting Standards (“IFRS”) unless otherwise noted. “I am pleased with our financial and operating performance for the second quarter and first half of the year,” commented Dan Goldberg, Telesat’s President and CEO. “We are on track to meet the guidance we gave at the outset of the year and, as a result of our continued disciplined execution, delivered industry-leading Adjusted EBITDA margins1, high capacity utilization, a substantial contractual backlog of $1.6 billion, and a cash balance of $1.5 billion. In addition, in the second quarter and subsequent period we strengthened our financial position by repurchasing notes with a cumulative face value of US$296 million, recognized nearly $350 million of C-band proceeds following validation of our spectrum clearing efforts, and successfully launched our LEO 3 demonstration satellite.” Goldberg added: “But certainly the biggest development so far this year is our separate announcement this morning that we have selected MDA to be the prime satellite contractor for Telesat Lightspeed; that, by leveraging MDA’s industry-leading digital beamforming antennas and integrated regenerative digital processor, we maintain the full advanced performance capabilities of Telesat Lightspeed while also achieving a material reduction in the capital and financing costs for the program; and that Telesat Lightspeed is now fully funded through global service delivery taking into account the company’s own equity contribution, certain vendor financing, and aggregate funding commitments from its Canadian federal and provincial government partners. Telesat Lightspeed will revolutionize broadband connectivity for enterprise and government users and represents a highly compelling growth and value creation opportunity for Telesat and its stakeholders.” For the quarter ended June 30, 2023, Telesat reported consolidated revenue of $180 million, a decrease of 4% ($7 million) compared to the same period in 2022. When adjusted for changes in foreign exchange rates, revenue declined 6% ($12 million) compa...