Loral Space and Communications Inc. (LORL, Financial) filed Quarterly Report for the period ended 2009-06-30.
Loral Space & Communications is a satellite communications company. It owns and operates a fleet of telecommunications satellites used to broadcast video entertainment programming distribute broadband data and provide access to Internet services and other value-added communications services. Loral also is a world-class leader in the design and manufacture of satellites and satellite systems for commercial and government applications including direct-to-home television broadband communications wireless telephony weather monitoring and air traffic management. Loral Space and Communications Inc. has a market cap of $415.5 million; its shares were traded at around $20.45 with and P/S ratio of 0.5.
Satellite Manufacturing segment revenues increased by $62 million for the six months ended June 30, 2009 as compared to the six months ended June 30, 2008 primarily as a result of increased revenues from new orders received subsequent to June 30, 2008, partially offset by reduced revenues from programs completed or nearing completion. Satellite Services segment revenues decreased by $2 million for the six months ended June 30, 2009 as compared to the six months ended June 30, 2008 primarily due to a $66 million decrease from the U.S. dollar/Canadian dollar exchange rate change on Canadian dollar denominated revenue, partially offset by $65 million of revenues primarily generated by the Nimiq 4 and Telstar 11N satellites, which entered service subsequent to June 30, 2008 and increased revenues from Anik F-3.
Satellite Manufacturing segment Adjusted EBITDA increased $2 million for the three months ended June 30, 2009 compared with the three months ended June 30, 2008 primarily due to a reduction in research and development expense of $5 million as a result of completion of a significant project that was being performed in 2008, partially offset by a $3 million increase in pension costs. Satellite Services segment Adjusted EBITDA increased by $8 million for the three months ended June 30, 2009 as compared to the three months ended June 30, 2008 primarily due to the $27 million revenue increase described above and $5 million of lower expenses in 2009, partially offset by $19 million of foreign exchange rate impact and a $6 million gain on recovery from a customer bankruptcy recorded in 2008. Corporate expenses increased by $5 million for the three months ended June 30, 2009 as compared to the three months ended June 30, 2008, primarily due to a $4 million charge for deferred compensation resulting from an increase in the fair value of our common stock and a $1 million increase in legal costs.
Satellite Manufacturing segment Adjusted EBITDA increased $8 million for the six months ended June 30, 2009 compared with the six months ended June 30, 2008 primarily due to a reduction in research and development expense of $5 million as a result of completion of a significant project that was being performed in 2008 and an $8 million improvement in margins due primarily to the higher sales volume, partially offset by a decrease of $6 million due to increased pension costs. Satellite Services segment Adjusted EBITDA increased by $23 million for the six months ended June 30, 2009 as compared to the six months ended June 30, 2008 primarily due to the $65 million revenue increase described above and $10 million of lower expenses in 2009, partially offset by a $46 million exchange rate impact and a $6 million gain on recovery from a customer bankruptcy recorded in 2008. Corporate expenses increased by $4 million for the six months ended June 30, 2009 as compared to the six months ended June 30, 2008, primarily due to a $6 million increased charge for deferred compensation resulting from an increase in the fair value of our common stock, partially offset by a $1 million decrease in legal costs.
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Loral Space & Communications is a satellite communications company. It owns and operates a fleet of telecommunications satellites used to broadcast video entertainment programming distribute broadband data and provide access to Internet services and other value-added communications services. Loral also is a world-class leader in the design and manufacture of satellites and satellite systems for commercial and government applications including direct-to-home television broadband communications wireless telephony weather monitoring and air traffic management. Loral Space and Communications Inc. has a market cap of $415.5 million; its shares were traded at around $20.45 with and P/S ratio of 0.5.
Highlight of Business Operations:
Satellite Manufacturing segment revenues increased by $66 million for the three months ended June 30, 2009 as compared to the three months ended June 30, 2008, primarily as a result of increased revenues from new orders received subsequent to June 30, 2008, partially offset by reduced revenue from programs completed or nearing completion. Satellite Services segment revenues were unchanged for the three months ended June 30, 2009 as compared to the three months ended June 30, 2008. An increase of $27 million due primarily to revenues generated by the Nimiq 4 and Telstar 11N satellites, which entered service subsequent to June 30, 2008 and increased revenuesSatellite Manufacturing segment revenues increased by $62 million for the six months ended June 30, 2009 as compared to the six months ended June 30, 2008 primarily as a result of increased revenues from new orders received subsequent to June 30, 2008, partially offset by reduced revenues from programs completed or nearing completion. Satellite Services segment revenues decreased by $2 million for the six months ended June 30, 2009 as compared to the six months ended June 30, 2008 primarily due to a $66 million decrease from the U.S. dollar/Canadian dollar exchange rate change on Canadian dollar denominated revenue, partially offset by $65 million of revenues primarily generated by the Nimiq 4 and Telstar 11N satellites, which entered service subsequent to June 30, 2008 and increased revenues from Anik F-3.
Satellite Manufacturing segment Adjusted EBITDA increased $2 million for the three months ended June 30, 2009 compared with the three months ended June 30, 2008 primarily due to a reduction in research and development expense of $5 million as a result of completion of a significant project that was being performed in 2008, partially offset by a $3 million increase in pension costs. Satellite Services segment Adjusted EBITDA increased by $8 million for the three months ended June 30, 2009 as compared to the three months ended June 30, 2008 primarily due to the $27 million revenue increase described above and $5 million of lower expenses in 2009, partially offset by $19 million of foreign exchange rate impact and a $6 million gain on recovery from a customer bankruptcy recorded in 2008. Corporate expenses increased by $5 million for the three months ended June 30, 2009 as compared to the three months ended June 30, 2008, primarily due to a $4 million charge for deferred compensation resulting from an increase in the fair value of our common stock and a $1 million increase in legal costs.
Satellite Manufacturing segment Adjusted EBITDA increased $8 million for the six months ended June 30, 2009 compared with the six months ended June 30, 2008 primarily due to a reduction in research and development expense of $5 million as a result of completion of a significant project that was being performed in 2008 and an $8 million improvement in margins due primarily to the higher sales volume, partially offset by a decrease of $6 million due to increased pension costs. Satellite Services segment Adjusted EBITDA increased by $23 million for the six months ended June 30, 2009 as compared to the six months ended June 30, 2008 primarily due to the $65 million revenue increase described above and $10 million of lower expenses in 2009, partially offset by a $46 million exchange rate impact and a $6 million gain on recovery from a customer bankruptcy recorded in 2008. Corporate expenses increased by $4 million for the six months ended June 30, 2009 as compared to the six months ended June 30, 2008, primarily due to a $6 million increased charge for deferred compensation resulting from an increase in the fair value of our common stock, partially offset by a $1 million decrease in legal costs.
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