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Intelsat Reports US$232.5 Mil. Net Income

  • Fourth quarter revenue of $619.1 million; full year 2014 revenue of $2,472.4 million
  • Fourth quarter net income attributable to Intelsat S.A. of $16.2 million; full year 2014 net income attributable to Intelsat S.A. of $232.5 million
  • Total 2014 net debt reduction of $475 million
  • $10.0 billion contracted backlog provides a foundation for predictable cash flow and investment in our business
  • Intelsat issues 2015 financial outlook

Intelsat S.A. (NYSE: I), the world’s leading provider of satellite services, today reported total revenue of $619.1 million and net income attributable to Intelsat S.A. of $16.2 million, or $0.14 per share on a diluted basis, for the three months ended December 31, 2014. The company reported adjusted net income per diluted common share1  of $0.79 for the three months ended December 31, 2014.
 
Intelsat S.A. reported EBITDA1 , or earnings before net interest, losses on early extinguishment of debt, taxes and depreciation and amortization, of $462.0 million, and Adjusted EBITDA1  of $477.1 million, or 77 percent of revenue, for the three months ended December 31, 2014.
 
For the year ended December 31, 2014, Intelsat reported total revenue of $2,472.4 million and a net income attributable to Intelsat S.A. of $232.5 million, or $1.99 per share on a diluted basis. The company reported adjusted net income per diluted common share of $3.30 for the year ended December 31, 2014. Intelsat also reported EBITDA of $1,924.0 million, and Adjusted EBITDA of $1,958.7 million, or 79 percent of revenue, for the year ended December 31, 2014.
 
Intelsat Chairman and CEO, Dave McGlade said, “In 2014, we were able to deliver strong Adjusted EBITDA and cash flow in a challenging environment, meeting our guidance targets on all metrics. We also completed a debt pay down of $475 million and funded investments in our network. However, the continuation of the trends we experienced in 2014, such as pricing pressures in certain regions and applications, reduced U.S. government spending, and rising geopolitical challenges, compounded with services nearing the end of lifecycle, is creating ongoing headwinds for our business in 2015 and into 2016. We are taking action to counterbalance these trends, focusing our resources on laying the groundwork that will position us to return to growth as our new media satellites and next generation satellites enter service in mid-2016 and 2017.
 
The path forward for us is clear: design, build and place into service new satellite capacity; introduce services that leverage our ground network and networking capabilities; and develop advanced ground technologies and other innovations that will simplify access to our satellites. Through these initiatives, combined with supporting the growth of our core customers and optimizing the use of our orbital rights and global presence, we will enhance our ability to address larger and higher growth applications. By executing on these priorities, we will be positioned for success once our new inventory becomes available.”

To read the full version of the earnings release, including detailed financial results, please download the Earnings Release.
 
To read the new Quarterly Commentary, including business trends, please download the Quarterly Commentary.

Source: Intelsat