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Loral Reports 2001 Year-End Results

Discussion in 'General Satellite Discussion' started by -, Feb 15, 2002.

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    Loral Space and Communications reported its financial results for the three months and year ended Dec. 31.

    For the year, Loral EBITDA rose 71 percent and Loral Skynet EBITDA was up 35 percent. Per share performance improved over 2000 and exceeded expectations, according to Loral. The fourth quarter loss was $0.13 per share and the full year loss was $0.86 per share. However, Loral provided guidance on its 2002 performance and said it sees 2002 annual revenues increasing about 20 percent, with operating cash flow rising about 15 percent over 2001.

    "2001 was marked by significant positive achievements at Loral," said Bernard L. Schwartz, chairman and CEO for Loral Space and Communications. "We met our financial and operating targets. The fixed satellite services segment posted solid gains in both revenue and EBITDA. Our three Telstar satellites under construction for Skynet will join the fleet within 15 months, adding important new income-producing resources, at high incremental margins, to our growing fleet."

    The fourth quarter and full-year results for 2001 included two unusual, non-operating items: A gain of $22 million or $0.07 per share on Loral CyberStar's debt exchange, and a charge of $12 million or $0.04 per share for future payments to the U.S. government to settle a case relating to the company's involvement in a review of a Chinese rocket launch failure in 1996.

    At the close of the market on Thursday, shares of Loral dropped $.01 to $2.23.

    From <a href="http://www.skyreport.com" target=none>SkyReport</a> (Used with permission)
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    I used to work for Loral. Loral came in and bought Goodyear Aerospace back in 1988(which was where I was working at the time), later they sold it to Lockeed Martin in 1995.Although Bernard Schwartz kept a small division of the company for himself....its was the Aircraft Braking Division.
    Today his 2 daughters and son-in law run this company here in Akron, Ohio. Its not a small company either, they probably employ around 1'000 people.
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