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The continuing economic slowdown led Loral Space and Communications to issue new guidance for the remainder of 2002 on Tuesday.

The satellite services company stressed that its operations remain healthy and EBITDA positive. However, growth in the fixed satellite services segment "has not yet materialized" for 2002, which led to the new guidance.

Loral's reported revenues for the year are expected to rise to approximately $1.2 billion, a 15 percent increase over last year. Previous guidance called for a 20 percent increase in revenue. EBITDA is expected to decline approximately five percent from the $223 million reported last year. Previous EBITDA guidance called for a 15 percent increase.

Consistent with previous guidance, Loral said it continues to expect to end the year with $80 million to $90 million in cash and available credit, after capital spending of $160 million. The company's net loss is expected to improve from $276 million last year to approximately $190 million this year, before a previously reported first-quarter goodwill charge.

From SkyReport (Used with Permission)
 
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