Telesat Canada Registers 5% Revenue Decline In Q3

Telesat Canada reported a third-quarter FY21 revenue decline of 5% year-on-year to C$192.34 million. Telesat Canada's principal shareholders are Canada's Public Sector Pension Investment Board and Loral Space & Communications Inc LORL.
A slight reduction of service for one of Telesat's North American DTH customers, weakness in the enterprise segment, and lower consulting revenue drove the decline.
The adjusted EBITDA margin expanded 110 bps to 81.5%.
Telesat had contracted a backlog for future services of C$2.3 billion as of September 30, 2021. Fleet utilization was 80%.
Loral held C$1.6 billion in cash and equivalents.
Loral generated C$250.1 million in operating cash flow during the nine months ended September 30.
"Lastly, I am pleased that we are now poised to conclude the process of transforming Telesat into a publicly listed company, which we expect to occur before the end of this year," said Dan Goldberg, Telesat's President, and CEO.
Price Action: LORL shares traded lower by 4.91% at $52.45 on the last check Friday.