Intelsat Reports Fourth Quarter and Fiscal Year 2013 Results

 

20 February 2014

 

Intelsat S.A. reported total revenue of $642.8 million and net income attributable to Intelsat S.A. of $72.6 million, or $0.62 per share on a diluted basis, for the three months ended December 31, 2013.  The company reported adjusted diluted net income per common share¹ of $0.84 for the three months ended December 31, 2013.

 

Intelsat S.A. reported EBITDA¹, or earnings before net interest, taxes and depreciation and amortization, of $506.4 million, and Adjusted EBITDA¹ of $509.8 million, or 79 percent of revenue, for the three months ended December 31, 2013.

 

For the year ended December 31, 2013, Intelsat reported total revenue of $2,603.6 million and a net loss attributable to Intelsat S.A. of $255.7 million, or $2.70 per share on a diluted basis. The company reported adjusted diluted net income per common share of $2.44 for the year ended December 31, 2013.  Intelsat also reported EBITDA of $1,936.0 million, and Adjusted EBITDA of $2,033.4 million, or 78 percent of revenue, for the year ended December 31, 2013.

 

Intelsat CEO, Dave McGlade said, "Intelsat's fourth quarter was in line with our expectations and capped a year of key accomplishments for the company as we position Intelsat to deliver on its long-term value creation strategy.  The completion of our IPO, combined with successful refinancing activity, has enabled us to initiate our de-levering plan, improve our maturity profile and significantly reduce our debt service.  On the operational side, in 2013, we have charted a solid course for steady longer-term growth expected upon the entry into service of our innovative Intelsat Epic^NG satellites beginning in 2016.

 

"During the 2013 fourth quarter, we saw solid bookings and renewals in our media and network services businesses, and we also furthered our presence in the broadband mobility sector.  Backlog at year-end 2013 was $10.1 billion, which provides visibility into revenue and cash flow.

 

"Performance overall continued to reflect two trends affecting our revenue growth, including the on-going effects of reduced U.S. government spending and the oversupply environment in Africa, which affects pricing within network services applications in that region.  At present, we believe these factors will persist in 2014, resulting in overall reduced revenues for the full year compared to 2013, while our mix of business and strong financial discipline should enable us to deliver Adjusted EBITDA margins consistent with 2013 results.

 

We also expect solid cash flows as we manage costs carefully, harvest efficiencies in our capital spending plans, and benefit from reduced interest expense.  This anticipated performance will leave us in a good position to continue to de-lever our balance sheet as we position for longer-term organic growth."