[Satellite TODAY 08-06-10] Telesat’s 2010 second quarter revenues increased by 2 percent from the same period in 2009 to $205 million due to increased profits generated from Nimiq 5 and Telstar 11N, partially offset by the sale of Telesat’s interest in Telstar 10, the company announced in its latest financial results issued Aug. 5. 
    Telesat’s operating and equipment sales expenses fell 22 percent from 2009 to $49 million with adjusted EBITDA at $158 million, an increase of 11 percent. However, a foreign exchange loss related to the conversion of the Canadian dollar to the U.S. dollar denominated debt combined with the gain on financial instruments resulted in a non-cash expense of $104 million for Telesat during the quarter. As a result of this non-cash expense, Telesat saw a net loss of $72 million compared to a profit of $187 million for the same period in 2009.
    Despite the net loss, Telesat President and CEO Dan Goldberg said he was pleased that the company experienced meaningful growth in revenue and adjusted EBITDA during the quarter. “In addition to the strong financial performance, we also concluded the procurement of Anik G1, a state-of-the-art satellite that will augment our already strong North American DTH business by providing new capacity fully contracted to Shaw Direct for the life of the satellite. Anik G1 also will replace and expand upon our Anik F1 satellite for the fast growing Latin American market and allow us to develop further our government services activities with its innovative X-band payload. … At this time we anticipate achieving record levels of revenue and adjusted EBITDA for the full year.”