Intelsat S.A. (NYSE: I), the world’s leading provider of satellite services, today reported total revenue of $602.3 million and net income attributable to Intelsat S.A. of $54.7 million, or $0.47 per common share on a diluted basis, for the three months ended March 31, 2015. The company reported adjusted net income per diluted common share 1 of $0.69 for the three months ended March 31, 2015.
Intelsat S.A. reported EBITDA 1 , or earnings before net interest, taxes and depreciation and amortization, of $460.5 million, or 76 percent of revenue, and Adjusted EBITDA 1 of $470.5 million, or 78 percent of revenue, for the three months ended March 31, 2015.
Intelsat CEO, Stephen Spengler, said, “Overall, with revenues of $602 million, our business is performing to our 2015 expectations, with each customer set making progress on long-term goals in the first quarter. Our network services business continues to capitalize on growth in the mobility sector, with new service starts in the period. Network services also signed a sizeable contract from an existing customer that will transition to our next generation Intelsat Epic NG platform. Our recently deployed Intelsat 30 satellite supported renewed growth in our media business. Lastly, our government business continued to earn its share of new and renewed contracts.
Spengler continued, “One of our top priorities in 2015 is delivering capacity for launch. Of our satellites expected to launch over the next 12 months, our Intelsat 34, Intelsat 29e and Intelsat 31 satellite programs remain on schedule. With solid progress on our other priorities, such as ecosystem development and the introduction of new services, we are executing on our plan to create long-term growth.”
First Quarter 2015 Business Highlights Intelsat provides critical communications infrastructure to customers in the network services, media and government sectors. Our customers use our services for broadband connectivity to deliver fixed and mobile telecommunications, enterprise, video distribution and government applications.
Network Services comprised 46 percent of Intelsat’s total first quarter 2015 revenue, and at $276.6 million, decreased 5 percent as compared to the first quarter of 2014.
Media comprised 37 percent of the company’s revenue for the quarter ended March 31, 2015, and at $224.8 million, increased 1 percent as compared to the first quarter of 2014.
Government comprised 16 percent of our revenue for the quarter ended March 31, 2015, and at $94.8 million, decreased 13 percent as compared to the first quarter of 2014.
Average Fill Rate
Intelsat’s average fill rate on our approximately 2,200 station-kept transponders was 75 percent at March 31, 2015, as compared to 77 percent at the end of the first quarter of 2014. Units under contract declined primarily due to decreases in government and Africa customer usage.
Satellite Launches
We have had no material change in our launch plans since our last earnings report on February 18, 2015. The next scheduled launch is Intelsat 34, which is a replacement satellite for our 304.5°E video neighborhood. We expect it to launch in the third quarter of 2015 and be in service by early 2016.
Contracted Backlog
At March 31, 2015, Intelsat’s contracted backlog, representing expected future revenue under existing contracts with customers, was $9.7 billion, as compared to $10.0 billion at December 31, 2014.
