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Business briefs: July 12
Posted: Sat, Jul 13, 2002, 11:54 AM ET (1554 GMT)
- Satellite operator PanAmSat reported higher-than-expected profits for its second quarter on Friday. The company reported earnings of $150.8 million (EBITDA) for the quarter, higher than guidance previously provided by the company. PanAmSat officials credit cost-cutting measures for improving the bottom line, and said they are ready to introduce "new services" developed in cooperation with its customers.
- Credit rating agency Fitch Ratings said Friday that Orbital Sciences Corporation remains on its "Ratings Watch Negative" list because of near-term financial concerns. Fitch said that $100 million in convertible notes due in October, as well as $70 million of near-term negative cash flow, remain major concerns. Fitch is more optimistic about Orbital's long-term prospects, primarily because of its role in missile defense work.
- European satellite operator Eutelsat still plans to conduct a public offering of stock by the end of this year despite current economic conditions, Dow Jones Newswires reported Friday. Several satellite operators have pushed back plans to sell stock because of weak stock markets, but Eutelsat chairman Giuliano Berretta said that the company will still conduct its IPO by the end of the year.
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