Benzinga | Nov 5, 2021 12:36PM EDT

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 (NASDAQ: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.