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Panamsat reports Q3 financial result; marginally higher than last year
WILTON: Last week Panamsat reported its financial results for the third quarter and nine months, which ended 30 September 2003. In the third quarter, the company generated revenues of $210.1 million compared to $199.1 million in the third quarter of 2002. The earnings per share (EPS) of $0.14 however equaled that of last years Q3.
For the first nine months of 2003, total revenues were $613.4 million compared to $615.5 million in 2002 and EPS was $0.55 per share compared to $0.41 per share for the same period in 2002, says a company release.
According to Panamsat president and CEO Joe Wright, “It continues to be a tough environment for our industry, which has unfortunately launched more capacity than the markets demand. We saw this coming, focused on the fundamentals of our business and managed for profitability and free cash flow. Our strategy has worked.”
Panamsat has acquired Esatel to add to its Hughes Global Services HGS acquisition, to fillip its communication capabilities, both in the air and on the ground section to meet the rapidly growing government demand. The satellite service provider launched satellites Galaxy XIII/Horizons-1, which offer the first High-Definition television neighborhood in the US.
Operating lease revenues were $206.0 million for the third quarter of 2003, compared to $194.4 million for the same period in 2002. According to the release, the increase in operating lease revenues could be attributed to additional government revenues related to the Company’s new G2 Satellite Solutions division and an increase in network services revenues. These increases were partially offset by lower video revenues recorded as a result of customer credit related issues. Total sales and sales-type lease revenues were $4.0 million for the quarter ended September 30, 2003, compared to $4.7 million for the same period in 2002.
Operating lease revenues from video services were $119.0 million during the third quarter of 2003, compared to $124.9 million for the third quarter of 2002. This decrease was primarily due to customer credit related issues and lower occasional services revenues. Overall video services revenues were $123.1 million in the third quarter of 2003, compared to $129.6 million in the third quarter of 2002, says the release.
Operating lease revenues from network services increased to $54.5 million for the third quarter of 2003, compared to $49.4 million for the third quarter of 2002. This increase in network services revenues is primarily a result of net new business recorded during the third quarter of 2003 from network resellers. Operating lease revenues from government services (previously included within network services revenues) increased to $21.2 million for the third quarter of 2003, compared to $6.3 million for the third quarter of 2002. The $21.2 million for the third quarter of 2003 primarily represents revenues from the Company’s G2 Satellite Solutions division, which was formed in 2003 after the acquisition of HGS.
Total direct operating costs and selling, general & administrative costs for the three months ended 30 September 2003 increased by $5.4 million or 10 percent to $57.9 million as compared to $52.5 million for the same period in 2002. This increase is primarily attributable to additional costs related to the Company’s G2 Satellite Services division, partially offset by lower bad debt expense and the Company’s continued focus on operational efficiencies including lower insurance costs.
NEW DELHI: Hamdard Laboratories gathered a cross-section of India’s achievers in New Delhi on Friday, handing out the Hakeem Abdul Hameed Excellence Awards to figures who have left their mark across healthcare, education, sport, public service and the arts.
The ceremony, attended by minister of state for defence Sanjay Seth and senior officials from the ministry of Ayush, celebrated individuals whose work blends professional success with a sense of public purpose. It was as much a roll call of achievement as it was a reminder that influence is not measured only in profits or podiums, but in people reached and lives improved.
Among the headline awardees was Alakh Pandey, founder and chief executive of PhysicsWallah, recognised for turning affordable digital learning into a mass movement. On the sporting front, Arjuna Awardee and kabaddi player Sakshi Puniya was honoured for her contribution to the game and for pushing women’s participation onto bigger stages.
The cultural spotlight fell on veteran lyricist and poet Santosh Anand, whose songs have echoed across generations of Hindi cinema. At 97, Anand accepted the honour with characteristic humility, reflecting on a life shaped by perseverance and hope.
Healthcare honours spanned both modern and traditional systems. Manoj N. Nesari was recognised for strengthening Ayurveda’s place in national and global health frameworks. Padma shri Mohammed Abdul Waheed was honoured for his research-backed work in Unani medicine, while padma shri Mohsin Wali received recognition for his long-standing contribution to patient-centred care.
Education and social development also featured prominently. Padma shri Zahir Ishaq Kazi was honoured for decades of work in education, while former Meghalaya superintendent of Police T. C. Chacko was recognised for public service. Goonj founder Anshu Gupta received an award for his dignity-centred rural development initiatives, and the Hunar Shakti Foundation was honoured for empowering women and young girls through skill development.
The Lifetime Achievement Award went to former IAS officer Shailaja Chandra for her long career in public healthcare and governance, particularly in the traditional systems under Ayush.
Speaking at the event, Hamdard chairman Abdul Majeed said the awards were a tribute to those who combine excellence with empathy. “These awardees reflect Hakeem Sahib’s belief that healthcare, education and public service must ultimately serve humanity,” he said.
Minister Seth struck a forward-looking note, saying India’s young population gives the country a unique opportunity to become a global destination for learning, health and wellness by 2047.
The ceremony also featured the trailer launch of Unani Ki Kahaani, an upcoming documentary starring actor Jim Sarbh, set to premiere on Discovery on 11 February.
Instituted in memory of Unani scholar and educationist Hakeem Abdul Hameed, the awards have grown into a national platform that celebrates those building a more inclusive and resilient India. For one evening at least, the spotlight was not just on success, but on service with substance.
