PAS-6 communications (JV ed: a 1997 Loral bird)
satellite de-orbited
PANAMSAT NEWS RELEASE
Posted: April 6, 2004
PanAmSat announced that it has decided to de-orbit one of its
in-orbit international spares, PAS-6, due to a failure in the
satellite's power system. Located at 43 degrees west longitude,
PAS-6 was one of two backup satellites supporting PanAmSat's
international fleet. PanAmSat anticipates that this will not affect its
2004 revenues.
As a result of this event, PanAmSat will record a non-cash charge
within income from operations of approximately $100 million in the
first quarter of 2004. This will result in an approximate $63 million
non-cash charge to net income after taxes. Further, the Company
anticipates reduced depreciation expense for full year 2004 of
approximately $9 million. PanAmSat will adjust its 2004 guidance
to reflect these changes when it releases its first quarter 2004
results.
Launched on August 8, 1997, PAS-6 is a Loral Space Systems
model FS-1300 satellite. PanAmSat does not plan to replace this
satellite.
PanAmSat Corporation is one of the world's top three satellite
operators managing a global fleet of 29 satellites, 24 of which are
wholly-owned by the Company, for the delivery of news, sports
and other television programming. In total, this fleet is capable of
reaching more than 98 percent of the world's population through
cable television systems, broadcast affiliates, direct-to-home
operators, Internet service providers and telecommunications
companies. In addition, PanAmSat supports the largest
concentration of satellite-based business networks in the U.S., as
well as specialized communications services in remote areas
throughout the world. PanAmSat is 80.5 percent owned by The
DIRECTV Group Inc. |
