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#1
30-04-2008, 06:51 PM
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SES Further Assesses AMC-14 Anomaly Impact
SES Further Assesses AMC-14 Anomaly Impact
SES, the international satellite company that operates the SES AMERICOM platform serving North America, this week continued to assess the impact the failed March launch of the AMC-14 satellite will have on its business. SES said its investment in AMC-14 is fully insured, and those insurance proceeds should be received during the second and third quarters. Also, the Luxembourg-based company took a net charge of 500,000 Euros ($779,424 U.S.) in first quarter operating expenses as part of a “preliminary assessment” of the launch failure, a move that takes into account the net impact of insurance proceeds, an asset write-down and other charges and income related to termination of the AMC-14 effort. In March, the AMC-14 satellite suffered a launch vehicle anomaly, leaving it short of its planned geostationary orbit. The company later determined that options to salvage the satellite carried a lot of risks, and declared the spacecraft a total loss. The satellite, built for SES AMERICOM, was going to be utilized by DISH Network for an expansion of its high-def programming slate. As for guidance, SES said the impact of the AMC-14 loss and the continued decline in the exchange rate of the U.S. dollar against the Euro could be offset by new business. SES said it sees revenue in the 1.58 billion Euros to 1.6 billion Euros range ($2.46 billion to $2.49 billion U.S.) for 2008. As for first quarter results, SES Global said net profit jumped nearly 24 percent to 120.9 million Euros ($188.4 million U.S.), when compared to 97.7 million Euros ($152.2 million U.S.) for the same period in 2007. Reported revenue for the three-month period remained stable at 390.6 million Euros ($608.8 million U.S.), compared to 392 million Euros for the same quarter last year.
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