PanAmSat Corp. -unentdeckte Perle - 500 Beiträge pro Seite
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ISIN: CA7426675046 · WKN: A1J72A
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Letzter Kurs 17.03.15 Stuttgart
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Der Betreiber von Satellitensystemen u.a. zur Fernsehübertragung brachte zuletzt zwar hervoragende Zahlen- 36c per Share statt erwartet 21c- wurde aber wegen etwas trüben Aussichten übermäßig abgestraft. Nachdem sich bei 30 USD ein Boden gebildet hat, ergeben sich jetzt noch sehr gute Einstiegsmöglichkeiten.
Die auch an dt. Börsen notierte US-Aktie wird allerdings kaum gehandelt, daher limitieren.
Kurs akt. 32,875 USD
Die auch an dt. Börsen notierte US-Aktie wird allerdings kaum gehandelt, daher limitieren.
Kurs akt. 32,875 USD
Kurs akt. 38,44 USD
...und steigt weiter. Aktuell 40$
Portrait
Die PanAmSat Corporation ( http://www.panamsat.com )ist ein Anbieter von globalen Video- und Datenübertragungsdiensten via Satellit. Die Gesellschaft baut und betreibt satellitenbasierende Netzwerke und bietet ihren Kunden wie Kabel-TV System Anbieter, direct-to-home Satelliten TV Betreiber (DTH), Internet Service Provider (ISPs), Telekommunikationsunternehmen und andere Gesellschaften die Übertragung ihrer Daten, Video TV-Formaten und Informationen an.
Das PanAmSat Satelliten Netzwerk ist das größte GeoStationäre Satelliten Netzwerk der Welt und besitzt die Fähigkeit ca. 98 Prozent der Weltbevölkerung zu erreichen. Kunden für die Full-Time Video Verbreitung von TV-Formaten sind z.B. AOL TimeWarner, AT&T Broadband, BBC, China Central Television, Cisneros Television Group, Disney, Doordarshan (Indien), ESPN, Fox, Sony und Viacom. ...
Eine schon etwas zurückliegende Meldung:
PanAmSat: Umsatzwarnung
Mittwoch, 14. November 2001 Der Betreiber von Satelliten, PanAmSat (NASD: SPOT, WKN: 907 062, zu den Kursen), hat heute vorbörslich eine Umsatzwarnung für das Geschäftsjahr 2002 ausgesprochen. Das Management erwartet einen Umsatz zwischen $790-$825 Mio. Die Konsensschätzungen liegen derzeit laut Multex bei $910 Mio. Der Gewinn je Aktie sollte im gleichen Zeitraum jedoch im Rahmen der Analystenerwartungen ausfallen. So erwartet PanAmSat einen Gewinn zwischen 25c-35c je Aktie. Die Analysten rechnen mit einem Gewinn von 28c je Aktie.
PanAmSat ist eine Tochter von Hughes Electronics (gehört zu GE). GM Hughes besitzt 81% der Aktien (Nasdaq: SPOT), weitere 10% sind bei den Gründern. Von den knapp 150 Mio Shares befinden sich nur 4,5 Mio Stück im Free Float.
Noch jemand in SPOT investiert??
Heut gehts aber höllisch abwärts, nachdem EchoStar den Merger mit Hughes abgeblasen hat und PanAmSat somit mehrheitlich in dessen Besitz bleibt.
Wird Hughes jetzt sein 81%-Paket von PanAmSat verscherbeln?
Wird Hughes jetzt sein 81%-Paket von PanAmSat verscherbeln?
Trading Spotlight
Na, da schau mal einer an, wer sich hier für SPOT interessiert. 
Bei dem Thema bin ich natürlich mit dabei, zumal LOR 40% von SatMex hält.
PanAmSat CEO Wright Comments on Possible Bid for Eutelsat
By Holly M. Sanders
Wilton, Connecticut, Dec. 12 (Bloomberg) -- PanAmSat Corp. Chief Executive Officer Joseph Wright made the following comments regarding news reports that the owner of the world`s third-largest satellite fleet will bid to buy Eutelsat SA. PanAmSat would compete with Intelsat Ltd., which is also seeking to buy the European satellite firm. He also commented on prospects for the company and the satellite industry.
On reports that PanAmSat will bid for Eutelsat:
``I`m not going to respond. There have been news reports. Most of it has come from Europe. As you can imagine there`s a huge amount of interest in Eutelsat. I believe (Eutelsat CEO Giuliano) Berretta has built a quality organization in a market that PanAmSat is interested in.``
On whether PanAmSat will meet a deadline this week for bids:
``We will participate in whatever way Eutelsat wants us to. I`m just saying that we are interested and we will meet deadlines.``
On other potential acquisitions:
``Let me just go through a number of them. Telesat (Canada) came up. They wanted to sell off a minority share. That could be a good complement. Something will be happening with Satmex (Satelites Mexicanos SA de CV). They are having serious financial problems and Mexico is a growth market for us. Intelsat along with Inmarsat and New Skies (Satellites NV) have been privatized. There will be opportunities with all these properties. We`re the strongest satellite operator right now.``
On the outlook for company:
``During this whole process with the Hughes and EchoStar discussions, PanAmSat has been kind of in the background but has had a record year in terms of not just upgrading the fleet and marketing organization but also we`re going to do more than double the EPS than last year in a down market. We`re going to have more than a $1 billion in cash.``
On reason for earnings growth:
``That really is coming from a change in our business strategy because cost cuts don`t really do it. A year and a half ago we recognized ahead of the pack that the industry was heading into overcapacity. We decided we would not launch and build satellites unless we had leased the capacity. When we changed that strategy we changed the profitability.
``The biggest cost you have is a capital cost to build and launch new satellite -- the costs to insure them, customer service centers, new R&D ventures. You have many satellite operators that are still doing state-of-the-art R&D in Internet services. We stopped that about a year and a half ago.``
On the outlook for the satellite industry next year:
``The overall industry will be flat to slightly up. The strong parts of the market will be North America and Europe. The strong products will be video content. The weak will be telecom and data. We happen to be in the strong part of the market.
``Our goal by the end of this year was to build up strongest financial position to take advantage of the industry.``
Bei dem Thema bin ich natürlich mit dabei, zumal LOR 40% von SatMex hält.
PanAmSat CEO Wright Comments on Possible Bid for Eutelsat
By Holly M. Sanders
Wilton, Connecticut, Dec. 12 (Bloomberg) -- PanAmSat Corp. Chief Executive Officer Joseph Wright made the following comments regarding news reports that the owner of the world`s third-largest satellite fleet will bid to buy Eutelsat SA. PanAmSat would compete with Intelsat Ltd., which is also seeking to buy the European satellite firm. He also commented on prospects for the company and the satellite industry.
On reports that PanAmSat will bid for Eutelsat:
``I`m not going to respond. There have been news reports. Most of it has come from Europe. As you can imagine there`s a huge amount of interest in Eutelsat. I believe (Eutelsat CEO Giuliano) Berretta has built a quality organization in a market that PanAmSat is interested in.``
On whether PanAmSat will meet a deadline this week for bids:
``We will participate in whatever way Eutelsat wants us to. I`m just saying that we are interested and we will meet deadlines.``
On other potential acquisitions:
``Let me just go through a number of them. Telesat (Canada) came up. They wanted to sell off a minority share. That could be a good complement. Something will be happening with Satmex (Satelites Mexicanos SA de CV). They are having serious financial problems and Mexico is a growth market for us. Intelsat along with Inmarsat and New Skies (Satellites NV) have been privatized. There will be opportunities with all these properties. We`re the strongest satellite operator right now.``
On the outlook for company:
``During this whole process with the Hughes and EchoStar discussions, PanAmSat has been kind of in the background but has had a record year in terms of not just upgrading the fleet and marketing organization but also we`re going to do more than double the EPS than last year in a down market. We`re going to have more than a $1 billion in cash.``
On reason for earnings growth:
``That really is coming from a change in our business strategy because cost cuts don`t really do it. A year and a half ago we recognized ahead of the pack that the industry was heading into overcapacity. We decided we would not launch and build satellites unless we had leased the capacity. When we changed that strategy we changed the profitability.
``The biggest cost you have is a capital cost to build and launch new satellite -- the costs to insure them, customer service centers, new R&D ventures. You have many satellite operators that are still doing state-of-the-art R&D in Internet services. We stopped that about a year and a half ago.``
On the outlook for the satellite industry next year:
``The overall industry will be flat to slightly up. The strong parts of the market will be North America and Europe. The strong products will be video content. The weak will be telecom and data. We happen to be in the strong part of the market.
``Our goal by the end of this year was to build up strongest financial position to take advantage of the industry.``
Hallo Gatsby!
Willkommen in meinem Uralt-Thread. Eigentlich ist SPOT ja nicht wirklich billig, wenn man die Umsatz- und Gewinnzahlen ansieht. Zudem können jetzt erst mal nicht, wie erhofft, die 2,9 Mrd. $ Schulden konsolidiert werden.
GM-Hughes ist über die 81%-Beteiligung sicher nicht glücklich. Bei den enormen Umsätzen der letzten Tage könnte es gut sein, dass einige Stücke davon auf den Markt gekommen sind.
Allerdings halte ich den derzeitigen Ausverkauf für übertrieben, mit Loral drängt sich kein Vergleich auf.
SPOT hat eine hervorragende Auftragslage, allein für die lfd. Wartungsverträge. Werde demnächst mal einiges Material hier reinstellen.
Willkommen in meinem Uralt-Thread. Eigentlich ist SPOT ja nicht wirklich billig, wenn man die Umsatz- und Gewinnzahlen ansieht. Zudem können jetzt erst mal nicht, wie erhofft, die 2,9 Mrd. $ Schulden konsolidiert werden.
GM-Hughes ist über die 81%-Beteiligung sicher nicht glücklich. Bei den enormen Umsätzen der letzten Tage könnte es gut sein, dass einige Stücke davon auf den Markt gekommen sind.
Allerdings halte ich den derzeitigen Ausverkauf für übertrieben, mit Loral drängt sich kein Vergleich auf.
SPOT hat eine hervorragende Auftragslage, allein für die lfd. Wartungsverträge. Werde demnächst mal einiges Material hier reinstellen.
Daß Hughes über die Beteiligung nicht mehr so glücklich ist, ist klar, denn hätten sie sie nicht gehabt, dann wäre der Merger mit DISH wohl genehmigt worden. Ich bin mal sehr gespannt, in welcher Richtung sich jetzt die Konsolidierung der Industrie fortsetzen wird.
Einigermaßen verwundert war ich allerdings darüber, daß die Deutsche Telekom ihre Beteiligung an Eutelsat so plötzlich an ein italienisches Konsortium verkauft hat, denn um Eutelsat wird demnächst ein kleiner Bieterkrieg erwartet.
Einigermaßen verwundert war ich allerdings darüber, daß die Deutsche Telekom ihre Beteiligung an Eutelsat so plötzlich an ein italienisches Konsortium verkauft hat, denn um Eutelsat wird demnächst ein kleiner Bieterkrieg erwartet.
PanAmSat hits share price turbulence
Sunday December 15, 4:35 pm ET
By Peter Thal Larsen in New York
It is rare for a company to lose a fifth of its value in one day without its executives being at least partly responsible. But when PanAmSat`s share price dropped 21 per cent last Tuesday, Joe Wright, the satellite operator`s chief executive, was powerless to do anything about it.
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The plunge was caused by the decision by Hughes Electronics, PanAmSat`s parent company, to release its rival EchoStar Communications from an obligation to buy its 81 per cent owned subsidiary for about $2.7bn.
The move - which shocked and angered many investors - was a stark demonstration of PanAmSat`s role as a bargaining chip in the high-stakes poker game between Charlie Ergen, EchoStar chief executive, and the board of General Motors, which owns Hughes.
Mr Ergen had last year agreed to buy PanAmSat for $2.7bn if EchoStar`s merger with Hughes was blocked by US regulators. But as the merger ran into resistance in Washington, it became clear Mr Ergen would not pay up without a fight.
Rumours circulated that he would try to negotiate a lower price by arguing that PanAmSat`s performance had deteriorated in the year since the deal was signed.
But Mr Wright insists PanAmSat has never been stronger. Since taking over as chief executive in August last year, he has moved to control PanAmSat`s costs by restricting new satellite launches and concentrating on long-term video transmission contracts with large broadcasters.
In an industry where the majority of players have only recently shaken off their status as quasi non-governmental organisations that existed to serve a common good, Mr Wright is something of a contrarian.
PanAmSat`s focus on the traditional satellite business is also at odds with the industry`s recent push to transmit long-distance telecoms and internet traffic.
However, it seems to be working. This year, PanAmSat`s earnings per share are expected to double, mainly due to lower depreciation charges on its satellite fleet and lower interest payments.
The company is also generating significant amounts of cash - by the end of the year, it expects to have cash of $950m, against debt of $2.05bn - including an undrawn facility of $250m. And having just finished upgrading its satellite fleet, capital spending for the next few years should be modest.
"One of the things that was lost in the struggle while the [Hughes transaction] was being pursued was that PanAmSat was completing a remarkable turnaround," Mr Wright said.
PanAmSat is also understood to have teamed up with Finmeccanica, the Italian aerospace group, to make an offer for Eutelsat, the private Paris-based satellite operator.
According to Mr Wright, his brand of financial discipline and commercial management could work wonders for other players in the satellite business.
The long lead times for building and launching new satellites have tended to encourage bouts of over-investment followed by periods of painful contraction.
"If we can do this with 22 satellites, just imagine what we could do with 40," Mr Wright says.
Yet the continuing uncertainty about the company`s shareholding does not help.
Despite Rupert Murdoch`s eagerness to buy DirecTV, the satellite TV operator also owned by Hughes, the media mogul has made it clear he has little interest in owning PanAmSat.
While the Hughes management remains supportive, it seems unlikely that GM will still be PanAmSat`s ultimate owner a couple of years from now.
Ultimately that should make no difference to the company`s performance. But, in the meantime, Mr Wright will have to learn to live with a see-sawing stock price that is beyond his control.
Sunday December 15, 4:35 pm ET
By Peter Thal Larsen in New York
It is rare for a company to lose a fifth of its value in one day without its executives being at least partly responsible. But when PanAmSat`s share price dropped 21 per cent last Tuesday, Joe Wright, the satellite operator`s chief executive, was powerless to do anything about it.
ADVERTISEMENT
The plunge was caused by the decision by Hughes Electronics, PanAmSat`s parent company, to release its rival EchoStar Communications from an obligation to buy its 81 per cent owned subsidiary for about $2.7bn.
The move - which shocked and angered many investors - was a stark demonstration of PanAmSat`s role as a bargaining chip in the high-stakes poker game between Charlie Ergen, EchoStar chief executive, and the board of General Motors, which owns Hughes.
Mr Ergen had last year agreed to buy PanAmSat for $2.7bn if EchoStar`s merger with Hughes was blocked by US regulators. But as the merger ran into resistance in Washington, it became clear Mr Ergen would not pay up without a fight.
Rumours circulated that he would try to negotiate a lower price by arguing that PanAmSat`s performance had deteriorated in the year since the deal was signed.
But Mr Wright insists PanAmSat has never been stronger. Since taking over as chief executive in August last year, he has moved to control PanAmSat`s costs by restricting new satellite launches and concentrating on long-term video transmission contracts with large broadcasters.
In an industry where the majority of players have only recently shaken off their status as quasi non-governmental organisations that existed to serve a common good, Mr Wright is something of a contrarian.
PanAmSat`s focus on the traditional satellite business is also at odds with the industry`s recent push to transmit long-distance telecoms and internet traffic.
However, it seems to be working. This year, PanAmSat`s earnings per share are expected to double, mainly due to lower depreciation charges on its satellite fleet and lower interest payments.
The company is also generating significant amounts of cash - by the end of the year, it expects to have cash of $950m, against debt of $2.05bn - including an undrawn facility of $250m. And having just finished upgrading its satellite fleet, capital spending for the next few years should be modest.
"One of the things that was lost in the struggle while the [Hughes transaction] was being pursued was that PanAmSat was completing a remarkable turnaround," Mr Wright said.
PanAmSat is also understood to have teamed up with Finmeccanica, the Italian aerospace group, to make an offer for Eutelsat, the private Paris-based satellite operator.
According to Mr Wright, his brand of financial discipline and commercial management could work wonders for other players in the satellite business.
The long lead times for building and launching new satellites have tended to encourage bouts of over-investment followed by periods of painful contraction.
"If we can do this with 22 satellites, just imagine what we could do with 40," Mr Wright says.
Yet the continuing uncertainty about the company`s shareholding does not help.
Despite Rupert Murdoch`s eagerness to buy DirecTV, the satellite TV operator also owned by Hughes, the media mogul has made it clear he has little interest in owning PanAmSat.
While the Hughes management remains supportive, it seems unlikely that GM will still be PanAmSat`s ultimate owner a couple of years from now.
Ultimately that should make no difference to the company`s performance. But, in the meantime, Mr Wright will have to learn to live with a see-sawing stock price that is beyond his control.
Der Verkauf an die Italiener war wohl eher ein Politikum. Hier der Auszug aus der Süddeutschen vom 14.12.:
Großes Interesse an Eutelsat
Für die Beteiligung an dem Satellitenbetreiber Eutelsat habe die italienische Verlagsgruppe De Agostini 210 Millionen Euro bezahlt, teilte die Telekom mit. Der Anteil von 10,87 Prozent der Telekom werde in eine neue Holding in Luxemburg eingebracht.
Für Eutelsat interessieren sich offenbar amerikanische Satellitenfirmen, was manchen Politikern in Europa missfällt. Eutelsat war bis 2001 im Besitz europäischer Staaten und wurde im Zuge der Privatisierung unter den großen Telekomkonzernen aufgeteilt.
Hier noch ein paar LT-Kontrakte, sind aber nicht mehr aktuell: http://www.findarticles.com/cf_0/m0BCA/n4_v128/20190346/p1/a…
EchoStar hatte ja 22$ je Share geboten, was nun geplatzt ist. So gesehen ist der Kurseinbruch gut nachvollziehbar.
Sehe die Situation ähnlich wie noch vor einigen Jahren bei LMT. Auch damals konnte man leicht + locker unter 20 zugreifen...
Gruß Micky
Großes Interesse an Eutelsat
Für die Beteiligung an dem Satellitenbetreiber Eutelsat habe die italienische Verlagsgruppe De Agostini 210 Millionen Euro bezahlt, teilte die Telekom mit. Der Anteil von 10,87 Prozent der Telekom werde in eine neue Holding in Luxemburg eingebracht.
Für Eutelsat interessieren sich offenbar amerikanische Satellitenfirmen, was manchen Politikern in Europa missfällt. Eutelsat war bis 2001 im Besitz europäischer Staaten und wurde im Zuge der Privatisierung unter den großen Telekomkonzernen aufgeteilt.
Hier noch ein paar LT-Kontrakte, sind aber nicht mehr aktuell: http://www.findarticles.com/cf_0/m0BCA/n4_v128/20190346/p1/a…
EchoStar hatte ja 22$ je Share geboten, was nun geplatzt ist. So gesehen ist der Kurseinbruch gut nachvollziehbar.
Sehe die Situation ähnlich wie noch vor einigen Jahren bei LMT. Auch damals konnte man leicht + locker unter 20 zugreifen...
Gruß Micky
PanAmSat confirms offer for Eutelsat
NEW YORK (CBS.MW) - PanAmSat Corp. Tuesday confirmed it`s offered to buy European satellite operator Eutelsat S.A.
"We can confirm that PanAmSat met the deadline by Dec. 13 to have a proposal into Eutelsat," Chief Executive Joseph Wright told CBS.MarketWatch.com. He declined to give further information on the offer.
Last week, CBS.MarketWatch.com reported that PanAmSat, one of the world`s top three global satellite operators, planned to bid more than $3 billion for Paris-based Eutelsat.
Rival Intelsat Ltd. said last week that it would also make a cash and equity odder for Eutelsat.
Press reports pegged the Intelsat offer at $3 billion to $3.5 billion, including debt.
Wilton, Conn.-based PanAmSat (SPOT: news, chart, profile) is one of the top three global satellite operators.
Hughes Electronics Corp. (GMH: news, chart, profile), a unit of General Motors Corp. (GM: news, chart, profile), owns 81 percent of Wilton, Conn.-based PanAmSat.
PanAmSat`s stock added 9 cents to $15.10, Hughes gained 27 cents to $11.18 and GM lost 62 cents to $36.70 in late afternoon trading Tuesday.
NEW YORK (CBS.MW) - PanAmSat Corp. Tuesday confirmed it`s offered to buy European satellite operator Eutelsat S.A.
"We can confirm that PanAmSat met the deadline by Dec. 13 to have a proposal into Eutelsat," Chief Executive Joseph Wright told CBS.MarketWatch.com. He declined to give further information on the offer.
Last week, CBS.MarketWatch.com reported that PanAmSat, one of the world`s top three global satellite operators, planned to bid more than $3 billion for Paris-based Eutelsat.
Rival Intelsat Ltd. said last week that it would also make a cash and equity odder for Eutelsat.
Press reports pegged the Intelsat offer at $3 billion to $3.5 billion, including debt.
Wilton, Conn.-based PanAmSat (SPOT: news, chart, profile) is one of the top three global satellite operators.
Hughes Electronics Corp. (GMH: news, chart, profile), a unit of General Motors Corp. (GM: news, chart, profile), owns 81 percent of Wilton, Conn.-based PanAmSat.
PanAmSat`s stock added 9 cents to $15.10, Hughes gained 27 cents to $11.18 and GM lost 62 cents to $36.70 in late afternoon trading Tuesday.
PanAmSat confirms offer for Eutelsat
NEW YORK (CBS.MW) - PanAmSat Corp. Tuesday confirmed it`s offered to buy European satellite operator Eutelsat S.A.
"We can confirm that PanAmSat met the deadline by Dec. 13 to have a proposal into Eutelsat," Chief Executive Joseph Wright told CBS.MarketWatch.com. He declined to give further information on the offer.
Last week, CBS.MarketWatch.com reported that PanAmSat, one of the world`s top three global satellite operators, planned to bid more than $3 billion for Paris-based Eutelsat.
Rival Intelsat Ltd. said last week that it would also make a cash and equity odder for Eutelsat.
Press reports pegged the Intelsat offer at $3 billion to $3.5 billion, including debt.
Wilton, Conn.-based PanAmSat (SPOT: news, chart, profile) is one of the top three global satellite operators.
Hughes Electronics Corp. (GMH: news, chart, profile), a unit of General Motors Corp. (GM: news, chart, profile), owns 81 percent of Wilton, Conn.-based PanAmSat.
PanAmSat`s stock added 9 cents to $15.10, Hughes gained 27 cents to $11.18 and GM lost 62 cents to $36.70 in late afternoon trading Tuesday.
NEW YORK (CBS.MW) - PanAmSat Corp. Tuesday confirmed it`s offered to buy European satellite operator Eutelsat S.A.
"We can confirm that PanAmSat met the deadline by Dec. 13 to have a proposal into Eutelsat," Chief Executive Joseph Wright told CBS.MarketWatch.com. He declined to give further information on the offer.
Last week, CBS.MarketWatch.com reported that PanAmSat, one of the world`s top three global satellite operators, planned to bid more than $3 billion for Paris-based Eutelsat.
Rival Intelsat Ltd. said last week that it would also make a cash and equity odder for Eutelsat.
Press reports pegged the Intelsat offer at $3 billion to $3.5 billion, including debt.
Wilton, Conn.-based PanAmSat (SPOT: news, chart, profile) is one of the top three global satellite operators.
Hughes Electronics Corp. (GMH: news, chart, profile), a unit of General Motors Corp. (GM: news, chart, profile), owns 81 percent of Wilton, Conn.-based PanAmSat.
PanAmSat`s stock added 9 cents to $15.10, Hughes gained 27 cents to $11.18 and GM lost 62 cents to $36.70 in late afternoon trading Tuesday.
Das Thema wird es sicherlich noch in die Schlagzeilen schaffen. Um so seltsamer, daß die Telekom diese potentiell lukrativen Übernahmeangebote nicht abgewartet hat. 
Companies Jockey for Pieces of Eutelsat
Wednesday December 18, 5:24 pm ET
By Joseph Coleman, Associated Press Writer
Satellite Companies Jockey for Pieces of Eutelsat
PARIS (AP) -- The earth-bound slump in telecommunications also applies aloft, where some of the biggest property owners in the sky -- satellite operators -- are on the verge of a major shakeup.
In an industry suffering from overcapacity, the most certain target for consolidation is Paris-based Eutelsat, a former intergovernmental organization that went private last year.
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Eutelsat, the fourth-largest player in the satellite business, is being eyed by two companies that would become No. 1 by acquiring it, Intelsat Ltd. of Bermuda and PanAmSat Corp. of Wilton, Conn.
Two venture companies have expressed interest as well, and the selling price should top $3 billion.
The maneuverings come at a crucial time. Eutelsat`s main shareholders, a group of European telecom companies, are eager to unload their stakes and reduce their debt loads.
Whoever gets Eutelsat would not only surpass Luxembourg-based SES Global SA as the world`s top satellite operator, but would also gain an enviable foothold in the lucrative European market.
Eutelsat, which had revenue of $676 million last year, broadcasts more than 850 TV channels and 530 radio channels around the world from 23 satellites.
A chance to buy such a big chunk of the industry doesn`t often come up.
"Eutelsat, because it`s only one of two key players in Europe, is quite a crown jewel," said Thomas W. Watts, satellite analyst for SG Cowen Securities Inc. in New York.
One question is how eager the Europeans would be to see outsiders move onto their turf.
Eutelsat purchases satellites from two top European producers and buys launches from a European consortium, Ariane. If the Americans or others move in and replace the management, that business could be affected.
"As long as Eutelsat stays European, and the current management stays in place, they will keep purchasing from these other companies, which the Europeans perceive to have very high strategic value," Watts said.
The bidders seem to recognize this: PanAmSat is trying to assemble a European consortium of investors to take over Eutelsat.
Intelsat, which has a heavy presence in Washington, D.C., and also recently shed its status as an intergovernmental organization, is intent on playing up its international presence.
While it`s not yet clear whether such gambits will work, they`re considered good strategies, both to cut the buyers` financial exposure and to help navigate tougher European regulations on satellite operators.
As the bids for Eutelsat were being made last week, Deutsche Telekom AG agreed to sell its 10.9 percent stake in Eutelsat to Italian publishing house De Agostini for $214 million.
The deal valued Eutelsat at $1.9 billion, or $3.4 billion including debt.
Eutelsat`s other leading shareholders, France Telecom, with a 23 percent stake, and BT Group PLC, which owns 17 percent, are still on the lookout for purchasers. They have also instructed Eutelsat management to review bids for the entire company.
The stakeholders are moving ahead with the sales after a plan to take Eutelsat public this fall was shelved because of weakness in the equity markets.
The internal dynamics of the bidders could affect the outcome of the competition. PanAmSat`s chances, for example, might be hurt by the recent failure of a planned deal involving Hughes Electronics Corp., a division of General Motors Corp. which owns 81 percent of the satellite company.
Hughes` stake was to have transferred to EchoStar Communications Corp., which owns the Dish Network, but that agreement has fallen apart along with their proposed merger. The company says that won`t affect its bid, but not everyone agrees.
"It probably bodes well for Intelsat," said Sean Badding, senior analyst at The Carmel Group, a satellite consultant and market research firm in Carmel, Calif.
Aside from varying strengths in Internet or media services and different geographical presences, the work of a satellite operator varies little from company to company.
Intelsat says buying Eutelsat would firm up its position in video broadcasting, complement its already strong offerings in data transmission and boost its hold in Europe.
Intelsat just announced on Dec. 3 that it will provide high-speed Internet connections via satellite in Europe, with access 10 times faster than dial-up.
However the bids now on the table play out, analysts agree that the overcapacity in the industry is great enough that they expect a string of acquisitions to follow.
"There`s a lot of consolidation yet to come," said Rick Grubbs, senior telecom analyst for Credit Lyonnais Securities in New York. "There`s a real sense of globalization for satellites."
Companies Jockey for Pieces of Eutelsat
Wednesday December 18, 5:24 pm ET
By Joseph Coleman, Associated Press Writer
Satellite Companies Jockey for Pieces of Eutelsat
PARIS (AP) -- The earth-bound slump in telecommunications also applies aloft, where some of the biggest property owners in the sky -- satellite operators -- are on the verge of a major shakeup.
In an industry suffering from overcapacity, the most certain target for consolidation is Paris-based Eutelsat, a former intergovernmental organization that went private last year.
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Eutelsat, the fourth-largest player in the satellite business, is being eyed by two companies that would become No. 1 by acquiring it, Intelsat Ltd. of Bermuda and PanAmSat Corp. of Wilton, Conn.
Two venture companies have expressed interest as well, and the selling price should top $3 billion.
The maneuverings come at a crucial time. Eutelsat`s main shareholders, a group of European telecom companies, are eager to unload their stakes and reduce their debt loads.
Whoever gets Eutelsat would not only surpass Luxembourg-based SES Global SA as the world`s top satellite operator, but would also gain an enviable foothold in the lucrative European market.
Eutelsat, which had revenue of $676 million last year, broadcasts more than 850 TV channels and 530 radio channels around the world from 23 satellites.
A chance to buy such a big chunk of the industry doesn`t often come up.
"Eutelsat, because it`s only one of two key players in Europe, is quite a crown jewel," said Thomas W. Watts, satellite analyst for SG Cowen Securities Inc. in New York.
One question is how eager the Europeans would be to see outsiders move onto their turf.
Eutelsat purchases satellites from two top European producers and buys launches from a European consortium, Ariane. If the Americans or others move in and replace the management, that business could be affected.
"As long as Eutelsat stays European, and the current management stays in place, they will keep purchasing from these other companies, which the Europeans perceive to have very high strategic value," Watts said.
The bidders seem to recognize this: PanAmSat is trying to assemble a European consortium of investors to take over Eutelsat.
Intelsat, which has a heavy presence in Washington, D.C., and also recently shed its status as an intergovernmental organization, is intent on playing up its international presence.
While it`s not yet clear whether such gambits will work, they`re considered good strategies, both to cut the buyers` financial exposure and to help navigate tougher European regulations on satellite operators.
As the bids for Eutelsat were being made last week, Deutsche Telekom AG agreed to sell its 10.9 percent stake in Eutelsat to Italian publishing house De Agostini for $214 million.
The deal valued Eutelsat at $1.9 billion, or $3.4 billion including debt.
Eutelsat`s other leading shareholders, France Telecom, with a 23 percent stake, and BT Group PLC, which owns 17 percent, are still on the lookout for purchasers. They have also instructed Eutelsat management to review bids for the entire company.
The stakeholders are moving ahead with the sales after a plan to take Eutelsat public this fall was shelved because of weakness in the equity markets.
The internal dynamics of the bidders could affect the outcome of the competition. PanAmSat`s chances, for example, might be hurt by the recent failure of a planned deal involving Hughes Electronics Corp., a division of General Motors Corp. which owns 81 percent of the satellite company.
Hughes` stake was to have transferred to EchoStar Communications Corp., which owns the Dish Network, but that agreement has fallen apart along with their proposed merger. The company says that won`t affect its bid, but not everyone agrees.
"It probably bodes well for Intelsat," said Sean Badding, senior analyst at The Carmel Group, a satellite consultant and market research firm in Carmel, Calif.
Aside from varying strengths in Internet or media services and different geographical presences, the work of a satellite operator varies little from company to company.
Intelsat says buying Eutelsat would firm up its position in video broadcasting, complement its already strong offerings in data transmission and boost its hold in Europe.
Intelsat just announced on Dec. 3 that it will provide high-speed Internet connections via satellite in Europe, with access 10 times faster than dial-up.
However the bids now on the table play out, analysts agree that the overcapacity in the industry is great enough that they expect a string of acquisitions to follow.
"There`s a lot of consolidation yet to come," said Rick Grubbs, senior telecom analyst for Credit Lyonnais Securities in New York. "There`s a real sense of globalization for satellites."
Panamsat names technology chief to COO role
Monday December 23, 9:32 am ET
WILTON, CT., Dec 23 (Reuters) - Satellite operator PanAmSat Corp. (NasdaqNM:SPOT - News) named its technology boss, James Frownfelter, as chief operations officer on Monday in order to allow its chief executive to focus on growth strategy.
Frownfelter will continue to report to CEO Joseph Wright and will manage the company`s operations while remaining chief technology officer.
PanAmSat, which is 81 percent-owned by Hughes Electronics Corp (NYSE:GMH - News), uses its satellite network to carry television, video and Internet services for broadcasters.
Part of Wright`s focus is likely to include company efforts to buy European satellite company Eutelsat, for which it made a bid earlier this month.
Monday December 23, 9:32 am ET
WILTON, CT., Dec 23 (Reuters) - Satellite operator PanAmSat Corp. (NasdaqNM:SPOT - News) named its technology boss, James Frownfelter, as chief operations officer on Monday in order to allow its chief executive to focus on growth strategy.
Frownfelter will continue to report to CEO Joseph Wright and will manage the company`s operations while remaining chief technology officer.
PanAmSat, which is 81 percent-owned by Hughes Electronics Corp (NYSE:GMH - News), uses its satellite network to carry television, video and Internet services for broadcasters.
Part of Wright`s focus is likely to include company efforts to buy European satellite company Eutelsat, for which it made a bid earlier this month.
Reuters
PanAmSat says Directv Latam biggest revenue risk
Wednesday January 8, 6:42 pm ET
(Adds analyst comment, detail)
WILTON, Conn., Jan 8 (Reuters) - PanAmSat Corp. (NasdaqNM:SPOT - News) said on Wednesday that its biggest risk to future revenue from existing contracts comes from DirecTV Latin America, a broadcasting customer which said it could face bankruptcy.
PanAmSat, an operator of satellites used by broadcasters, saw its stock close down 6 percent on Wednesday after it said existing contracts with DirecTV Latin America represent future revenue of $589 million, including $57 million due this year.
This represents more than half of PanAmSat`s future at-risk revenue, which the company calculated at $1.06 billion in September, when PanAmSat said that six of its top 25 customers risked breaking their contractual obligations.
PanAmSat, which is 81 percent owned by Hughes Electronics Corp. (NYSE:GMH - News), said that DirecTV Latin America, also a Hughes affiliate, is up to date with its payments so far but it could not say whether it would meet its $57 million 2003 dues.
The satellite operator did not reveal the time span of DirecTV`s Latin America`s contracts.
Lehman Brothers analyst William Kidd reacted to Wednesday`s news by cutting his PanAmSat 12-month share price target by $1 to $16, citing concern that DirecTV Latin America`s restructuring would reduce PanAmSat`s backlog or revenue already committed.
"PanAmSat`s revenue impact from DirecTV in 2003 is likely to be small but the risk to its backlog is very high," Kidd said.
The longer-term prospect of a merger between another PanAmSat customer, Sky Latin America, owned by Rupert Murdoch`s News Corp (Australia:NCP.AX - News; NYSE:NWS - News), and DirecTV Latin America, is also a risk as it could lead to the loss a customer, Kidd added.
Since EchoStar Communications (NasdaqNMISH - News) abandoned its efforts to buy Hughes last year in a deal that included PanAmSat and the coveted DirecTV last month, Murdoch expressed interest in a deal with Hughes.
DirecTV Latin America said on Wednesday that it could seek bankruptcy protection in the United States due to economic problems in Latin America if it cannot restructure certain costs and debts.
PanAmSat shares closed down 93 cents at $14.81 on the Nasdaq stock market. The stock`s 52-week high was $25.99.
PanAmSat says Directv Latam biggest revenue risk
Wednesday January 8, 6:42 pm ET
(Adds analyst comment, detail)
WILTON, Conn., Jan 8 (Reuters) - PanAmSat Corp. (NasdaqNM:SPOT - News) said on Wednesday that its biggest risk to future revenue from existing contracts comes from DirecTV Latin America, a broadcasting customer which said it could face bankruptcy.
PanAmSat, an operator of satellites used by broadcasters, saw its stock close down 6 percent on Wednesday after it said existing contracts with DirecTV Latin America represent future revenue of $589 million, including $57 million due this year.
This represents more than half of PanAmSat`s future at-risk revenue, which the company calculated at $1.06 billion in September, when PanAmSat said that six of its top 25 customers risked breaking their contractual obligations.
PanAmSat, which is 81 percent owned by Hughes Electronics Corp. (NYSE:GMH - News), said that DirecTV Latin America, also a Hughes affiliate, is up to date with its payments so far but it could not say whether it would meet its $57 million 2003 dues.
The satellite operator did not reveal the time span of DirecTV`s Latin America`s contracts.
Lehman Brothers analyst William Kidd reacted to Wednesday`s news by cutting his PanAmSat 12-month share price target by $1 to $16, citing concern that DirecTV Latin America`s restructuring would reduce PanAmSat`s backlog or revenue already committed.
"PanAmSat`s revenue impact from DirecTV in 2003 is likely to be small but the risk to its backlog is very high," Kidd said.
The longer-term prospect of a merger between another PanAmSat customer, Sky Latin America, owned by Rupert Murdoch`s News Corp (Australia:NCP.AX - News; NYSE:NWS - News), and DirecTV Latin America, is also a risk as it could lead to the loss a customer, Kidd added.
Since EchoStar Communications (NasdaqNM
ISH - News) abandoned its efforts to buy Hughes last year in a deal that included PanAmSat and the coveted DirecTV last month, Murdoch expressed interest in a deal with Hughes.DirecTV Latin America said on Wednesday that it could seek bankruptcy protection in the United States due to economic problems in Latin America if it cannot restructure certain costs and debts.
PanAmSat shares closed down 93 cents at $14.81 on the Nasdaq stock market. The stock`s 52-week high was $25.99.
Dow Jones Business News
PanAmSat Seeks Growth Amid Soft Industry Demand>SPOT
Tuesday January 14, 5:24 pm ET
By Ellen Sheng, Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Global satellite operator PanAmSat Corp. (NasdaqNM:SPOT - News) turned in a solid fourth quarter Tuesday and announced growth plans despite soft demand across the industry.
Earlier, the Wilton, Conn., company reported net income of $23.6 million, or 16 cents a share, on revenue of $196.8 million in for the period ended Sept. 30. A year ago, the company posted earnings of $3.2 million, or 2 cents a share, on revenue of $203.7 million a year earlier.
PanAmSat`s earnings beat analyst estimates by a penny. However, revenue came in slightly below the Thomson First Call consensus view of $200.7 million.
Chief Executive Joe Wright has "done a great job turning around the company, demonstrating that he can get costs under control," said Tom Watts, analyst at SG Cowen.
While Wright said he expects 2003 to close flat with 2002 results, he also left the door open to some upside surprises.
"I have seen the forecasts that say that the growth is going to be starting around the end of the year ... . We`re not counting on it ... but there is in my opinion some upside opportunity there," Wright said.
For the first quarter, PanAmSat forecasted earnings of 13 cents to 17 cents a share, on revenue of $190 million to $200 million.
For year-end, the company anticipates earnings of 52 cents to 62 cents a share and revenue of $790 million to $820 million.
The forecast came in "a little lower than expected," Watts said. He attributed the lower guidance to conservative management. They are assuming no upturn in the marketplace, and that seems like a reasonable position to take, he continued.
One item likely to provide some additional upside will be the company`s acquisition of Hughes Electronics government services arm, Hughes Global services.
Wright said that once the acquisition closes, the Hughes division should add $30 million to $40 million to PanAmSat`s annual revenue.
PanAmSat Seeks Growth Amid Soft Industry Demand>SPOT
Tuesday January 14, 5:24 pm ET
By Ellen Sheng, Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Global satellite operator PanAmSat Corp. (NasdaqNM:SPOT - News) turned in a solid fourth quarter Tuesday and announced growth plans despite soft demand across the industry.
Earlier, the Wilton, Conn., company reported net income of $23.6 million, or 16 cents a share, on revenue of $196.8 million in for the period ended Sept. 30. A year ago, the company posted earnings of $3.2 million, or 2 cents a share, on revenue of $203.7 million a year earlier.
PanAmSat`s earnings beat analyst estimates by a penny. However, revenue came in slightly below the Thomson First Call consensus view of $200.7 million.
Chief Executive Joe Wright has "done a great job turning around the company, demonstrating that he can get costs under control," said Tom Watts, analyst at SG Cowen.
While Wright said he expects 2003 to close flat with 2002 results, he also left the door open to some upside surprises.
"I have seen the forecasts that say that the growth is going to be starting around the end of the year ... . We`re not counting on it ... but there is in my opinion some upside opportunity there," Wright said.
For the first quarter, PanAmSat forecasted earnings of 13 cents to 17 cents a share, on revenue of $190 million to $200 million.
For year-end, the company anticipates earnings of 52 cents to 62 cents a share and revenue of $790 million to $820 million.
The forecast came in "a little lower than expected," Watts said. He attributed the lower guidance to conservative management. They are assuming no upturn in the marketplace, and that seems like a reasonable position to take, he continued.
One item likely to provide some additional upside will be the company`s acquisition of Hughes Electronics government services arm, Hughes Global services.
Wright said that once the acquisition closes, the Hughes division should add $30 million to $40 million to PanAmSat`s annual revenue.
Dow Jones Business News
Hughes Considers Plan to Boost Satellite Services
Wednesday January 22, 12:26 am ET
Hughes Electronics Corp. , while seeking a buyer for its DirecTV satellite-to-home broadcast unit, is considering a separate strategy to retain and expand satellite services provided to business customers by other parts of the company, industry officials told The Wall Street Journal.
The plan, which hasn`t been publicly disclosed, is still being drafted by Chief Executive Jack Shaw and could change significantly in coming weeks. But the preliminary concept envisions a two-pronged approach in which the El Segundo, Calif., company would maintain its 81% stake in fixed-satellite- services provider PanAmSat Corp. (NasdaqNM:SPOT - News) , Wilton, Conn., and merge Hughes`s Network Systems unit into that separately traded entity.
A primary goal, according to industry officials familiar with the matter, would be to use PanAmSat`s dependable and robust cash flow to help finance fledgling but potentially faster-growing businesses spearheaded by Network Systems. The unit is pursuing flexible, high-speed data transmission and Internet connections using a new generation of more-powerful satellites called Spaceway.
When General Motors Corp. put Hughes up for sale in 2000, it wanted to divest itself of the entire company and all of its assets, including the PanAmSat stake and the Networks Systems unit, based in Germantown, Md. Now, however, Hughes executives appear to favor carving off only DirecTV, their flagship consumer business with more than 13 million subscribers in North and South America. They hope to take their time and maximize the selling price, partly by offering DirecTV as a stand-alone entity, according to industry officials.
While some senior Hughes executives are leaning toward this option, these officials stressed that the idea is subject to approval by the Hughes board as well as GM, which controls Hughes. Mr. Shaw and his management team also are examining other options, including the sale of the PanAmSat stake to strategic or financial investors, or requesting all-encompassing bids covering every Hughes asset. Hughes and PanAmSat declined to comment, and GM, Detroit, didn`t have any immediate comment.
Wall Street Journal Staff Reporter Andy Pasztor contributed to this report.
Hughes Considers Plan to Boost Satellite Services
Wednesday January 22, 12:26 am ET
Hughes Electronics Corp. , while seeking a buyer for its DirecTV satellite-to-home broadcast unit, is considering a separate strategy to retain and expand satellite services provided to business customers by other parts of the company, industry officials told The Wall Street Journal.
The plan, which hasn`t been publicly disclosed, is still being drafted by Chief Executive Jack Shaw and could change significantly in coming weeks. But the preliminary concept envisions a two-pronged approach in which the El Segundo, Calif., company would maintain its 81% stake in fixed-satellite- services provider PanAmSat Corp. (NasdaqNM:SPOT - News) , Wilton, Conn., and merge Hughes`s Network Systems unit into that separately traded entity.
A primary goal, according to industry officials familiar with the matter, would be to use PanAmSat`s dependable and robust cash flow to help finance fledgling but potentially faster-growing businesses spearheaded by Network Systems. The unit is pursuing flexible, high-speed data transmission and Internet connections using a new generation of more-powerful satellites called Spaceway.
When General Motors Corp. put Hughes up for sale in 2000, it wanted to divest itself of the entire company and all of its assets, including the PanAmSat stake and the Networks Systems unit, based in Germantown, Md. Now, however, Hughes executives appear to favor carving off only DirecTV, their flagship consumer business with more than 13 million subscribers in North and South America. They hope to take their time and maximize the selling price, partly by offering DirecTV as a stand-alone entity, according to industry officials.
While some senior Hughes executives are leaning toward this option, these officials stressed that the idea is subject to approval by the Hughes board as well as GM, which controls Hughes. Mr. Shaw and his management team also are examining other options, including the sale of the PanAmSat stake to strategic or financial investors, or requesting all-encompassing bids covering every Hughes asset. Hughes and PanAmSat declined to comment, and GM, Detroit, didn`t have any immediate comment.
Wall Street Journal Staff Reporter Andy Pasztor contributed to this report.
Reuters
Hughes: No plans to tie PanAmSat to Hughes Network Services
Wednesday January 22, 3:35 pm ET
NEW YORK, Jan 22 (Reuters) - Hughes Electronics Corp. (NYSE:GMH - News) said on Wednesday it has no plans to merge PanAmSat (NasdaqNM:SPOT - News) and Hughes Network Systems following a published report suggesting the link would accompany the sale of its DirecTV unit.
The comments come as Hughes tries to work out its own future after EchoStar`s failed takeover attempt of the company last year. Hughes owns satellite TV company DirecTV, which it is trying to sell, and 81 percent of satellite operator PanAmSat,
"No plan is being drafted to merge PanAmSat and Hughes Network Systems. However, Hughes is always reviewing its options," Hughes spokesman Richard Dore said.
Dore was responding to a Wall Street Journal article on Wednesday that said Hughes Chief Executive Jack Shaw is developing a plan to keep PanAmSat as a separately owned entity and integrate Hughes Network Systems, which sells television set-top boxes.
PanAmSat would not comment on the story.
One analyst suggested that the notion could be part of the tactics involved in clinching a DirecTV sale but he was concerned about how the tie up would affect PanAmSat.
"We view a potential merger between (PanAmSat) and HNS as more of a concern than a positive," Lehman Brothers analyst William Kidd said in a research note.
"The combination would convolute (PanAmSat`s) investment story and transform a safe business into a risky one."
Kidd was concerned that a merger would allow Hughes to use PanAmSat cash to support Spaceway, a satellite venture that Hughes plans to launch commercially at the start of next year.
Hughes owner General Motors (NYSE:GM - News), which said it hopes to disclose its intentions for Hughes ownership in two to six weeks, has said that possible options could include strategic investors, equity partners or maintaining ownership of Hughes.
Although the company has not disclosed specifics Rupert Murdoch`s News Corp (Australia:NCP.AX - News) has made no secret of its desire to add DirecTV to its global satellite services network.
PanAmSat stock was up 9 cents at $14.75 in afternoon trading on Nasdaq while Hughes stock was up 4 cents at $10.89 on the New York Stock Exchange.
Hughes: No plans to tie PanAmSat to Hughes Network Services
Wednesday January 22, 3:35 pm ET
NEW YORK, Jan 22 (Reuters) - Hughes Electronics Corp. (NYSE:GMH - News) said on Wednesday it has no plans to merge PanAmSat (NasdaqNM:SPOT - News) and Hughes Network Systems following a published report suggesting the link would accompany the sale of its DirecTV unit.
The comments come as Hughes tries to work out its own future after EchoStar`s failed takeover attempt of the company last year. Hughes owns satellite TV company DirecTV, which it is trying to sell, and 81 percent of satellite operator PanAmSat,
"No plan is being drafted to merge PanAmSat and Hughes Network Systems. However, Hughes is always reviewing its options," Hughes spokesman Richard Dore said.
Dore was responding to a Wall Street Journal article on Wednesday that said Hughes Chief Executive Jack Shaw is developing a plan to keep PanAmSat as a separately owned entity and integrate Hughes Network Systems, which sells television set-top boxes.
PanAmSat would not comment on the story.
One analyst suggested that the notion could be part of the tactics involved in clinching a DirecTV sale but he was concerned about how the tie up would affect PanAmSat.
"We view a potential merger between (PanAmSat) and HNS as more of a concern than a positive," Lehman Brothers analyst William Kidd said in a research note.
"The combination would convolute (PanAmSat`s) investment story and transform a safe business into a risky one."
Kidd was concerned that a merger would allow Hughes to use PanAmSat cash to support Spaceway, a satellite venture that Hughes plans to launch commercially at the start of next year.
Hughes owner General Motors (NYSE:GM - News), which said it hopes to disclose its intentions for Hughes ownership in two to six weeks, has said that possible options could include strategic investors, equity partners or maintaining ownership of Hughes.
Although the company has not disclosed specifics Rupert Murdoch`s News Corp (Australia:NCP.AX - News) has made no secret of its desire to add DirecTV to its global satellite services network.
PanAmSat stock was up 9 cents at $14.75 in afternoon trading on Nasdaq while Hughes stock was up 4 cents at $10.89 on the New York Stock Exchange.
Das war zu erwarten:
`FT`: Satellitenbetreiber PanAmSat verzichtet auf Rivalen Eutelsat
Freitag, 24.01.03, 09:09
LONDON (dpa-AFX) - Der US-Satellitenbetreiber PanAmSat hat Presse-Informationen zufolge sein Übernahmeangebot für den europäischen Rivalen Eutelsat zurückgezogen. PanAmSat-Chef Joe Wright habe seinem Pariser Kollegen Giuliano Beretta per Fax über die "bedauerliche" Entscheidung informiert, schreibt die "Financial Times" (Freitagausgabe) ohne nähere Angabe von Quellen. Nun bleibe nur noch der US-Satellitenbetreiber Intelsat als Bieter für Eutelsat.
Wright habe sich enttäuscht gezeigt über die Art und Weise, wie Eutelsat den Verkauf handhabe. Anteilseigner und Management von Eutelsat zögen bei dem Verkauf "nicht unbedingt an einem Strang". Trotz der Rücknahme des Angebots habe PanAmSat verlauten lassen, dass Interesse an einem künftigen Zusammengehen mit Eutelsat bestehe.
PanAmSat hatte im Dezember ein Übernahmeangebot gemacht, das Eutelsat mit 3 bis 3,3 Milliarden Euro einschließlich Schulden bewertete. Die Übernahme scheiterte der Zeitung zufolge auch daran, dass die Deutsche Telekom ihre Eutelsat-Anteile überraschend an den italienischen Verlag De Agostini und den von der Benetton-Familie geführten Beteiligungsfonds 21 Investimenti verkaufte. Zu den Eutelsat-Anteilseignern gehören auch British Telecom und France Telecom ./ari/mur/
Quelle: dpa-AFX
`FT`: Satellitenbetreiber PanAmSat verzichtet auf Rivalen Eutelsat
Freitag, 24.01.03, 09:09
LONDON (dpa-AFX) - Der US-Satellitenbetreiber PanAmSat hat Presse-Informationen zufolge sein Übernahmeangebot für den europäischen Rivalen Eutelsat zurückgezogen. PanAmSat-Chef Joe Wright habe seinem Pariser Kollegen Giuliano Beretta per Fax über die "bedauerliche" Entscheidung informiert, schreibt die "Financial Times" (Freitagausgabe) ohne nähere Angabe von Quellen. Nun bleibe nur noch der US-Satellitenbetreiber Intelsat als Bieter für Eutelsat.
Wright habe sich enttäuscht gezeigt über die Art und Weise, wie Eutelsat den Verkauf handhabe. Anteilseigner und Management von Eutelsat zögen bei dem Verkauf "nicht unbedingt an einem Strang". Trotz der Rücknahme des Angebots habe PanAmSat verlauten lassen, dass Interesse an einem künftigen Zusammengehen mit Eutelsat bestehe.
PanAmSat hatte im Dezember ein Übernahmeangebot gemacht, das Eutelsat mit 3 bis 3,3 Milliarden Euro einschließlich Schulden bewertete. Die Übernahme scheiterte der Zeitung zufolge auch daran, dass die Deutsche Telekom ihre Eutelsat-Anteile überraschend an den italienischen Verlag De Agostini und den von der Benetton-Familie geführten Beteiligungsfonds 21 Investimenti verkaufte. Zu den Eutelsat-Anteilseignern gehören auch British Telecom und France Telecom ./ari/mur/
Quelle: dpa-AFX
Reuters
INTERVIEW-PanAmSat weighs options after Eutelsat pullback
Thursday January 30, 2:47 pm ET
By Sinead Carew
NEW YORK, Jan 30 (Reuters) - Satellite communications company PanAmSat Corp. (NasdaqNM:SPOT - News) is now weighing either a joint venture with Eutelsat or alternative acquisitions following its pullback from bidding for the European satellite operator, PanAmSat`s chief executive said.
PanAmSat CEO Joe Wright told Reuters in an interview this week that he is keeping an eye on other ways of growing, including acquisitions, partnerships or technologies that would push PanAmSat into new growth markets.
"We`re going to watch as opportunities come up. We`ll look at total opportunities, or in some cases assets." Wright said, referring to either purchases of whole companies or of parts of certain businesses.
Late last week Wright vowed not to enter acquisition talks with Eutelsat until the intentions of the Paris-based company`s main shareholders including Britain`s BT Group Plc (London:BT.L - News) and France Telecom (Paris:FTE.PA - News) became clearer.
France Telecom, which owns 23.1 percent, said last year it could sell its stake to cut its debt pile, and Britain`s BT, which has 17.5 percent interest, describes Eutelsat as a non-core asset.
But Wright said that despite difficulties surrounding a Eutelsat bid, he is determined to improve PanAmSat`s presence in Europe.
"The question is we do want to strengthen our presence in Europe, and we will do it. There are just many various ways of doing it," he said.
Wright, who characterized his relationship with Eutelsat`s Chief Executive Guiliano Beretta as "friendly," said his options could include a link-up that falls short of a merger.
"I would say eventually there is something we can do together and it doesn`t have to be a full merger. It could be joint ventures; it could be affiliations or partial investments."
Wright who recently has stepped up PanAmSat`s push to be a consolidator within the satellite industry, is already in the process of merging with Hughes Global Services, part of Hughes Electronics Corp. (NYSE:GMH - News), which owns 81 percent of PanAmSat.
The Hughes deal, expected to close this quarter, aims to fulfill PanAmSat`s ambition of boosting its government communications business.
Government contracts currently bring in $20 million to $25 million a year, or just 3 percent of the annual revenue of PanAmSat, which is based in Wilton, Connecticut. Wright expects that Hughes Global Services could add another $35 million a year.
Wright said we was not in a position to comment on the wider questions surrounding PanAmSat`s future. Hughes Electronics is working with its parent General Motors Corp. (NYSE:GM - News) to figure out its own future after the failure of EchoStar Communications Corp.`s (NasdaqNMISH - News) efforts to buy Hughes last year.
After the deal collapsed, EchoStar was also released from a related agreement it had made to also buy Hughes` PanAmSat interest.
Although Wright said he would keep an eye on acquisition opportunities he would not comment on specific targets.
Some industry and financial analysts speculated that logical targets for PanAmSat could include Loral Skynet, a unit of Loral Space & Communications Ltd. (NYSE:LOR - News), and New Skies Satellites NV (NYSE:NSK - News).
"There are several global satellite companies at play. Loral is trying to offload Skynet, but their asking price is astronomical and unreasonable," Roger Rusch, president for consulting group TelAstra said.
New Skies, a second possible fit, has been cutting prices to win market share. "It might be good to take them out of play," Rusch said.
One satellite industry source who would not be named echoed Rusch`s sentiments, but drew distinctions, "Loral has very good assets. New Skies has fair assets."
Aside from problems related to Eutelsat`s patchwork of shareholders, PanAmSat is up against the powerful political opposition in France to any sale of Eutelsat to an American company. Another Eutelsat bidder -- Intelsat Ltd., the 1960s U.S. government creation that is backed by scores of countries and companies -- faces more or less the same problem.
Wright believes he has an answer.
"Whatever`s going to happen (with Eutelsat) is going to be a European solution. You`re going to have to have a European entity that stays as a presence in Europe. It can`t be ... just a division of an American company. We never foresaw it as that."
INTERVIEW-PanAmSat weighs options after Eutelsat pullback
Thursday January 30, 2:47 pm ET
By Sinead Carew
NEW YORK, Jan 30 (Reuters) - Satellite communications company PanAmSat Corp. (NasdaqNM:SPOT - News) is now weighing either a joint venture with Eutelsat or alternative acquisitions following its pullback from bidding for the European satellite operator, PanAmSat`s chief executive said.
PanAmSat CEO Joe Wright told Reuters in an interview this week that he is keeping an eye on other ways of growing, including acquisitions, partnerships or technologies that would push PanAmSat into new growth markets.
"We`re going to watch as opportunities come up. We`ll look at total opportunities, or in some cases assets." Wright said, referring to either purchases of whole companies or of parts of certain businesses.
Late last week Wright vowed not to enter acquisition talks with Eutelsat until the intentions of the Paris-based company`s main shareholders including Britain`s BT Group Plc (London:BT.L - News) and France Telecom (Paris:FTE.PA - News) became clearer.
France Telecom, which owns 23.1 percent, said last year it could sell its stake to cut its debt pile, and Britain`s BT, which has 17.5 percent interest, describes Eutelsat as a non-core asset.
But Wright said that despite difficulties surrounding a Eutelsat bid, he is determined to improve PanAmSat`s presence in Europe.
"The question is we do want to strengthen our presence in Europe, and we will do it. There are just many various ways of doing it," he said.
Wright, who characterized his relationship with Eutelsat`s Chief Executive Guiliano Beretta as "friendly," said his options could include a link-up that falls short of a merger.
"I would say eventually there is something we can do together and it doesn`t have to be a full merger. It could be joint ventures; it could be affiliations or partial investments."
Wright who recently has stepped up PanAmSat`s push to be a consolidator within the satellite industry, is already in the process of merging with Hughes Global Services, part of Hughes Electronics Corp. (NYSE:GMH - News), which owns 81 percent of PanAmSat.
The Hughes deal, expected to close this quarter, aims to fulfill PanAmSat`s ambition of boosting its government communications business.
Government contracts currently bring in $20 million to $25 million a year, or just 3 percent of the annual revenue of PanAmSat, which is based in Wilton, Connecticut. Wright expects that Hughes Global Services could add another $35 million a year.
Wright said we was not in a position to comment on the wider questions surrounding PanAmSat`s future. Hughes Electronics is working with its parent General Motors Corp. (NYSE:GM - News) to figure out its own future after the failure of EchoStar Communications Corp.`s (NasdaqNM
ISH - News) efforts to buy Hughes last year.After the deal collapsed, EchoStar was also released from a related agreement it had made to also buy Hughes` PanAmSat interest.
Although Wright said he would keep an eye on acquisition opportunities he would not comment on specific targets.
Some industry and financial analysts speculated that logical targets for PanAmSat could include Loral Skynet, a unit of Loral Space & Communications Ltd. (NYSE:LOR - News), and New Skies Satellites NV (NYSE:NSK - News).
"There are several global satellite companies at play. Loral is trying to offload Skynet, but their asking price is astronomical and unreasonable," Roger Rusch, president for consulting group TelAstra said.
New Skies, a second possible fit, has been cutting prices to win market share. "It might be good to take them out of play," Rusch said.
One satellite industry source who would not be named echoed Rusch`s sentiments, but drew distinctions, "Loral has very good assets. New Skies has fair assets."
Aside from problems related to Eutelsat`s patchwork of shareholders, PanAmSat is up against the powerful political opposition in France to any sale of Eutelsat to an American company. Another Eutelsat bidder -- Intelsat Ltd., the 1960s U.S. government creation that is backed by scores of countries and companies -- faces more or less the same problem.
Wright believes he has an answer.
"Whatever`s going to happen (with Eutelsat) is going to be a European solution. You`re going to have to have a European entity that stays as a presence in Europe. It can`t be ... just a division of an American company. We never foresaw it as that."
Leider habe ich die news schon wieder nur in englischer Sprache. Aber immerhin sie sind nicht schlecht...
Reuters
PanAmSat says results `on track` in first quarter
Tuesday March 11, 1:14 pm ET
NEW YORK, March 11 (Reuters) - Satellite operator PanAmSat Corp. (NasdaqNM:SPOT - News) expects to meet its financial forecasts for the first quarter, although the overall market is poor, the company`s chief executive said on Tuesday.
"We`re doing fine," PanAmSat Chief Executive Joseph Wright told Reuters in a telephone interview when asked about the current quarter. "We`re on track despite a bad market."
The company said in January that it expected to earn 13 cents to 17 cents in the first quarter on revenue of $190 million to $200 million.
Wright also said PanAmSat closed its $8 million purchase of Hughes Global Services, the government services arm of Hughes Electronics Corp.(NYSE:GMH - News), which owns 81 percent of PanAmSat.
The acquisition should add $20 million to $30 million to revenueS in 2003, Wright said, but he was not ready to update the company`s forecasts for the year.
"We`re going to take a look at what the overall picture looks like," he said. "We`re actually doing fairly well holding guidance flat. I think you`re going to see most of the fixed satellite service companies being flat to down this year."
PanAmSat said in January it expected to earn 52 cents to 62 cents a share in 2003 on revenue of $790 million to $820 million, which would about unchanged with 2002.
Wright said PanAmSat bought the Hughes Global Service business primarily in anticipation of increased government spending due to world events and homeland security.
"We expect the U.S. government, from what they`ve said they will do, to increase the $400 million in annual contracts with commercial satellite providers substantially above that level," he said.
PanAmSat stock was down 23 cents, or 1.8 percent, at $12.86 in afternoon trade on the Nasdaq stock market.
Reuters
PanAmSat says results `on track` in first quarter
Tuesday March 11, 1:14 pm ET
NEW YORK, March 11 (Reuters) - Satellite operator PanAmSat Corp. (NasdaqNM:SPOT - News) expects to meet its financial forecasts for the first quarter, although the overall market is poor, the company`s chief executive said on Tuesday.
"We`re doing fine," PanAmSat Chief Executive Joseph Wright told Reuters in a telephone interview when asked about the current quarter. "We`re on track despite a bad market."
The company said in January that it expected to earn 13 cents to 17 cents in the first quarter on revenue of $190 million to $200 million.
Wright also said PanAmSat closed its $8 million purchase of Hughes Global Services, the government services arm of Hughes Electronics Corp.(NYSE:GMH - News), which owns 81 percent of PanAmSat.
The acquisition should add $20 million to $30 million to revenueS in 2003, Wright said, but he was not ready to update the company`s forecasts for the year.
"We`re going to take a look at what the overall picture looks like," he said. "We`re actually doing fairly well holding guidance flat. I think you`re going to see most of the fixed satellite service companies being flat to down this year."
PanAmSat said in January it expected to earn 52 cents to 62 cents a share in 2003 on revenue of $790 million to $820 million, which would about unchanged with 2002.
Wright said PanAmSat bought the Hughes Global Service business primarily in anticipation of increased government spending due to world events and homeland security.
"We expect the U.S. government, from what they`ve said they will do, to increase the $400 million in annual contracts with commercial satellite providers substantially above that level," he said.
PanAmSat stock was down 23 cents, or 1.8 percent, at $12.86 in afternoon trade on the Nasdaq stock market.
Danke für das Ding!
PanAmsat sagt, man sein "On Track". Tja, man muß dieser Tage schon damit zufrieden sein. Jedoch wagt Wright keinen Ausblick auf das Jahr. Der Markt reagiert verhalten.
Ich glaube, ein Stopp-Loss wäre besser gewesen. Bin schon mit 1/3 in den "Nassen" mit der Aktie. Jetzt heißt es durchhalten.
PanAmsat sagt, man sein "On Track". Tja, man muß dieser Tage schon damit zufrieden sein. Jedoch wagt Wright keinen Ausblick auf das Jahr. Der Markt reagiert verhalten.
Ich glaube, ein Stopp-Loss wäre besser gewesen. Bin schon mit 1/3 in den "Nassen" mit der Aktie. Jetzt heißt es durchhalten.
PanAmSat Spinoff to Seek U.S. Sales
United States, Mar 11, 2003 (Newsbytes via COMTEX) -- PanAmSat Corp. merged a
satellite division of its parent, Hughes Electronics Corp., with its own
government-sales division, and it plans to launch the combined company today.
The company, which will be based in Washington, is to be called G2 Solutions. It
will focus on selling satellite services to the government.
PanAmSat, which is 81 percent owned by Hughes Electronics, acquired Hughes
Global Services Inc. for about $8 million in cash. The new company will double
PanAmSat`s government business to about $60 million this year, said Thomas
Eaton, executive vice president of global sales for PanAmSat.
Joseph R. Wright Jr., PanAmSat`s president and chief executive said that
"traditionally, PanAmSat wasn`t a company that did much business with the U.S.
government" because its founder, Rene V. Anselmo, had to fight government so
hard to get licenses to operate. "We weren`t oriented toward doing business with
the government. But I think it could be good business for us," Wright said.
Hughes Global Services, the El Segundo, Calif.-based wholly owned subsidiary of
Hughes Electronics, has 21 employees. The company sells its services to more
than 70 government agencies, but not much to the Defense Department, with which
PanAmSat does the bulk of its government-related business, Eaton said.
The new company is called G2 for "government and global," he said, but the name
also reflects the government`s code word for intelligence.
During its five-year history, Hughes Global Services has grown 20 to 25 percent
annually, said Donald A. Gonzales, senior vice president for government service,
who will head G2. Joining with PanAmSat will give the combined firm greater
resources, infrastructure and a larger brand name, he said. G2 will have 24
employees as well as back-office support from 700 PanAmSat employees, he said.
PanAmSat`s deal is indicative of how the satellite industry is seeking military
and homeland security interests. Satellites are used, among other things, to
transmit maps, gather data from unmanned surveillance vehicles and keep the
Navy`s ships in contact with a command center.
The U.S. government spends more than $400 million a year on satellite services
used by about 150 federal agencies for such things as mobile and remote
communications, high-speed Internet access, and distance learning, said Sabrina
Crane, program manager for satellite services in the office of Federal
Technology Service at the General Services Administration. Every year, demand
for satellite services increases, she said.
"I think the way the federal government is going, you have greater need for
communications -- sometimes in areas where terrestrial systems don`t work,"
Crane said. Also, because of the threat of terrorism, agencies are trying to
improve their "continuing operations" programs, which often involves finding a
good backup system to the existing telephone and Internet systems, she said.
Hughes Global Services has had a contract with the GSA since 1999 and is one of
nine satellite firms that sells to the agency, she said.
PanAmSat, which traditionally specializes in broadcasting videos over satellite,
last year began selling a package of satellite services -- including phone,
Internet connection, satellite capacity and ground equipment to transmit the
information -- to the government because the country was gearing up for war and
to defend itself against terrorism.
"On September 11, satellite became a critical way to replace the local area
network" because the terrorist attacks disrupted cellular and land-line
telephone networks, Eaton said. Satellites can be use in surveillance missions
and border control, or to set up emergency backup networks, he said.
By Yuki Noguchi
Reported By TechNews.com, http://www.TechNews.com
United States, Mar 11, 2003 (Newsbytes via COMTEX) -- PanAmSat Corp. merged a
satellite division of its parent, Hughes Electronics Corp., with its own
government-sales division, and it plans to launch the combined company today.
The company, which will be based in Washington, is to be called G2 Solutions. It
will focus on selling satellite services to the government.
PanAmSat, which is 81 percent owned by Hughes Electronics, acquired Hughes
Global Services Inc. for about $8 million in cash. The new company will double
PanAmSat`s government business to about $60 million this year, said Thomas
Eaton, executive vice president of global sales for PanAmSat.
Joseph R. Wright Jr., PanAmSat`s president and chief executive said that
"traditionally, PanAmSat wasn`t a company that did much business with the U.S.
government" because its founder, Rene V. Anselmo, had to fight government so
hard to get licenses to operate. "We weren`t oriented toward doing business with
the government. But I think it could be good business for us," Wright said.
Hughes Global Services, the El Segundo, Calif.-based wholly owned subsidiary of
Hughes Electronics, has 21 employees. The company sells its services to more
than 70 government agencies, but not much to the Defense Department, with which
PanAmSat does the bulk of its government-related business, Eaton said.
The new company is called G2 for "government and global," he said, but the name
also reflects the government`s code word for intelligence.
During its five-year history, Hughes Global Services has grown 20 to 25 percent
annually, said Donald A. Gonzales, senior vice president for government service,
who will head G2. Joining with PanAmSat will give the combined firm greater
resources, infrastructure and a larger brand name, he said. G2 will have 24
employees as well as back-office support from 700 PanAmSat employees, he said.
PanAmSat`s deal is indicative of how the satellite industry is seeking military
and homeland security interests. Satellites are used, among other things, to
transmit maps, gather data from unmanned surveillance vehicles and keep the
Navy`s ships in contact with a command center.
The U.S. government spends more than $400 million a year on satellite services
used by about 150 federal agencies for such things as mobile and remote
communications, high-speed Internet access, and distance learning, said Sabrina
Crane, program manager for satellite services in the office of Federal
Technology Service at the General Services Administration. Every year, demand
for satellite services increases, she said.
"I think the way the federal government is going, you have greater need for
communications -- sometimes in areas where terrestrial systems don`t work,"
Crane said. Also, because of the threat of terrorism, agencies are trying to
improve their "continuing operations" programs, which often involves finding a
good backup system to the existing telephone and Internet systems, she said.
Hughes Global Services has had a contract with the GSA since 1999 and is one of
nine satellite firms that sells to the agency, she said.
PanAmSat, which traditionally specializes in broadcasting videos over satellite,
last year began selling a package of satellite services -- including phone,
Internet connection, satellite capacity and ground equipment to transmit the
information -- to the government because the country was gearing up for war and
to defend itself against terrorism.
"On September 11, satellite became a critical way to replace the local area
network" because the terrorist attacks disrupted cellular and land-line
telephone networks, Eaton said. Satellites can be use in surveillance missions
and border control, or to set up emergency backup networks, he said.
By Yuki Noguchi
Reported By TechNews.com, http://www.TechNews.com
GM-Hughes ist offenbar nicht glücklich über sein 80%-Paket an PanAmSat.
03/12 17:59
PanAmSat Talks With Investors Over Buyout, Financial Times Says
By Bloomberg News
Wilton, Connecticut, March 12 (Bloomberg) -- PanAmSat Corp., the largest U.S. commercial satellite operator, is in negotiations with private investors about a possible buyout, the Financial Times reported, citing people familiar with the matter.
PanAmSat made presentations to investors including Blackstone and Providence Equity Partners, the Financial Times reported on its Web site.
General Motors spokeswoman Toni Simonetti said the Financial Times story was ``speculative.`` She declined to comment further. GM is PanAmSat`s parent company.
PanAmSat spokeswoman Kathryn Lancioni didn`t immediately return a phone call from Bloomberg News.
03/12 17:59
PanAmSat Talks With Investors Over Buyout, Financial Times Says
By Bloomberg News
Wilton, Connecticut, March 12 (Bloomberg) -- PanAmSat Corp., the largest U.S. commercial satellite operator, is in negotiations with private investors about a possible buyout, the Financial Times reported, citing people familiar with the matter.
PanAmSat made presentations to investors including Blackstone and Providence Equity Partners, the Financial Times reported on its Web site.
General Motors spokeswoman Toni Simonetti said the Financial Times story was ``speculative.`` She declined to comment further. GM is PanAmSat`s parent company.
PanAmSat spokeswoman Kathryn Lancioni didn`t immediately return a phone call from Bloomberg News.
Tsts, im Yahoo-Board hoffen schon manche auf baldige Kurse um die 20$
Würde mir auch gefallen, allerdings fehlt mir so recht der Glaube.
Mal abwarten, was bei den Verkaufsgesprächen herauskommt.
Würde mir auch gefallen, allerdings fehlt mir so recht der Glaube.Mal abwarten, was bei den Verkaufsgesprächen herauskommt.
PanAmSat CEO: We are not for sale
Leading satellite operator reports higher Q1 profit
By Luisa Beltran, CBS.MarketWatch.com
Last Update: 5:51 PM ET April 11, 2003
NEW YORK (CBS.MW) -- In a down market for satellite operators, PanAmSat Corp. stands as one of the few doing well.
PanAmSat on Friday reported first quarter income of $30.9 million, or 21 cents a share compared to $21 million, or 14 cents a share. Revenue dropped more than 3 percent to $199.8 million for the quarter.
The company boosted its earnings outlook for the year to 54 to 64 a share, up from 52 to 62 a share.
The earnings report caused PanAmSat(SPOT: news, chart, profile) shares to surge 3.5 percent, or 53 cents, to $15.61 Friday.
"People finally realized what terrific value we are," Chief Executive Officer Joseph Wright said in an interview with CBS.MarketWatch.com.
See exclusive interview with PanAmSat CEO Wright on Yahoo! Platinum (subscription required).
The global satellite provider is managing expenditures for a flat to weak market. Last year, PanAmSat had sales and general administration costs of $32 million but cut that to $19 million in the first quarter.
Many of PanAmSat`s competitors are down 5 to 10 percent, he said. "When the market does turn back up again, we will be very profitable," he said.
A sale?
Earlier this week, General Motors(GM: news, chart, profile) announced a long-awaited deal to sell a 34 percent stake in Hughes Electronics to News Corp. Hughes owns 81 percent of Wilton, Conn.-based PanAmSat, one of the world`s top three global satellite operators. See full story.
Some have speculated that News Corp., led by Rupert Murdoch, would look to sell PanAmSat, which has about $2.3 billion in debt, once his buy of Hughes(GMH: news, chart, profile) is completed later this year or early in 2004.
During a press conference announcing the sale, Murdoch, as well as other News Corp.(NWS: news, chart, profile), GM and Hughes executives reaffirmed their commitment to keeping the Hughes companies together during the interim, Wright said in an interview.
"And afterwards we will also be kept as part of News Corp.," he said. "We are looking forward to it."
Earlier this year, press reports said that PanAmSat has held buyout talks with firms including Blackstone. "I just have to repeat what [News Corp.] said: We are not for sale," Wright said. "They plan to keep us and grow us and build value."
PanAmSat will become even more valuable once the market for satellite providers picks up.
Wright also announced a deal to help U.S. soldiers in Iraq. The PanAmSat CEO saw where a U.S. soldier could not call his pregnant wife back home. "The fees were about $1.50 for signup and 50 cents a minute," Wright said.
So Wright and Sen. John McCain, R-Ariz., are together devising a program where soldiers can call home for free. "This is one of those things I love to do," Wright said. "We are providing free satellite services."
Luisa Beltran is a reporter for CBS.MarketWatch.com in New York.
Leading satellite operator reports higher Q1 profit
By Luisa Beltran, CBS.MarketWatch.com
Last Update: 5:51 PM ET April 11, 2003
NEW YORK (CBS.MW) -- In a down market for satellite operators, PanAmSat Corp. stands as one of the few doing well.
PanAmSat on Friday reported first quarter income of $30.9 million, or 21 cents a share compared to $21 million, or 14 cents a share. Revenue dropped more than 3 percent to $199.8 million for the quarter.
The company boosted its earnings outlook for the year to 54 to 64 a share, up from 52 to 62 a share.
The earnings report caused PanAmSat(SPOT: news, chart, profile) shares to surge 3.5 percent, or 53 cents, to $15.61 Friday.
"People finally realized what terrific value we are," Chief Executive Officer Joseph Wright said in an interview with CBS.MarketWatch.com.
See exclusive interview with PanAmSat CEO Wright on Yahoo! Platinum (subscription required).
The global satellite provider is managing expenditures for a flat to weak market. Last year, PanAmSat had sales and general administration costs of $32 million but cut that to $19 million in the first quarter.
Many of PanAmSat`s competitors are down 5 to 10 percent, he said. "When the market does turn back up again, we will be very profitable," he said.
A sale?
Earlier this week, General Motors(GM: news, chart, profile) announced a long-awaited deal to sell a 34 percent stake in Hughes Electronics to News Corp. Hughes owns 81 percent of Wilton, Conn.-based PanAmSat, one of the world`s top three global satellite operators. See full story.
Some have speculated that News Corp., led by Rupert Murdoch, would look to sell PanAmSat, which has about $2.3 billion in debt, once his buy of Hughes(GMH: news, chart, profile) is completed later this year or early in 2004.
During a press conference announcing the sale, Murdoch, as well as other News Corp.(NWS: news, chart, profile), GM and Hughes executives reaffirmed their commitment to keeping the Hughes companies together during the interim, Wright said in an interview.
"And afterwards we will also be kept as part of News Corp.," he said. "We are looking forward to it."
Earlier this year, press reports said that PanAmSat has held buyout talks with firms including Blackstone. "I just have to repeat what [News Corp.] said: We are not for sale," Wright said. "They plan to keep us and grow us and build value."
PanAmSat will become even more valuable once the market for satellite providers picks up.
Wright also announced a deal to help U.S. soldiers in Iraq. The PanAmSat CEO saw where a U.S. soldier could not call his pregnant wife back home. "The fees were about $1.50 for signup and 50 cents a minute," Wright said.
So Wright and Sen. John McCain, R-Ariz., are together devising a program where soldiers can call home for free. "This is one of those things I love to do," Wright said. "We are providing free satellite services."
Luisa Beltran is a reporter for CBS.MarketWatch.com in New York.
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