Tuesday, August 15, 2006

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US Teachers Use Satellite Data in Science Class

US Teachers Use Satellite Data in Science Class
Voice of America -
Satellites have revolutionized global communications. Teachers say satellites are also changing scientific education, introducing students to pictures and research data transmitted from space.
US Teachers Use Satellite Data in Science Class Elites TV
all 4 related »
US Teachers Use Satellite Data in Science Class


14 August 2006


Listen to O'Sullivan report audio clip

Satellites have revolutionized global communications. Teachers say satellites are also changing scientific education, introducing students to pictures and research data transmitted from space. Scientists and teachers attended a recent conference of the Satellite Educators Association in Los Angeles.

Paula Arvedson
Paula Arvedson
Hundreds of satellites constantly send back images of earth and its weather systems, and educator Paula Arvedson says teachers are using the data to get their students involved in real-world science. Arvedson is associate professor of education at California State University, Los Angeles, which hosted the annual conference of satellite educators.

"We study oceans, we study currents, we study ocean temperature, also weather," she said. "We look at agriculture, crop health."

One student project is looking at marine life in nearby Santa Monica, using data from satellites.

John Moore
John Moore
John Moore, the association's incoming president, teaches high school science in Medford, New Jersey. He says the satellite educators association was set up to introduce teachers and students to the Earth as seen from space. In 1988, when the organization was founded, teachers built satellite receivers to get data from government agencies, including the National Oceanographic and Atmospheric Administration, or NOAA, and the space agency NASA. He says by the 1990s, the Internet made that data more accessible.

"And so all this information, of course, is now available to anyone free over the Internet," he said.

Fourteen-year-old Monique, a student from Orange County, California, has worked on various projects.

"Birds and migrations, and how the satellites track them," she said. "And two years before that, because of Hurricane Charlie, hurricanes and their effects and how satellites can be used to dissect them. And this year, I think we're going to be talking about the atmosphere and about the ocean and the temperatures."

Duane Laursen
Duane Laursen
Retired California teacher Duane Laursen has downloaded many types of data from US and Russian you can do with looking at photosynthesis," he said. "You can look at landforms in Earth science, earthquake faults. It just goes on and on, and it's unlimited just how creative you can be with this idea."

Bob Wanton of the National Weather Service sees widespread interest in global warming and hurricanes, and says many student projects blend real-world observation with satellite information. He says the projects get students into science early.

Bob Wanton
Bob Wanton
"We get them involved with going out, taking weather observations, looking at the computer models, and forecasting themselves or at least trying to forecast themselves," he said. "It piques their interest. It gets them involved. Whether they go into weather or not, at least they're seeing what's out there. They're getting into some kind of science, and it's making their mind work."

The satellite projects have applications beyond Earth-bound weather forecasts. One student group is studying pictures of Mars, another is looking at images of Saturn's rings and moons sent back by NASA spacecraft, and a third is studying turbulence on the sun's surface, in images relayed to the classroom by satellite.


http://www.voanews.com/english/2006-08-14-voa43.cfm

Satellite News


Playfuls.com
New Asia-Pacific satellite in orbit
Bizjournals.com, NC -
A new satellite, launched Friday night, is being positioned to transmit signals to satellite dishes from Japan and East Asia to Hawaii.
Japanese and French satellites go into orbit MSNBC
Ariane 5 ECA orbits JCSAT-10 and Syracuse 3B Playfuls.com
Ariane-5 rocket sends Japan and French satellites into orbit GameSHOUT
Technology News Daily - NASASpaceflight.com - all 17 related »
Greenland's ice loss is accelerating, satellite studies suggest
USA Today -
Greenland is shedding ice at an increasing rate, about three times faster than past years, satellite measurements suggest. The findings, based on more than three years of observations, echo data released earlier this year.
Sea may be rising faster than previously thought Boston Globe
all 7 related »

Technology News Daily
Scientists critique satellite protection
Monsters and Critics.com, UK - 4 hours ago
A proposed US system to protect satellites from solar storms or high-altitude nuclear detonations might cause radio communication blackouts.
US satellite plan 'will knock out Pacific radio links' New Zealand Herald
US satellite protection scheme could affect global communications EurekAlert (press release)
all 17 related »
Taiwan satellite starts transmitting weather data
Taiwan Headlines, Taiwan -
Taiwan's recently launched sounding satellite, FORMASAT-3, has begun sending weather data, as the first micro-satellite of the constellation settled in its designated orbital plane, a senior official of the FORMOSAT-3 Program Office said on Sunday.
FORMOSAT-3 commences sending weather updates Taipei Times
all 2 related »
Satellite solar touches down
NEWS.com.au, Australia -
SOLAR technology developed to power satellites in space will be adapted to Australia's sun-drenched lands in a $10 million deal signed today.
Gilat Satellite Turns To Profit In Q2 As Revenues Rise - Update
Trading Markets, CA -
(RTTNews) - Gilat Satellite Networks Ltd. (GILT | charts | news | PowerRating), a provider of products and services for satellite-based communications networks, on Monday announced its second quarter financial ...
Directed Electronics Reports Record Second Quarter 2006 Results ... Yahoo! News (press release)
Gilat Announces Second Quarter 2006 Results Business Wire (press release)
all 29 related »
Gilat Satellite Swings To Profit In Q2 On Higher Revenues - Quick ...
Trading Markets, CA
(RTTNews) - Gilat Satellite Networks (GILT | charts | news | PowerRating) posted second quarter non-GAAP net income of $3.1 million or $0.12 per share, compared to a loss of $1.1 million or $0.05 per share in the prior year quarter.
US satellite protection scheme poses global communications threat
innovations report, Germany - 15 hours ago
A proposed US system to protect satellites from solar storms or high-altitude nuclear detonations would cause worldwide radio communications blackouts, according to new research by a group of scientists from New Zealand, Finland and the UK.


Intelsat Reports Second Quarter 2006 Results; Revenue Increases on Solid Performance of Lease Services and Managed Solutions; Cost Reduction Efforts Yield Improved Margins; PanAmSat Integration on Schedule

PEMBROKE, Bermuda--(BUSINESS WIRE)--Aug. 14, 2006--Intelsat, Ltd., the world's largest provider of fixed satellite services, today reported results for the three-month and six-month periods ended June 30, 2006.

Results for both periods include Intelsat, Ltd. and its subsidiaries, referred to as Intelsat or the company. Results do not reflect our July 3, 2006 acquisition of PanAmSat Holding Corporation, which we renamed Intelsat Holding Corporation.

Intelsat, Ltd., reported revenue of $310.5 million and a net loss of $42.7 million for the quarter ended June 30, 2006.

The company also reported EBITDA, or Intelsat, Ltd. earnings before interest, taxes and depreciation and amortization, for the quarter of $221.6 million, or 71 percent of revenue, and the company also reported Sub Holdco Adjusted EBITDA(1) for the same period of $241.0 million, or 78 percent of revenue(2). Sub Holdco Adjusted EBITDA less the benefit of a one-time channel termination fee of $20.6 million recognized in the second quarter was $220.4 million, or 76 percent of revenue.

For the six months ended June 30, 2006, Intelsat reported revenue of $591.0 million, a net loss of $132.8 million, and EBITDA of $401.7 million, or 68 percent of revenue. Sub Holdco Adjusted EBITDA for the six month period was $447.7 million, or 76 percent of revenue. Sub Holdco Adjusted EBITDA less the benefit of the one-time channel termination fee of $20.6 million described above was $427.1 million, or 75 percent of revenue.

Intelsat generated strong free cash flow from operations of $123.5 million through the second quarter of 2006. Free cash flow from operations is defined as net cash provided by operating activities, less payments for satellites and other property, plant and equipment and associated capitalized interest.

"The second quarter featured solid performance at Intelsat and concluded with the closing of the PanAmSat transaction, a deal that has created the new global leader in satellite-based communications services," said Intelsat Chief Executive Officer, Dave McGlade. "Intelsat's core lease services and GlobalConnex(SM) managed solutions, up 8 percent and 26 percent respectively as compared to the year-ago quarter, continued to lead our business performance, driven by demand for corporate data and Voice Over IP applications. With the benefits of our controls over operating expense now demonstrated by the expansion in our margins, we are ready to enhance our global operations through continuing to execute a disciplined integration of PanAmSat."

"The integration is on track and proceeding as planned," McGlade added. "By making key integration decisions early on, we have been able to focus as one company on customers and the marketplace. Recent orders such as Intelsat General's contract in support of the German Military Satellite program validate that effort and position us to create 2007 revenue momentum."

Integration Process Highlights

Intelsat's integration process includes four primary thrusts: sales and marketing, staffing, operations and facilities. The sales and marketing organizations were integrated shortly after closing, with near term objectives that include network optimization in order to increase marketable capacity. Staffing decisions are largely complete. Intelsat expects total headcount to reduce from approximately 1,350 at deal close to a steady-state headcount of approximately 1,000 by mid-year 2008. Most facility closures and integration of back office functions are expected to be completed by mid-2007. Intelsat expects to conclude much of the satellite fleet and operations center integration in 2007, with the process fully complete by the end of 2008.

Intelsat expects to realize approximately $92 million in annualized operating cost savings by the end of 2008. In order to achieve these expected savings, Intelsat believes it will incur approximately $180 million in one time expenditures, approximately half of which are expected to be incurred in the second half of 2006 and substantially all of the balance in 2007. Integration expenses include approximately $40 million to $45 million in capital expenditures.

Financial Results for the Three Months Ended June 30, 2006

Total revenue increased $20.7 million, or 7 percent, for the three months ended June 30, 2006 from $289.8 million for the three months ended June 30, 2005, driven by strong results from lease, channel, and managed solutions service offerings. Lease services revenue increased $13.9 million, or 8 percent, to $196.9 million as compared to $183.0 million in the same period in 2005, primarily due to increased demand from Network Services and Telecom customers in North America, Africa, and the Middle East. Channel revenue increased $9.5 million to $66.7 million for the three months ended June 30, 2006 from $57.2 million for the three months ended June 30, 2005. The increase was primarily attributable to the previously mentioned one-time fee of $20.6 million, offset by the continuing decline in legacy channel services revenue. Mobile Satellite Services, or MSS, and other revenue declined by $9.9 million, or 45 percent, to $12.0 million for the three months ended June 30, 2006, as compared to $21.9 million in the prior-year period, primarily due to reduced usage of mobile satellite services sold to customers of Intelsat General. These declines were partially offset by increases in managed solutions revenue, which increased by $7.2 million, or 26 percent, to $34.9 million from $27.7 million in the year-ago period, driven primarily by increased demand for trunking and private line solutions for Network Services and Telecom customers.

Total operating expenses for the three months ended June 30, 2006 declined $7.1 million to $231.8 million, from $238.9 million in the same period in 2005. Depreciation and amortization expense increased $4.8 million, or 3 percent, to $148.6 million for the three months ended June 30, 2006 from $143.8 million for the same period in 2005, primarily due to the accelerated depreciation of certain retiring non-satellite assets. Direct cost of revenue declined by $13.9 million, or 23 percent, to $46.1 million for the period from $60.0 million for the same period in 2005, primarily due to the reduction in third party capacity costs related to the decline in MSS and lease service sales to customers of Intelsat General and lower insurance costs. Selling, general and administrative expense for the second quarter of 2006 was $37.1 million, an increase of $2.0 million from $35.1 million in the three months ended June 30, 2005, due primarily to lower bad debt expense for the period in 2005.

Net loss of $42.7 million for the three months ended June 30, 2006 reflected a decrease of $10.7 million from $53.4 million of net loss for the three months ended June 30, 2005. The net loss decrease resulted primarily from the higher revenues and lower costs described above, offset somewhat by higher interest expense. Interest expense increased $8.9 million to $108.3 million for the three months ended June 30, 2006, from $99.5 million for the same period in 2005. Current period interest expense included $14.9 million in non-cash expenses associated with the amortization and accretion of discounts recorded on existing debt.

EBITDA of $221.6 million, or 71 percent of revenue, for the three months ended June 30, 2006 reflected an increase of $27.1 million, or 14 percent, from $194.5 million, or 67 percent of revenue, for the same period in 2005. This increase was primarily due to the higher revenues and lower costs described above. Sub Holdco Adjusted EBITDA increased $33.8 million to $241.0 million, or 78 percent of revenue, for the three months ended June 30, 2006 from $207.2 million, or 71 percent of revenue, for the same period in 2005. Sub Holdco Adjusted EBITDA less the benefit of the one-time channel termination fee was $220.4 million, or 76 percent of revenue.

Financial Results for the Six Months Ended June 30, 2006

On January 28, 2005, Intelsat, Ltd. was acquired by Intelsat Holdings, Ltd. (the "Acquisition"). For comparative purposes, when we refer in this news release to our results for the six months ended June 30, 2005, we are referring to our combined results for the period from January 1, 2005 through January 31, 2005 and for the period (post-Acquisition) from February 1, 2005 through June 30, 2005.

Total revenue increased $8.0 million, or 1 percent, to $591.0 million for the six months ended June 30, 2006 from $583.0 million for the six months ended June 30, 2005, driven by increases in sales of lease and managed solutions service offerings. Lease services increased $14.6 million, or 4 percent, to $386.7 million as compared to $372.1 million in the same period in 2005, due to increased demand from Network Services and Telecom customers in Africa, the Middle East and North America. Channel revenue decreased $2.2 million to $115.4 million for the six months ended June 30, 2006 from $117.6 million for the six months ended June 30, 2005 due to the continuing decline in the use of legacy channel services. MSS and other revenue declined by $17.2 million to $22.7 million for the six months ended June 30, 2006, as compared to $39.9 million in the prior-year period, primarily due to reduced usage of mobile satellite services sold to customers of Intelsat General. These declines were partially offset by increases in managed solutions revenue, which increased by $12.8 million to $66.2 million for the six months ended June 30, 2006 from $53.4 million for the year-ago period, driven by increased demand for trunking and private line solutions for Network Services and Telecom customers.

Total operating expenses for the six months ended June 30, 2006 declined $114.9 million to $481.4 million, from $596.3 million for the same period in 2005, which included a $69.2 million satellite impairment charge due to the failure of our IS-804 satellite in January 2005. Depreciation and amortization expense increased $24.2 million, or 9 percent, to $303.2 million for the six months ended June 30, 2006 from $279.0 million for the same period in 2005, primarily due to purchase accounting treatment following the Acquisition and accelerated depreciation for retiring non-satellite assets, as well as to our IA-8 satellite, which entered service in July 2005. Direct costs of revenue declined by $29.6 million, or 23 percent, to $101.2 million for the first half of 2006 from $130.8 million for the same period in 2005, primarily due to the reduction in third party capacity costs related to the decline in MSS and lease service sales to customers of Intelsat General. Selling, general and administrative expense for the first half of 2006 was $77.0 million, a decline of $40.0 million from $117.0 million in the six months ended June 30, 2005. The decrease was due primarily to lower professional fees of $40.8 million as compared to the first six months of 2005, incurred mainly in connection with the Acquisition, offset by recovery of previously written-off bad debts of $7.3 million in 2005.

Net loss of $132.8 million for the six months ended June 30, 2006 reflected a decrease of $72.3 million from $205.1 million of net loss for the six months ended June 30, 2005. This decrease was primarily due to the IS-804 impairment charge and professional fees associated with the Acquisition that were incurred in 2005, and the higher revenues and lower costs in 2006 described above.

EBITDA of $401.7 million, or 68 percent of revenue, for the six months ended June 30, 2006 reflected an increase of $135.8 million from $265.9 million, or 46 percent of revenue, for the same period in 2005. This increase was primarily due to the IS-804 impairment charge and fees associated with the Acquisition incurred in 2005, and higher revenues and lower costs in 2006 described above. Sub Holdco Adjusted EBITDA increased $32.0 million to $447.7 million, or 76 percent of revenue, for the six months ended June 30, 2006 from $415.7 million, or 71 percent of revenue, for the same period in 2005. Sub Holdco Adjusted EBITDA less the benefit of the one-time channel termination fee of $20.6 million was $427.1 million, or 75 percent of revenue.

At June 30, 2006, Intelsat's backlog, representing expected future revenue under contracts with customers, was $3.74 billion. At March 31, 2006, Intelsat's backlog was $3.80 billion.

Intelsat management has reviewed the data pertaining to the use of the Intelsat system and is providing revenue information with respect to that use by service category and customer set in the following tables. Intelsat management believes this provides a useful perspective on the changes in revenue and customer trends over time.

      Revenue Percentage Contribution Comparison by Customer Set
and Service Category

By Customer Set
------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
2005 2006 2005 2006
---------------------------------------

Network Services and Telecom 61% 66% 61% 66%
Government 22% 17% 22% 17%
Media 17% 17% 17% 17%



By Service Category
------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
2005 2006 2005 2006
---------------------------------------

Lease 63% 64% 64% 65%
Channel 20% 21% 20% 20%
Managed Solutions 9% 11% 9% 11%
Mobile Satellite Services 8% 4% 7% 4%

Conference Call Information

Intelsat management will host a conference call with investors and analysts at 11:00 a.m. EDT on August 14, 2006 to discuss the company's financial results for the second quarter of 2006. Access to the live conference call will also be available via the Internet at the Intelsat web site: www.intelsat.com/investors.

To participate on the live call, United States-based participants should call (800) 591-6945. Non-U.S. participants should call +1 (617) 614-4911. The participant pass code is 96833580. Participants will have access to a replay of the conference call through August 21, 2006. The replay number for U.S.-based participants is (888) 286-8010 and for non-U.S. participants is +1 (617) 801-6888. The participant pass code is 85800450.

(1) Intelsat Subsidiary Holding Company, Ltd., or Intelsat Sub Holdco,
and its subsidiaries are the entities that conduct Intelsat's
operations.

(2) In this release, financial measures are presented both in
accordance with United States generally accepted accounting
principles ("GAAP") and also on a non-GAAP basis. All EBITDA,
EBITDA margin, Sub Holdco Adjusted EBITDA, Sub Holdco Adjusted
EBITDA margin and free cash flow from operations figures in this
release are non-GAAP financial measures. Please see the
consolidated financial statements below for information
reconciling non-GAAP financial measures to comparable GAAP
financial measures. Sub Holdco Adjusted EBITDA is a term based on
consolidated EBITDA, as defined in Intelsat Sub Holdco's credit
agreement dated July 3, 2006 (the "Credit Agreement"). Please see
the reconciliation of Sub Holdco Adjusted EBITDA to EBITDA
provided with the consolidated financial statements below.

About the New Intelsat

Intelsat is the largest provider of fixed satellite services (FSS) worldwide and is the leading provider of these services to each of the media, network services and telecom and government customer sectors, enabling people and businesses everywhere constant access to information and entertainment. Intelsat offers customers a greater business potential by providing them access to unrivaled resources with ease of business and peace of mind. Our services are utilized by an extensive customer base, including some of the world's leading media and communications companies, multinational corporations, Internet service providers and government/military organizations. Real-time, constant communication with people anywhere in the world is closer, by far.

Intelsat Safe Harbor Statement: Some of the statements in this news release constitute "forward-looking statements" that do not directly or exclusively relate to historical facts. The forward-looking statements made in this release reflect Intelsat's intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, including known and unknown risks, uncertainties and other factors, many of which are outside of Intelsat's control. Important factors that could cause actual results to, differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. Known risks include, but are not limited to insufficient market demand for the services offered by Intelsat; inadequate supply of Intelsat capacity; the quality and price of comparable communications services offered or to be offered by other satellite operators; Intelsat's access to sufficient capital to meet its operating and financing needs; and the perceptions of our business, operations and financial condition and the industry in which we operate by the financial community and ratings agencies. In connection with Intelsat's acquisition of PanAmSat as described in this news release, factors that may cause results or developments to differ materially from the forward-looking statements made in this news release include, but are not limited to: our substantial level of indebtedness following consummation of the acquisition; certain covenants in our debt agreements following consummation of the acquisition; the ability of our subsidiaries to make distributions to us in amounts sufficient to make required interest and principal payments on our debt; a change in the health of, or a catastrophic loss of, one or more of our satellites, including those acquired in the acquisition; the failure to successfully integrate or to obtain expected synergies from the acquisition on the expected timetable or at all; and the failure to achieve the strategic objectives envisioned for the acquisition of PanAmSat. Detailed information about some of the known risks is included in Intelsat's quarterly report on Form 10-Q for the quarter ended June 30, 2006 and Intelsat's registration statement on Form S-4 on file with the U.S. Securities and Exchange Commission. Because actual results could differ materially from Intelsat's intentions, plans, expectations, assumptions and beliefs about the future, you are urged to view all forward-looking statements contained in this news release with caution. Intelsat does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

                            INTELSAT, LTD.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands)

Three Months Ended Three Months Ended
June 30, June 30,
2005 2006
------------------ ------------------

Revenue $289,824 $310,534
Operating expenses:
Direct costs of revenue 59,997 46,084
Selling, general and
administrative 35,083 37,145
Depreciation and amortization 143,845 148,602
------------------ ------------------
Total operating expenses 238,925 231,831
------------------ ------------------
Income from operations 50,899 78,703
Interest expense 99,475 108,331
Interest income 2,215 4,919
Other expense, net (222) (5,731)
------------------ ------------------
Loss from operations before
income taxes (46,583) (30,440)
Provision for income taxes 6,826 12,245
------------------ ------------------
Net loss $(53,409) $(42,685)
================== ==================



INTELSAT, LTD.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
AND RECONCILIATION TO COMBINED UNAUDITED CONSOLIDATED STATEMENTS
OF OPERATIONS
($ in thousands)

Predecessor Successor
Entity Entity Combined
----------- ----------- -----------
Period Period
January 1, February 1, Six Months Six Months
2005 to 2005 to Ended Ended
January 31, June 30, June 30, June 30,
2005 2005 2005 2006
-----------------------------------------------

Revenue $97,917 $485,081 $582,998 $590,980
Operating expenses:
Direct costs of
revenue 26,939 103,834 130,773 101,195
Selling, general and
administrative 55,443 61,563 117,006 76,960
Depreciation and
amortization 39,184 239,798 278,982 303,206
Impairment of asset
value 69,227 - 69,227 -
Restructuring costs 263 - 263 -
----------- ----------- ----------- -----------
Total operating
expenses 191,056 405,195 596,251 481,361
----------- ----------- ----------- -----------
Income (loss) from
operations (93,139) 79,886 (13,253) 109,619
Interest expense 13,241 167,438 180,679 217,804
Interest income 191 3,306 3,497 8,271
Other income
(expense), net 863 (676) 187 (11,142)
----------- ----------- ----------- -----------
Loss from operations
before income taxes (105,326) (84,922) (190,248) (111,056)
Provision for income
taxes 4,400 10,412 14,812 21,740
----------- ----------- ----------- -----------
Net loss $(109,726) $(95,334) $(205,060) $(132,796)
=========== =========== =========== ===========



INTELSAT, LTD.
RECONCILIATION OF NET LOSS TO EBITDA
(Unaudited)
($ in thousands)

Three Months Ended Six Months Ended
June 30, June 30,
2005 2006 2005 2006
--------- --------- ---------- ----------

Net loss $(53,409) $(42,685) $(205,060) $(132,796)
Add:
Interest expense 99,475 108,331 180,679 217,804
Provision for income taxes 6,826 12,245 14,812 21,740
Depreciation and
amortization 143,845 148,602 278,982 303,206

Subtract: Interest income 2,215 4,919 3,497 8,271
--------- --------- ---------- ----------
EBITDA $194,522 $221,574 $265,916 $401,683
========= ========= ========== ==========

EBITDA margin 67% 71% 46% 68%

Note:

EBITDA consists of Intelsat, Ltd. earnings before interest, taxes
and depreciation and amortization. EBITDA is a measure commonly used
in the fixed satellite services sector, and Intelsat presents EBITDA
to provide further information with respect to its operating
performance. EBITDA margin is defined as EBITDA divided by total
revenues. Intelsat uses EBITDA as one criterion for evaluating its
performance relative to that of its peers. Intelsat believes that
EBITDA is an operating performance measure, and not a liquidity
measure, that provides investors and analysts with a measure of
operating results unaffected by differences in capital structures,
capital investment cycles and ages of related assets among otherwise
comparable companies. However, EBITDA is not a measure of financial
performance under GAAP, and our EBITDA may not be comparable to
similarly titled measures of other companies. You should not consider
EBITDA or EBITDA margin as an alternative to operating or net income
or operating or net income margin, determined in accordance with GAAP,
as an indicator of Intelsat's operating performance, or as an
alternative to cash flows from operating activities, determined in
accordance with GAAP, as an indicator of cash flows, or as a measure
of liquidity.



INTELSAT, LTD.
RECONCILIATION OF CASH FLOW FROM OPERATIONS TO SUB HOLDCO
ADJUSTED EBITDA
(Unaudited)
($ in thousands)

Combined
------------
Three Months Three Months Six Months Six Months
ended ended ended ended
June 30, June 30, June 30, June 30,
2005 2006 2005 2006
---------------------------------------------------
(in thousands) (in thousands)
Reconciliation of
Intelsat, Ltd.
net cash provided
by operating
activities to
Intelsat, Ltd.
net loss:
Net cash
provided by
operating
activities $140,712 $164,058 $246,643 $188,547
Depreciation and
amortization (143,845) (148,602) (278,982) (303,206)
Satellite
impairment
charges - - (69,227) -
Provision for
doubtful
accounts 1,503 93 7,566 851
Foreign currency
transaction
loss (gain) 487 60 366 280
Deferred income
taxes 134 - (2,241) -
(Gain) Loss on
Disposal of
Assets - (11) - (11)
Stock-based
compensation - (29) - (110)
Compensation
cost paid by
Parent - (2,160) - (7,992)
Amortization of
bond discount
and issuance
costs (16,617) (17,624) (26,496) (34,713)
Share in loss of
affiliate (2,289) (7,864) (3,920) (14,134)
Changes in
assets and
liabilities,
net of effects
of acquisitions (33,494) (30,607) (78,769) 37,692
------------ ------------ ------------ ------------
Intelsat, Ltd. net
loss $(53,409) $(42,686) $(205,060) $(132,796)
============ ============ ============ ============
Add:
Interest expense 99,475 108,331 180,679 217,804
Provision for
income taxes 6,827 12,245 14,812 21,740
Depreciation and
amortization 143,845 148,602 278,982 303,206
Subtract:
Interest income 2,214 4,919 3,497 8,271
------------ ------------ ------------ ------------
Intelsat, Ltd.
EBITDA $194,524 $221,573 $265,916 $401,683
============ ============ ============ ============
Add (Subtract):
Parent and
intercompany
expenses, net
(1) 4,335 3,359 8,082 7,866
Compensation and
benefits (2) 818 1,074 11,764 2,057
Restructuring
costs (3) - - 263 -
Acquisition
related
expenses (4) 3,449 3,000 52,428 6,000
Equity
investment
losses (5) 2,289 7,864 3,920 14,134
Satellite
impairment
charge (6) - - 69,227 -
Non-recurring
and other non-
cash items (7) 1,763 4,108 4,133 15,922
------------ ------------ ------------ ------------
Sub Holdco
Adjusted EBITDA $207,178 $240,978 $415,733 $447,662
============ ============ ============ ============
Sub Holdco
Adjusted EBITDA
margin 71% 78% 71% 76%

Note:

Intelsat calculates a measure called Sub Holdco Adjusted EBITDA,
based on the term consolidated EBITDA, as defined in the Credit
Agreement of Intelsat Sub Holdco dated July 3, 2006. Sub Holdco
Adjusted EBITDA consists of EBITDA as adjusted to exclude certain
unusual items, certain other operating expense items and other
adjustments permitted in calculating covenant compliance under the
Credit Agreement as described in the table above. Sub Holdco Adjusted
EBITDA as presented above is calculated only with respect to Intelsat
Sub Holdco and its subsidiaries. Sub Holdco Adjusted EBITDA is a
material component of certain covenant ratios used in the Credit
Agreement that apply to Intelsat Sub Holdco and its subsidiaries, such
as the secured debt leverage ratio and total leverage ratio. Sub
Holdco Adjusted EBITDA is not a measure of financial performance under
GAAP, and our Sub Holdco Adjusted EBITDA may not be comparable to
similarly titled measures of other companies. You should not consider
Sub Holdco Adjusted EBITDA as an alternative to operating or net
income, determined in accordance with GAAP, as an indicator of
Intelsat's operating performance, or as an alternative to cash flows
from operating activities, determined in accordance with GAAP, as an
indicator of cash flows or as a measure of liquidity.



INTELSAT, LTD.
CONSOLIDATED BALANCE SHEETS
($ in thousands)

As of As of
December 31, June 30,
2005 2006
------------ ------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $360,070 $475,338
Receivables, net of allowance of $26,342
in 2005 and $23,911 in 2006 203,452 194,499
Deferred income taxes 10,752 10,888
------------ ------------
Total current assets 574,274 680,725
Satellites and other property and
equipment, net 3,327,341 3,111,226
Amortizable intangible assets, net 493,263 474,561
Non-amortizable intangible assets 560,000 560,000
Goodwill 111,388 111,388
Other assets 228,178 211,414
------------ ------------
Total assets $5,294,444 $5,149,314
============ ============

LIABILITIES AND SHAREHOLDER'S DEFICIT
Current liabilities:
Current portion of long-term debt $11,097 $16,271
Accounts payable and accrued liabilities 332,907 318,656
Deferred satellite performance incentives 7,418 7,391
Deferred revenue 30,143 25,192
------------ ------------
Total current liabilities 381,565 367,510

Long-term debt, net of current portion 4,790,016 4,807,555
Deferred satellite performance incentives,
net of current portion 36,027 33,914
Deferred revenue, net of current portion 157,580 139,642
Accrued retirement benefits 107,778 108,069
Other long-term liabilities 27,743 23,796
------------ ------------
Total liabilities 5,500,709 5,480,486
------------ ------------

Shareholder's deficit:
Ordinary shares, 12,000 shares authorized,
issued and outstanding 12 12
Paid-in capital 9,104 17,206
Accumulated deficit (215,558) (348,354)
Accumulated other comprehensive income
(loss)
Unrealized gain (loss) on available-for-
sale securities, net of tax 177 (36)
------------ ------------
Total shareholder's deficit (206,265) (331,172)
------------ ------------
Total liabilities and shareholder's
deficit $5,294,444 $5,149,314
============ ============



INTELSAT, LTD.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
($ in thousands)

Predecessor Successor
Entity Entity
------------- ---------------------------
Period Period Six Months
January 1 to February 1 Ended
January 31, to June 30, June 30,
2005 2005 2006
------------- ------------- -------------
Cash flows from operating
activities:
Net loss $(109,726) $(95,334) $(132,796)
Adjustments to reconcile
net loss to net cash
provided by operating
activities:
Depreciation and
amortization 39,184 239,798 303,206
Impairment charge for
IS-804 satellite 69,227 - -
Provision for doubtful
accounts (5,799) (1,767) (851)
Foreign currency
transaction (gain) loss 75 (441) (280)
Deferred income taxes 585 1,656 -
Loss on disposal of
assets - - 11
Stock compensation - - 110
Compensation cost paid
by parent - - 7,992
Amortization of bond
discount and issuance
costs 430 26,066 34,713
Share in losses of
affiliate 402 3,518 14,134
Changes in operating
assets and liabilities,
net of effects of
acquisitions:
Receivables (32,168) 31,513 9,804
Other assets 3,194 (2,811) (3,309)
Accounts payable and
accrued liabilities 51,722 55,489 (17,642)
Deferred revenue (2,388) (22,177) (22,889)
Accrued retirement
benefits (27) 2,411 291
Other long-term
liabilities (3,327) (2,662) (3,947)
------------- ------------- -------------
Net cash provided by
operating activities 11,384 235,259 188,547
------------- ------------- -------------
Cash flows from investing
activities:
Payments for satellites
and other property and
equipment (953) (83,777) (65,009)
Proceeds from insurance
receivable 38,561 19,759 -
------------- ------------- -------------
Net cash provided by (used
in) investing activities 37,608 (64,018) (65,009)
------------- ------------- -------------
Cash flows from financing
activities:
Repayment of long-term
debt - (201,750) (2,625)
Proceeds from bond
issuance - 305,348 -
Proceeds from credit
facility borrowings - 200,000 -
Principal payments on
deferred satellite
performance incentives (475) (2,008) (2,140)
Principal payments on
capital lease obligations - (1,867) (3,785)
Dividends to shareholders - (305,913) -
------------- ------------- -------------
Net cash used in financing
activities (475) (6,190) (8,550)
------------- ------------- -------------
Effect of exchange rate
changes on cash (75) 441 280
------------- ------------- -------------
Net change in cash and
cash equivalents 48,442 165,492 115,268
Cash and cash equivalents,
beginning of period 141,320 194,682 360,070
------------- ------------- -------------
Cash and cash equivalents,
end of period $189,762 $360,174 $475,338
============= ============= =============

Note: The increase in cash between the predecessor entity ending
balance and the successor entity opening balance is due to the
retention by Intelsat, Ltd. of approximately $5 million in Acquisition
financing proceeds.



INTELSAT, LTD.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES
TO FREE CASH FLOW FROM OPERATIONS
(Unaudited)

Three Months Ended Six Months Ended
June 30, June 30,
---------------------------------------
2005 2006 2005 2006
(in thousands) (in thousands)

Net cash provided by operating
activities $140,712 $164,058 $246,643 $188,547
Payments for satellites and
other property and equipment (78,522) (43,530) (84,730) (65,009)
--------- --------- --------- ---------
Free cash flow from operations $62,190 $120,528 $111,913 $123,538
========= ========= ========= =========

Note:

Free cash flow from operations consists of net cash provided by
operating activities, less payments for satellites and other property
and equipment and associated capitalized interest. Free cash flow from
operations is not a measurement of cash flow under GAAP. Intelsat
believes free cash flow from operations is a useful measure of
financial performance that shows a company's ability to fund its
operations. Free cash flow from operations is used by Intelsat in
comparing its performance to that of its peers and is commonly used by
analysts and investors in assessing performance. Free cash flow from
operations does not give effect to cash used for debt service
requirements, and thus does not reflect funds available for investment
or other discretionary uses. Free cash flow from operations is not a
measure of financial performance under GAAP, and our free cash flow
from operations may not be comparable to similarly titled measures of
other companies. You should not consider free cash flow from
operations as an alternative to operating or net income, determined in
accordance with GAAP, as an indicator of Intelsat's operating
performance, or as an alternative to cash flows from operating
activities, determined in accordance with GAAP, as an indicator of
cash flows or as a measure of liquidity.
Contacts
Intelsat, Ltd.
Dianne VanBeber, 202-944-7406
dianne.vanbeber@intelsat.com
At A Glance
Intelsat, Ltd.
Source: via Business Wire
Updated 07/03/2006 by company
Headquarters: Pembroke, Bermuda
Website: http://www.intelsat.com
CEO: David McGlade
Employees: 1400
Organization: Private

Intelsat Reports Second Quarter 2006 Results; Revenue Increases on ...
Business Wire (press release) - San Francisco,CA,USA
14, 2006--Intelsat, Ltd., the world's largest provider of fixed satellite services, today reported results for the three-month and six-month periods ended June ...


Monday, August 14, 2006

Satellite dish ban flouted on China's auction

CHINA / National

Satellite dish ban flouted on China's auction sites
(Xinhua)
Updated: 2006-08-14 15:55

BEIJING -- Illegal satellite dishes are still being auctioned on Chinese Internet sites, including eBay, the world's biggest on-line auction site, despite Beijing authorities warning of a crackdown on Saturday.

China's capital has launched a month-long hunt for illegal satellite dishes that can receive foreign programs. The Beijing Anti-Pornography and Anti-Piracy Office will target the production, distribution and installation of unauthorized satellite dishes and individuals will be fined up to 5,000 yuan (US$625) for installing a satellite dish.

Two days after the ban, satellite dish advertisements are still up and running on Internet auctions sites including eBay.com.cn.

"These ads were posted before the ban and we haven't had time to delete the auctions," said an official with eBay.com.cn, quoted in Monday's Beijing Daily Messenger.

"We can delete these postings, but we cannot prevent new auctions of satellite dishes on our website," an official with Taobao.com, eBay's Chinese rival was quoted as saying.

The official said it was difficult for the website to check the legitimacy of each auction item.

China's regulation on satellite dishes issued in 1993 prohibits individuals or work units from setting up satellite dishes to receive foreign programs.

Satellite dishes are legally allowed only in hotels above three stars, office buildings and apartments that are designed for foreigners.

However, many foreigners who work in Beijing and live in Chinese apartment complexes, as well as some Chinese, find the available programs on Chinese television unsatisfactory.

Satellite dishes sold on on-line auction sites range in price from 1,200 to 7,000 yuan (US$150 to US$875) depending on the number of channels available.



Sunday, August 13, 2006

Satellite, cable battle wireless in US FCC auction

Satellite, cable battle wireless in US FCC auction
Washington Post, United States - Aug 9, 2006
US wireless carriers battled with satellite and cable operators on Wednesday for valuable licenses for advanced wireless services -- like high-speed Internet access ...

Dual-Mode GSM-Satellite Modem For GPS Tracking Underway

Dual-Mode GSM-Satellite Modem For GPS Tracking Underway
Telematics Journal, NY - Aug 11, 2006
Archetype and Quake Global have formed a strategic alliance to develop a new family of mobile wireless data modems using both satellite and cellular phone networks for GPS-based vehicle tracking.

JAXA to launch test antenna for big satellite in September

JAXA to launch test antenna for big satellite in September
Mainichi Daily News, Japan - 8 hours ago
The Japan Aerospace Exploration Agency, known as JAXA, said Saturday it will launch an antenna unit for its Engineering Test Satellite-VIII in September to check whether the satellite''s wide, flat antenna opens up properly in space.

Nangarhar TV network connected to satellite

Nangarhar TV network connected to satellite
PakTribune.com, Pakistan - Aug 11, 2006
JALALABAD: Television network, broadcasting programmes for two hours, in the eastern Nangarhar province was connected to satellite, officials said.

New satellite begins sending weather data

New satellite begins sending weather data
China Post, Taiwan -
Taiwan's recently launched satellite, FORMOSAT-3, has begun sending weather data, as the first micro-satellite of the constellation settled in its designated orbital plane, a senior official of the FORMOSAT-3 Program Office said yesterday.

XM Satellite gets emissions info request from FCC

XM Satellite gets emissions info request from FCC
MarketWatch - Aug 11, 2006
NEW YORK (MarketWatch) -- XM Satellite Radio Holdings Inc. on Friday said the Federal Communications Commission requested additional information from the company related to emissions from several of its devices ...
Sirius Satellite resumes manufacturing radios Reuters
Sirius Satellite resumes manufacturing radios Reuters
UPDATE 1-FCC requests more data on certain XM receivers Reuters
BusinessWeek - Los Angeles Times - all 73 related »

Monday, August 07, 2006

Cable and Satellite TV Set Their Sights on Airwaves

NEW YORK TIMES

August 7, 2006

Cable and Satellite TV Set Their Sights on Airwaves

By MATT RICHTEL and KEN BELSON

In the telecommunications business, it seems everyone wants to do everything. Now the biggest names in cable and satellite television are poised to get into mobile phone and wireless data services.

On Wednesday, Time Warner, Comcast, Cox Communications, EchoStar Communications and DirecTV, a unit of the News Corporation, will be among the 168 qualified bidders in the government’s multibillion-dollar auction of radio spectrum, that precious commodity that allows voice calls and data to be sent over the airwaves.

But these companies are not necessarily planning to use those frequencies for TV signals. Rather, they appear to be preparing to battle AT&T, Verizon Communications and other companies that sell traditional phone lines, broadband connections and wireless services — and are now diving into television.

Though the cable and satellite providers declined to discuss their strategies, many analysts expect them to buy at least enough spectrum to build networks that will allow them to sell wireless Internet connections and mobile phone services.

That would let the cable companies and, to a lesser degree, the satellite companies, complete a decade-long transformation: instead of just selling packages of TV channels, they are becoming one-stop shops with a full line of communications products.

“The nontraditional players will be the main bidders,” said Sharon Armbrust, an analyst at Kagan Research. “It’s a hole in their game plan they need to fill.”

An alliance that includes DirecTV and EchoStar has put the most money into a deposit for the bidding, more than $972 million. Another alliance, led by Comcast, Cox, Time Warner Cable and others, has put down $638 million. T-Mobile, Cingular Wireless and Verizon Wireless have made separate deposits.

To counter the cable and satellite companies, cellphone companies are expected to add to their stores of spectrum, particularly in cities where their networks get the most use. They may also bid up the price of some of the 1,122 licenses on sale to make it more expensive for their rivals to gain a foothold in an already intensely competitive market, analysts said.

Whoever wins the auctions, the mobile phone industry is at a crossroads. Now that nearly three out of every four Americans have cellphones, new subscriber growth is starting to slow and competition to retain customers and find new ones is intensifying.

As one indicator, newcomers like ESPN Mobile and Helio — which run over the Sprint Nextel network rather than operate their own — have so far found it tough to gain traction, analysts said.

Their challenges have raised questions about whether new entrants can survive in an already crowded market. They have also cast doubt on whether sophisticated data plans that let users download music, send e-mail and watch television are worth the investment.

Verizon Wireless, which has spent years and invested billions of dollars in its data services, is just starting to see the benefits. It brought in more than $1 billion from such services in the second quarter, nearly twice as much as in the second quarter of 2005. Cingular and Sprint have similar services up and running, making it tough for new entrants. It also means that adding more spectrum is a luxury rather than a necessity for the three largest wireless carriers.

“We will always look at spectrum,” said Doreen A. Toben, chief financial officer at Verizon Communications. “But we are in good shape through 2010, so there is no gun to our head to buy now.”

Verizon and other big carriers may tread lightly in this auction and instead focus on an auction scheduled for 2008, analysts said. That spectrum, now used by broadcasters, is better suited to the types of video services mobile phone carriers are keen to offer.

However, T-Mobile, the No. 4 player in the mobile market and a unit of Deutsche Telekom, does not offer many of these so-called third-generation services. It is expected to be an eager buyer of spectrum in this round so it can introduce services to catch up to its larger rivals.

“T-Mobile is quite spectrum-constrained in quite a few markets,” said Roger Entner, a telecommunications analyst at Ovum Research. “They desperately need that spectrum.”

The outcome of the auction is not likely to be known for weeks because the format allows for many rounds of bids. But it is unusual for its size and scope. The blocks of spectrum for sale — many of which were reserved for the military and other government agencies — stretch across the country, so they represent a rare chance for newcomers to quickly offer nationwide service.

Analyst estimates of how much the auction could raise for the Treasury vary widely, from $7 billion to $21.5 billion, which means it has the potential to surpass the $16.8 billion worth of bids in 2000 and 2001. The average paid per license, though, is unlikely to surpass the prices paid during the height of the dot-com boom, when some companies overbid and went bankrupt.

Some analysts also said the bidding might be tempered by the slumping values of wireless stocks and fears that the industry is already overcrowded.

Still, dozens of smaller and regional companies are expected to bid as they try to cover rural areas and expand into potentially lucrative services offering ultrahigh-speed wireless Internet connections, particularly in less-populated areas of the country.

But the risks for them are high. Even after buying spectrum, they will need to build cellphone towers and other network equipment, work with handset makers to develop phones and products, and market their services — all while giants like Cingular and Verizon counter their moves.

“This is not a mom-and-pop business,” Mr. Entner said. “You need billions of dollars to play this game. It’s quite likely that a few of the bidders of this auction will go out of business and the spectrum will be reallocated.”

Still, the auction could be good for consumers because new companies might get into the game and offer new services, increasing competition and bringing down prices, said Ranjan Mishra, a telecommunications industry analyst with Mercer Management Consulting.

“Given you have so many new players, you’ll have at least one new infrastructure player in each of the major markets,” he said.

The impact of giving consumers another choice for wireless service is unclear, though. The amount customers spend each month on cellphone plans has leveled off, even as carriers have introduced new services on networks that cost billions of dollars to build.

“There’s always a limit to how many guys can survive,” said Bret Sewell, chief executive of Venturi Wireless, which helps carriers offer multimedia services. “Some more competition will be good, but the incumbents are in the strongest position after many years of figuring out mobility.”

Despite the questionable economics, cable and satellite companies feel they have no choice but to participate in the auction. Cellphones are clearly a favorite with consumers, and companies that do not offer wireless services — even money-losing ones — risk losing customers to the Bell companies and their wireless units, Cingular, owned by AT&T and BellSouth, and Verizon Wireless, a joint venture of Verizon Communications and Vodafone.

For their part, the satellite companies, which have limited broadband services and no phone products, are expected to use any spectrum they buy to offer wireless broadband access, Mr. Mishra said.

“If EchoStar and DirecTV get the spectrum, they’re likely to build broadband networks and compete head-to-head with fiber,” the ground-based networks owned by cable and phone companies, he said. The cable companies now offer cellphone service only by piggybacking on Sprint’s network. Cable companies and Sprint have been working for months to develop products that will, say, let customers program their digital video recorders from their wireless handsets.

In the auction, an alliance of cable companies that includes Comcast, Cox and Time Warner Cable has joined with Sprint to bid for spectrum. Analysts say Sprint could provide expertise in operating wireless networks, while the cable companies could focus on how to combine their existing products with mobile phones without having to rely on Sprint’s network.

SES GLOBAL reports net profit increase of 28.6% on revenue growth of 16.6%

PRESS RELEASE

Betzdorf, August 7th, 2006

Consolidated Financial Results for the six months to 30 June 2006

SES GLOBAL reports net profit increase of 28.6% on revenue growth of 16.6%

Organic growth and acquisition of New Skies drive strong first half results

HIGHLIGHTS

  • Revenues rose 16.6% to EUR 710.5 million (2005: EUR 609.2 million)

- Increasing 8.1 % to EUR 657.0 million (2005: EUR 608.1 million) on a recurring, same scope (excluding SES NEW SKIES) and constant exchange rate basis

  • EBITDA rose 14.1% to EUR 499.5 million (2005: EUR 437.6 million)

  • Net profit rose 28.6% to EUR 215.6 million (2005: EUR 167.7 million)

  • Earnings per share rose 34.5% to EUR 0.39 (2005 : EUR 0.29)

  • New Skies acquisition completed 30 March, strengthening global coverage

  • Industry-leading backlog of EUR 6,781.7 million (December 2005: EUR 6,489.9 million)

  • Share buybacks to July 31 totalled EUR 213.3 million - primarily earmarked for cancellation as part of the share buy-back programme - with EUR 148.9 million having been spent by June 30th.

  • Net debt/EBITDA stood at 3.01 - in line with the Group’s stated target - compared to 2.39 on December 31, 2005

Romain Bausch, President & CEO of SES, said,

“The first six months of 2006 were significant for the development of the SES group.

We concluded the acquisition of New Skies Satellites in order to expand our connectivity offerings as well as to strengthen substantially our positioning in emerging markets. SES NEW SKIES’ performance is ahead of plan and progress in the integration makes us confident that we should achieve the synergy target. In addition, we further increased our shareholding in ND Satcom to 100%, strengthening our services capabilities in particular in the government segment.

We also continued to grow organically our core satellite infrastructure business, as well as our services activities, at a high single-digit rate. This growth came from increased demand for satellite capacity and services in the media, enterprise and government segments in our main markets of Europe and North America. In order to expand and renew our global satellite fleet, we successfully launched one satellite (ASTRA 1KR) in April this year, started the procurement of three others (AMC-21, CIEL-2 and AsiaSat 5), and will initiate two further programmes (ASTRA 3B and NSS-9) in the second half of 2006. These new satellites will allow us to continue to drive organic growth into the future.

We also launched a digital infrastructure project in the German market which should facilitate the smooth transition from analogue to digital broadcast technology with all its attendant benefits for the consumer. For SES, this represents an exciting opportunity to develop a new, profitable revenue stream.

In addition to these value-creating growth initiatives, we continued to deliver on our share buy-back programme, with EUR 213.3 million being spent by the end of July, thereby optimising our capital structure.

In sum, the first half has been a busy and productive time for SES and our solid performance throughout supports our efforts as we focus on achieving our objectives for the balance of the year.”

For further information please contact:

Mark Roberts

Investor Relations

Tel. +352 710 725 490

Mark.Roberts@ses-global.com

Yves Feltes

Press Relations

Tel. +352 710 725 311

Yves.Feltes@ses-global.com

Additional information is available on our website www.ses-global.com

PRESS / ANALYST TELECONFERENCES

A press call will be hosted at 11.00 Betzdorf time today, 7 August 2006. Journalists are invited to call: +44 (0) 20 8515 2304 five minutes prior to this time.

A call for investors and analysts will be hosted at 14.00 Betzdorf time today, 7 August 2006. Participants are invited to call: +44 (0) 20 8515 2303 five minutes prior to this time. Journalists may join the call in listen-only mode.

A presentation, which will be referred to in each call, will be available for download from the Investor Relations section of our website www.ses-global.com

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