SPACE.com -- Loral Posts a Loss, but It's Better Than Expected


	Loral Posts a Loss, but It's Better Than Expected By Daniel Sorid Staff Writer posted: 03:22 pm ET 30 July 1999

Loral Space & Communications, the global satellite provider and manufacturer based in New York City, posted a second quarter loss which beat analysts expectations

Loral Space & Communications, the global satellite provider and manufacturer based in New York City, posted a second quarter loss which beat analysts expectations.

The company announced a loss of $0.17 in the second quarter, $0.06 better than expectations.

Analysts, however, said earnings per share were not the best indicator of the companys performance. They pointed to the imminent launch of the Globalstar world-wide satellite phone system.

On July 25, four Globalstar satellites were deployed, bringing the total number of satellites in the network to 32, setting the stage for service to begin in late September.

"Overall, we saw very good news on Globalstar," said Merril Lynchs Thomas W. Watts.

Despite slow growth in its fixed satellite service businesses, Merrill Lynch remains bullish on the company overall.

If you take out a one-time sale, revenues were only up 1 million quarter over quarter," Watts said. "Setting that aside we did see some positive evidence."

In June, Loral signed on CBS Broadcasting to its satellite network, luring it away from competitor PanAmSat. Three of the four major networks, CBS, Fox, and ABC, use Loral for broadcast distribution.