Telesat Canada announces preliminary revenue and adjusted EBITDA1 for the quarter ending March 31, 2


Telesat Canada today announced its preliminary estimates of revenue and Adjusted EBITDA1 for the three-month period ended March 31, 2018. All amounts are in Canadian dollars and reported under International Financial Reporting Standards (“IFRS”) unless otherwise noted.

Telesat’s preliminary estimates are being released in connection with a potential amendment of Telesat’s US$2.43 Billion Term Loan B facility to reprice the loan and make certain other amendments.

Telesat has not yet finalized the accounting of its results for the three-month period ended March 31, 2018. See “Cautionary Statements Relating to Preliminary Estimates” for additional information relating to the preliminary results discussed in this release. Telesat intends to file full interim unaudited consolidated financial statements for the period prepared in accordance with IFRS on or about May 3, 2018.

To facilitate comparison with Telesat’s results for the quarter ended March 31, 2017, the following preliminary results are presented assuming the same foreign exchange rates prevailing as applicable to the prior year period. For the quarter ending March 31, 2018, the average exchange rate was US$ 1 = $1.2572; for the quarter ending March 31, 2017, the average exchange rate was US$ 1 = $1.3257. The preliminary results also exclude the positive impact on Revenue and EBITDA that Telesat currently anticipates will result from the adoption of IFRS 15 in the first quarter of 2018. Prior years’ comparative results will not be restated.

For the quarter ending March 31, 2018, Telesat expects that it will report comparative revenues of $233 million to $236 million compared to reported revenue of $235 million for the quarter ending March 31, 2017. For the quarter ending March 31, 2018, Telesat expects comparative Adjusted EBITDA1 of approximately $190 to $192 million compared to reported Adjusted EBITDA1 of $192 million for the quarter ending March 31, 2017.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.

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