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Segments (Tables)

6 Months Ended

Jun. 30, 2012

Summarized Financial Information of Reportable Segments


	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Revenues
Satellite manufacturing:
External revenues	$	271,871		$	218,832		$	534,367		$	456,487
Intersegment revenues⁽¹⁾		22,506			33,590			46,723			76,664

Satellite manufacturing revenues		294,377			252,422			581,090			533,151
Satellite services revenues⁽²⁾		199,852			207,139			395,875			412,861

Operating segment revenues before eliminations		494,229			459,561			976,965			946,012
Intercompany eliminations⁽³⁾		—			—			—			(830	)
Affiliate eliminations⁽²⁾		(199,852	)		(207,139	)		(395,875	)		(412,861	)

Total revenues		294,377			252,422			581,090			532,321

Revenues included in income from discontinued operations		(294,377	)		(252,422	)		(581,090	)		(532,321	)

Revenues reported	$	—		$	—		$	—		$	—

Segment Adjusted EBITDA⁽⁴⁾
Satellite manufacturing	$	17,244		$	28,097		$	27,537		$	68,613
Satellite services⁽²⁾		153,866			160,098			303,274			319,045
Corporate⁽⁵⁾		(3,965	)		(3,396	)		(8,303	)		(8,195	)

Adjusted EBITDA before eliminations		167,145			184,799			322,508			379,463
Intercompany eliminations⁽³⁾		—			—			—			(279	)
Affiliate eliminations⁽²⁾		(153,866	)		(160,098	)		(303,274	)		(319,045	)

Adjusted EBITDA		13,279			24,701			19,234			60,139

Adjusted EBITDA from discontinued operations		(17,244	)		(28,097	)		(27,537	)		(68,334	)

Adjusted EBITDA from continuing operations		(3,965	)		(3,396	)		(8,303	)		(8,195	)

Reconciliation to Operating Income
Depreciation, Amortization and Stock-Based Compensation⁽⁴⁾
Satellite manufacturing		(8,479	)		(7,853	)		(16,415	)		(15,544	)
Satellite services⁽²⁾		(61,009	)		(62,768	)		(121,497	)		(124,959	)
Corporate		(299	)		(277	)		(572	)		(572	)

Segment depreciation before affiliate eliminations		(69,787	)		(70,898	)		(138,484	)		(141,075	)
Affiliate eliminations⁽²⁾		61,009			62,768			121,497			124,959

Depreciation, amortization and stock-based compensation		(8,778	)		(8,130	)		(16,987	)		(16,116	)

Depreciation, amortization and stock-based compensation from discontinued operations		8,479			7,853			16,415			15,544

Depreciation, amortization and stock-based compensation as reported		(299	)		(278	)		(572	)		(572	)

Gain on disposition of net assets⁽⁶⁾		—			5,118			—			5,118

Operating (loss) income as reported		(4,264	)		1,444			(8,875	)		(3,649	)


	June 30, 2012			December 31, 2011
Total Assets⁽⁷⁾
Satellite manufacturing	$	—		$	929,408
Satellite services^{(2) (8)}		5,253,525			5,724,418
Corporate		453,924			529,501

Total assets before affiliate eliminations		5,707,449			7,183,327
Affiliate eliminations⁽²⁾		(5,253,525	)		(5,347,174	)

Total assets excluding assets held for sale		453,924			1,836,153
Total assets classified as assets held for sale		1,005,309			—

Total assets as reported	$	1,459,233		$	1,836,153

⁽¹⁾	Intersegment revenues include $22.5 million and $33.6 million for the three months ended June 30, 2012 and 2011, respectively, and $46.7 million and $75.8 million for the six months ended June 30, 2012 and 2011, respectively, of revenue from affiliates.

⁽²⁾	Satellite services represents Telesat. Affiliate eliminations represent the elimination of amounts attributable to Telesat whose results are reported under the equity method of accounting in our condensed consolidated statements of operations (see Note 10).

⁽³⁾	Represents the elimination of intercompany sales and intercompany Adjusted EBITDA for a satellite under construction by SS/L for Loral.

⁽⁴⁾

Compensation expense related to SS/L Phantom SARs and restricted stock units paid in cash or expected to be paid in cash is included in Adjusted EBITDA. Compensation expense related to SS/L Phantom SARs and restricted stock units paid in Loral common stock or expected to be paid in Loral common stock is included in depreciation, amortization and stock-based compensation.

⁽⁵⁾	Includes corporate expenses incurred in support of our operations and includes our equity investments in XTAR and Globalstar service providers.

⁽⁶⁾	Represents the gain included in continuing operations on the sale of Loral’s portion of the payload on the ViaSat-1 satellite and related net assets to Telesat adjusted for elimination of Loral’s 64% ownership interest in Telesat.

⁽⁷⁾	Amounts are presented after the elimination of intercompany profit.

⁽⁸⁾	Includes $2.4 billion of satellite services goodwill related to Telesat as of June 30, 2012 and December 31, 2011.

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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