As Telesat sets its sights on a new downtown location, the firm’s revenues are expected to keep even with last year’s performance.
The Ottawa-based satellite technologies firm announced Monday that it expects revenues between $233 million and $236 million for the quarter ending Mar. 31. That’s roughly in line with the firm’s quarterly revenues of $235 million a year ago. Adjusted EBITDA is also expected to remain consistent year-over-year.
These are not fully-audited figures, but rather Telesat’s expectations for its first quarter performance. The firm had to release these projections early in connection with a potential amendment to its US$2.43 billion loan facility.
Telesat, which turns 50 years old next year, made waves in Ottawa’s commercial real estate market last month when it told OBJ that it would be moving to a new location on Elgin Street – leaving behind its 30-year hold on Telesat Court in Gloucester.
Over the next year and a half the firm will move into the 20th and 21st floors at Place Bell, where CEO Dan Goldberg said the 240-person firm will have room to grow. The shift downtown is partially driven by a need to court millennial talent, he told OBJ.