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TELESAT . Telesat Reports Results for the Quarter and Nine Months Ended September 30 , 2021 OTTAWA , CANADA , November 5 , 2021 - Telesat today announced its financial results for the three and nine - month periods ended September 30 , 2021. All amounts are in Canadian dollars and reported under International Financial Reporting Standards ( IFRS " ) unless otherwise noted . For the quarter ended September 30 , 2021 , Telesat reported consolidated revenue of $ 192 million , a decrease of 5 % ( $ 10 million ) compared to the same period in 2020 . When adjusted for changes in foreign exchange rates , revenue declined 2 % ( $ 4 million ) compared to 2020. The revenue decrease was primarily due to a slight reduction of service for one of Telesat's North American DTH customers , the reduction or non - renewal of certain services in the enterprise segment , including as a result of the COVID - 19 pandemic , and lower consulting revenue , partially offset by an increase in revenue associated with short - term services provided to another satellite operator . Operating expenses for the quarter were $ 50 million , an increase of $ 8 million from 2020. When adjusted for changes in foreign exchange rates , operating expenses increased by $ 9 million . The increase in operating expenses was primarily due to higher non - cash share - based compensation , partially offset by higher capitalized engineering costs . Adjusted EBITDA¹ was $ 157 million , a decrease of 4 % ( $ 6 million ) or , when adjusted for foreign exchange rates , a decrease of 1 % ( $ 1 million ) . The Adjusted EBITDA margin¹ for the third quarter was 81.5 % , compared to 80.4 % in 2020 . For the quarter ended September 30 , 2021 , the net loss was $ 42 million , compared to net income of $ 107 million for 2020. The change was principally the result of a non - cash foreign exchange loss in 2021 compared to a gain in 2020 , arising from the translation of Telesat's U.S. dollar denominated debt into Canadian dollars , combined with an increase in non - cash share - based compensation in 2021 . For the nine - month period ended September 30 , 2021 , Telesat reported consolidated revenue of $ 571 million , a decrease of 8 % ( $ 48 million ) compared to the same period in 2020. When adjusted for changes in foreign exchange rates , revenue declined 4 % ( $ 23 million ) compared to 2020. Revenue decreases for the nine - month period were driven by the same factors discussed above for the quarter . Operating expenses for the nine - month period were $ 147 million , an increase of $ 13 million from 2020. When adjusted for changes in foreign exchange rates , operating expenses increased by $ 17 million from 2020. The increase was principally due to higher non - cash share - based compensation combined with higher wages due to the 1