PanAmSat Profit Soars in 4th Quarter
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PanAmSat Corp., the largest U.S. commercial satellite operator, said fourth-quarter profit soared as cost cutting and an accounting change compensated for lower sales.
Net income rose to $23.6 million, or 16 cents a share, from $3.18 million, or 2 cents, a year earlier. Sales fell 3.4% to $196.8 million.
Wilton, Conn.-based PanAmSat also said it had reached an agreement to acquire Hughes Global Services, a unit of El Segundo-based Hughes Electronics Corp., which owns 81% of PanAmSat. Terms weren’t disclosed.
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