Intelast CEO Stephen Spengler says the company is leveraging its scale and global presence to drive returns on its network. (Photo: Intelsat)

Intelast CEO Stephen Spengler says the company is leveraging its scale and global presence to drive returns on its network. (Photo: Intelsat)

A press release published on 1 May explained that in the first quarter of 2018 the company adopted the provisions of the Financial Accounting Standards Board Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”).

As a consequence of the cost involved, $25.1 million, total revenue excluding the effects of ASC 606, was $518.8 million for the period ending 31 March 2018.

Intelsat reported earnings before net interest, depreciation and amortisation (EBITDA) of $405.4 million and an adjusted EBITDA of $418.6 million. Total adjusted EBITDA excluding the effects of ASC 606 was $392.3 million.

Intelsat’s chief executive officer, Stephen Spengler said, “We are leveraging our scale and global presence to drive returns on our network, making solid progress on our operating priorities for 2018. “

He listed some of quarter one’s key highlights including: new broadband contracts on Intelsat EpicNG satellites in Africa and Asia and a North American hosted payload program for the U.S. Government, as well as a new shared services platform for media customers that is expected will drive incremental value in Central and Eastern Europe.

Spengler continued, “Our two planned launches for the second half of 2018, Intelsat 38 and Horizons 3e, are further examples of creatively utilizing our global orbital rights for satellite partnerships, delivering capital expenditure efficiencies while providing for revenue continuity and high-performance inventory for growth.”

The company also confirmed capital spending plans for the next three years and says it will expect to produce between $2.06 billion and $2.11 billion in sales for full-year fiscal 2018. This was enough to send stocks soaring on Tuesday, with shares quoted on the New York Stock Exchange up as much as 41.9% at one point and closing at 33.4% higher.