|
EMS
Takes Write-down on NetSat 28 Delays
EMS Technologies,
Atlanta, revised its financial results for 2000 to reflect lower
earnings than previously reported due to a write-down related to
investments in the NetSat 28 broadband satellite venture. EMS is
taking a US$2.9 million write-down on its NetSat 28 assets because
it was unable to secure financing for the venture prior to the end
of 2000. Other than the NetSat 28 write-down, EMS’ results were
unchanged from previously released figures.
EMS
is one of the principal backers of NetSat 28 Co. LLC, one of several
ventures formed to deliver broadband services to North America via
satellite. In June 2000, the U.S. Federal Communications Commission
(FCC) revoked NetSat’s orbital slot and frequency license after
the company failed to reach construction milestones. EMS is
appealing the license revocation and is optimistic that the project
will proceed.
SPACEandTECH Digest is a weekly roundup of the latest industry news of interest
to the space professional. SPACEandTECH Flash! is an internet push
service offered by Andrews Space & Technology to bring the
latest on orders, launches, and important breaking news to your
desktop. SPACEandTECH Digest and SPACEandTECH Flash! are part of
the Andrews Space & Technology www.spaceandtech.com
website, a website designed to serve the information needs of the
space industry.
If you would like to subscribe to the SPACEandTECH
Flash!
(currently a free service), contact the www.spaceandtech.com
Editor-in-Chief, Joe Hopkins, at editor@spaceandtech.com
|
