Space Systems/Loral files for $100M IPO

Space Systems/Loral files for $100M IPO

Satellite maker Space Systems/Loral Inc. said it plans to raise $100 million in an initial public offering.

The company's services help provide access to Internet, mobile video, TV and radio feeds and communications products. It also works with government customers.

Space Systems/Loral said it expects growth from increasing consumer use of high-definition and 3-D TV and broadband Internet, military needs and demand in emerging markets lacking communications infrastructures.

It has delivered more than 230 satellites and had a backlog of 19 satellites, worth $1.6 billion, in December 2009.

Space Systems/Loral said in a regulatory filing that it will use net proceeds from the offering for working capital.

In the first quarter of 2010, the company posted net income of $1.8 million, compared to a loss of $2.5 million in the first three months of 2009. Revenue rose 6.7 percent to $230.9 million.

The company did not say how many shares it expected to sell in the IPO or offer a prospective price range for shares.

Credit Suisse and JPMorgan are managing the IPO.