Intelsat to buy Lockheed unit ...

NEW YORK (Bloomberg) - Lockheed Martin Corp., the largest US defence contractor, agreed to sell its satellite-telecommunications services business to Bermuda-based Intelsat Ltd. for $90 million as it focuses on work for the military and federal government.

Intelsat, the third-largest global satellite provider, will pay cash and stock for Comsat General, which had 2003 sales of $150 million. The unit has commercial and government customers and its services include the resale of satellite capacity and bandwidth management, the companies said in separate statements.

As much of $40 million of the Comsat purchase price may be paid in Intelsat shares, Lockheed said. Intelsat also will purchase an Atlas satellite-launch vehicle from Lockheed. Lockheed said the Comsat transaction won't affect its results or financial position.

... as profits fall

NEW YORK (Reuters) - Intelsat Ltd. said its first-quarter profit fell as demand from telecommunications companies for its satellite services declined.

Intelsat, which has telecommunications, media and government clients, posted quarterly net income of $16.8 million compared with $64.1 million a year ago. Its revenue was $235.3 million, down from $238.9 million last year.

Intelsat said its backlog, or future revenue under contracts with customers, was approximately $3.9 billion at the end of the quarter, compared with $3.6 billion a year before.

Annuity delays results

NEW YORK (Reuters) - Annuity & Life Re, a Bermuda-based reinsurer, said yesterday it will delay filing quarterly financial statements and expects to report break-even earnings before the cumulative effect of an accounting change.

The effect of this change has not yet been finalised and Annuity & Life cannot estimate its impact on net income for the first quarter, the company said. The company expects to file its Form 10-Q on or before May 17, it said.

In March, the company restated results for the third quarter of 2003, reporting a loss of $3.79 million instead of a small profit.

Tsakos earnings rise

Bermuda-registered tanker company Tsakos Energy Navigation Limited yesterday said its first quarter net income soared 84.7 percent to more than $33 million.

Tsakos said net revenues for the first quarter of 2004 were $79.5 million compared with $55.68 million for the same period in 2003.

Net income for the first quarter was $33.4 million, up from $18.08 million in the same period in 2003. Basic earnings per share for the quarter were $1.94 versus $ 1.06 in the year earlier quarter.

Acquisitor tries again

LONDON (Bloomberg) - Baltimore Technologies Plc, a former software maker trying to avoid liquidation, faces another attempt by its largest investor Acquisitor Holdings (Bermuda) Ltd. to oust the board and install its own directors.

Acquisitor requested a resolution at Baltimore's annual general meeting to remove the current directors and appoint its own officials, it said in a Regulatory News Service statement.

Baltimore investors last week voted to keep the company's existing directors after Acquisitor called an extraordinary general meeting in its first bid to get rid of the board.