Record Revenues Help Orbcomm Cut Loss
[11-13-07 – Satellite Today] Orbcomm Inc. posted revenues of $6.9 million in its 2007 third quarter, up from revenues of $5.5 million in the same period a year ago, the company announced Nov. 13.
The revenue gains helped Orbcomm cuts its loss from $1.9 million in the 2006 third quarter to $422,000 in the most recent quarter, which closed Sept. 30. Service revenue increased 41.3 percent to $4.6 million, while product revenues grew 1.2 percent to $2.4 million.
Orbcomm added 39,000 subscribers in the 2007 third quarter to bring its total subscriber base to more than 317,000. Companies rolling out Orbcomm-equipped devices accounted for 40 percent of the net subscriber additions, Orbcomm said.
“With approximately 7,500 net subscriber additions, our terrestrial service business is off to a strong start,” Marc Eisenberg, Orbcomm’s COO, said in a statement. “We expect to see several new and exciting applications that will capitalize on the availability of this service, including hybrid or dual-mode devices that combine Orbcomm and terrestrial services, allowing us to capture subscribers in new markets that are traditionally served by higher-bandwidth satellite networks or higher-bandwidth terrestrial networks.”