Iridium Sets Company Record in Units Shipped During Third Quarter
[Satellite Today 12-03-08] Iridium reported its best quarter for number of units shipped in the company’s history, CEO Matt Desch said.
Iridium posted solid growth, reporting a 37 percent increase in subscribers to 309,000 at the end of September and a jump in net subscribers of 28 percent, according to the 2008 third quarter financial results released Dec. 3.’ The company’s revenue improved 19 percent over the third quarter of 2007 to $88.2 million and also was up 26 percent year-to-date at $244.2 million. Iridium’s net income improved 8 percent since the 2007 third quarter.
"To date, we are not seeing a significant impact from the developing global financial crisis,” said Desch. “I think the fact that our service is primarily focused on industrial applications, it doesn’t have competitive alternatives that offer 100 percent global coverage, and a significant percentage of our business comes from U.S. and international governmental agencies, makes our business less impacted by recessions and other problems affecting the consumer markets.”
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