[Satellite Today 05-13-09] Orbcomm said it lost $7 million during the quarter due to the failure of one of its U.S. Coast Guard Quick Launch satellites in March, according to Orbcomm’s first quarter financial results released May 12.
    Orbcomm said it is in the process of filing a $50 million insurance claim for the company’s Quick Launch satellites, which have not met their designed performance criteria.
    The company reported a 25.2 percent increase total revenues at $7.3 million and widening losses at $9.1 million from $534,000 in 2008.
On a positive note, Orbcomm’s service revenues saw a 37 percent increase during the quarter, with its AIS business generating $400,000 of revenues and its OEM service adding over 16,000 new subscribers.