[Satellite TODAY 08-12-09] Iridium Satellite reported growth in subscribers, revenue, operational EBITDA and net income in its 2009 second quarter, the company announced Aug. 11.
    The MSS operator reported a 23.9 percent increase in subscribers to 347,000, compared with results from the same period in 2008. Its machine-to-machine market subs jumped 71.4 percent. Commercial and government service revenues were up 21.6 percent and 15.2 percent, respectively, with total revenues up 1.2 percent to $82.7 million. Iridium’s net income increased 52.9 percent to $28.6 million in the quarter from $18.7 million in 2008 and operational EBITDA increased 31.5 percent to $36.7 million.
    CEO Matt Desch said the Iridium OpenPort maritime communications system and the Iridium 9555 satellite phone largely contributed to the company’s growth in the second quarter, despite a 25.7 percent drop in equipment sales. “We have built a large and growing subscriber base that has continued to generate strong recurring revenue even in a weak economy,” he said in a statement.
    Desch confirmed that the company is on track to complete its planned transaction to combine with GHL Acquisition Corp., which will take Iridium public.

Related Stories-

FMS, Iridium Win U.S. Homeland Security Tracking Systems Order [Satellite Today 07-24-09]
Iridium, Boeing Complete U.S. Navy GPS System Upgrades [Satellite Today 07-14-09]
Iridium 1Q Profits Hurt by Constellation Costs, Slowing Equipment Sales[Satellite Today 06-04-09]