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[Satellite TODAY 05-04-12] Iridium Communications’ 2012 first quarter revenues increased 2 percent year-over-year to $93.5 million, beating analysts’ 2 percent, but falling short of the consensus estimate for operational EBITDA, according to the MSS operator’s latest financial results issued May 3.
Iridium CEO Matt Desch affirmed his company’s full-year forecast for revenue, subscriber, and operational EBITDA growth.
Iridium’s operational EBITDA grew 2 percent to $43.9 million, representing a 6 percent shortfall from the consensus of $46.9 million. The company’s operational EBITDA growth included a $1.2 million product warranty expense, and operating expenses that were up 10 percent year over year.
Iridium’s commercial service revenues increased 13 percent in the 2012 first quarter compared to the same period last year. Despite a tough competitive environment in the MSS sector, Iridium reported modest growth in its voice subscriber base of 6,000 net additions and a 36 percent year-over-year increase in M2M subscriber adds at 15,000.
The operator’s government sector revenues dropped 1 percent.
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