Orbcomm’s adjusted EBITDA of $4.2 million beat analysts’ estimates of $4 million, backed by a 38 percent year-over-year increase in service revenues to $12.4 million — a new record for the company. Orbcomm management said the growth was aided by a higher subscription count and a 13 percent increase in ARPUs compared with the same period in 2011.

   The company’s overall second quarter revenues increased 51 percent from the corresponding period last year to $16.3 million due to strong organic growth and Orbcomm’s recent acquisition of PAR LMS, though barely fell short of the $16.4 million market consensus.

   Orbcomm CEO Marc Eisenberg said that the company’s ARPUs should flatten in the next several quarters pending the mid-2013 launch of its first batch of OG2 satellites.

   “Our AIS solution was selected to be the sole provider by the European Maritime Safety Agency (EMSA), which awarded us a multi-year contract to provide satellite-based AIS data used for ship tracking and maritime navigation safety efforts,” Eisenberg said in a statement. “This is a major endorsement by EMSA to be the sole provider of AIS because our product provides the best service and value on the market. We also added two heavy equipment customers in recent months.”

   Sierra Nevada Corp. recently completed environmental testing for Orbcomm’s second-generation prototype spacecraft. The spacecraft will be launched in October on SpaceX’s next Falcon-9 launch vehicle along with first Cargo Re-supply Services mission to the International Space Station.

   Raymond James Analyst Chris Quilty said that Orbcomm’s new customer add-on rates and revenues could more than double in 2013 with the successful launch of the first batch of OG2 satellites.

   “Orbcomm’s first OG2 satellite is scheduled to launch in two months — an event that should serve as a catalyst for improved network performance, accelerated revenues and a higher valuation,” Quilty said in a research note. “Orbcomm’s sequential net adds increased 53 percent year-over-year to 26,000, which was above our estimate of 24,400. This marks the seventh consecutive quarter of improvement from the same period in the previous year. Orbcomm’s StarTrak/PAR service contributed 2,000 subscriptions, but volumes should grow beginning in the fourth quarter, when Orbcomm begins shipping its new dual-mode communicator.”