Iridium Communications (NASDAQ: IRDM) has announced financial results for the first quarter of its 2015 fiscal year ended March 31, 2014.
The McLean, Va.-based satellite services provider reported a year-over-year revenue increase of 13 percent in its government services segment to $18 million, activity Iridium attributed to the company’s $400 million airtime services contract with the Defense Information Systems Agency.
Profit climbed 27.2 percent from the prior year period to $21 million and the company reported total revenue of $97 million, with 78 percent of total sales from services.
Matt Desch, Iridium CEO and a Wash100 inductee for 2015, projects the company to see gains in its machine-to-machine, maritime and aviation businesses during the company’s 2015 fiscal year and activity in the voice market to be affected by a strong U.S. dollar.
Commercial service revenue for the quarter was unchanged at $57.4 million from the prior year period and the company also reported a 13-percent jump in sales for engineering and support work.
Desch also said the company has signed new agreements with India’s national air traffic management agency and a cooperative of airspace control organizations in the Mediterranean region to collaborate on a potential deployment of a space-based global aviation monitoring services.
“These agreements lay the groundwork for future data services contracts and expand the planned deployment of the AireonSM service in Asia and Europe, ” Desch said.