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Iridium Off to ‘Strong Start’ in 2011, CEO Matt Desch Reports

Iridium (NASDAQ:IRDM) announced that it booked net income of $8.3 million for the first quarter of 2011 and updated its outlook for the full-year 2011.

“We’re off to a strong start in 2011, as we continue to benefit from a high-quality and diversifying revenue profile that is moving beyond voice to fast-growing data services, ” CEO Matt Desch said. “Commercial M2M subscribers grew 62 percent year-over-year, and we’re capturing more data revenue from the Iridium OpenPort terminals we’ve shipped to our maritime customers. The rapid adoption of our Iridium 9602 short-burst data transceiver has been so strong that it led to an upward revision of our equipment revenue outlook for 2011, as significant sales volumes more than offset the lower price of this device compared to its predecessor.”

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