Home / Financial Report / Iridium Announces Quarterly Financial Results; Desch Comments

Iridium Announces Quarterly Financial Results; Desch Comments

 

Matt Desch, Iridium

Iridium Communications,  Inc. (NASDAQ: IRDM) released its second quarter 2011 financial results on August 8.

The company reported its net income increased 265.6 percent year-over-year to $11.7 million from $3.2 million in the second quarter of fiscal year 2010.

Iridium reported second quarter total revenue of $95.9 million, a 14 percent increase from the comparable period of 2010.

Operational EBITDA for the second quarter was $48.4 million, a 34 percent increase over $36.1 million it generated in the prior-year period. The company said OEBITDA benefited from solid growth in government service.

“We once again achieved double-digit subscriber, service revenue and OEBITDA growth in the second quarter, building on a long track record of execution, ” said Matt Desch, Iridium’s CEO. “We also continue to strengthen our revenue profile in key areas, as approximately 40 percent of our total service revenue now comes from data products and services. Showcasing our strength in the data market, we grew commercial M2M data revenue over 18 percent in the second quarter.”

Check Also

General Dynamics Subsidiary Gets $2B Contract Modification for Additional Virginia-Class Submarine Materials

General Dynamics’ (NYSE: GD) Electric Boat subsidiary has received a $2.04B contract modification to provide …

Curtiss-Wright Completes Tactical Communications Group Acquisition; David Adams Quoted

Curtiss-Wright (NYSE: CW) has closed its $50M cash acquisition of Tactical Communications Group, a Tewksbury, Mass.-based …