Iridium Satellite LLC (Iridium) has announced financial results for the quarter ended September 30, 2008. Third quarter results included reaching 309,000 subscribers, revenue of $88.2 million, Operational EBITDA of $29.0 million and net income of $16.9 million.
As of September 30, 2008, Iridium had approximately 309,000 subscribers worldwide, an increase of 37 percent over the September 30, 2007 total of approximately 225,000. Net subscriber additions increased 47 percent in the first nine months of 2008 compared to the same period in 2007. Revenue in the third quarter of 2008 was $88.2 million compared to $74.2 million in the third quarter 2007, an increase of 19 percent. Revenue in the first nine months of 2008 was $244.2 million, a 26 percent increase over $193.6 million for the comparable period in 2007. Iridium experienced growth in revenue in all of its vertical segments. Net income increased 8 percent during the third quarter 2008 to $16.9 million from $15.7 million in the third quarter 2007. Through the first nine months of 2008, Iridium posted $52.3 million in net income, a 51 percent increase over the comparable period in 2007. To read the entire financial report, please select this direct link.
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