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Iridium Satellite reports 61% increase in Q3 earnings

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Wrapping up its best quarter ever, Iridium Satellite has announced it had approximately 225 000 subscribers worldwide at the end of the third quarter 2007. This represents a 33% increase over the third quarter 2006 total of 169 000.

Revenue in the quarter was $74,2-million against $54,7-million in the same quarter last year, a 36% increase. Third quarter EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) of $22,5-million was 61% greater than the third quarter 2006 total of $14-million. EBITDA through nine months was $56,3-million against $39,9-million for the same periods in 2006, a 41% increase.
Iridium noted continued strong growth for its global satellite communications services in the machine-to-machine (M2M) market. During the third quarter, the company’s total number of short burst data (SBD) subscribers increased 226% over third quarter 2006 and SBD traffic increased 176% since the third quarter of 2006.
Local reseller Satcomms CEO Anthony Glass said locally Iridium products are well suited to the Southern African market and growth has been significant.