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Wednesday, March 7, 2012

Satellite phone business Iridium announces annual results

Global satellite communications business Iridium has reported financial results for the fourth quarter and full year of 2011. It ended the year with 523,000 total billable subscribers, up 22% from December 2010 when it had 427,000 customers.

Matt Desch, CEO of Iridium, said “2011 was a record year for Iridium as we reached important milestones for subscriber, service revenue and cash flow growth. Our ongoing success is rooted in having a superior network, unmatched capabilities in the highest growth segments of our market and a sustainable set of product-related competitive advantages anchored by a motivated partner channel. We’re obsessive innovators, and we’ll continue to expand and improve our service portfolio in 2012 and beyond. Iridium remains healthy and strong, and we continue to make the right decisions to support recurring service revenue growth and operating cash flow expansion.”

Iridium reported net income of $39.7 million (£25.2 million) for the year, up from $22.7 million year-on-year, with total revenues of $384.3 million.

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