Iridium reported growth in net income and subscribership for the...
Iridium reported growth in net income and subscribership for the third quarter of 2012. Net income was $17.8 million, up from $12 million from the same period in 2011, Iridium said. In 2012, net income grew a little more slowly…
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than in past years, CEO Matthew Desch said Thursday during a webcast. Subscribership reached about 595,000, up from 508,000 a year ago, the company reported. “We're confident that we'll add more subscribers in 2013.” Iridium is moving forward with Aireon, its global aviation monitoring project (CD June 20 p6), he said. The company expects to receive $200 million hosting fees between 2014 and 2017, he said. The FAA continues to be involved in the project from a systems specification standpoint, he said. Desch said he believes the FAA “will be a significant customer of Aireon.” Desch also said he expects stronger revenue growth next year, due to a new Department of Defense contract, a price change in handset business, and continued success of new products. “We expect to generate over $200 million in operating cash flow this year for the first time in our history.” Hurricane Sandy was a reminder of the fragility of ground-based communications systems, he said: Twenty-five percent of cell towers in 10 states “were knocked out by the storm.” Iridium has reached the halfway point of the 5-year buildout of its next-generation constellation, he added.