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PRESS RELEASES
BETHESDA, Md., April 28 /PRNewswire/ -- Iridium(R) Satellite LLC announces
record-setting financial results for the first quarter ended March 31, 2008.
"Iridium posted another record quarter with across-the-board growth in
profits, revenue and subscribers in all the regions and vertical markets
served," said Matt Desch, Iridium chairman and CEO. "This growth further
solidifies our position as the fastest-growing, and second largest, mobile
satellite services (MSS) company in the world."
Revenue in the first quarter was $74.3 million versus $52.7 million in the
same quarter last year, a 41 percent increase.
First quarter EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization) of $24.4 million was 80 percent greater than EBITDA in the first
quarter 2007, which totaled $13.6 million.
As of March 31, 2008, Iridium surpassed 250,000 subscribers worldwide, a
37 percent increase over the first quarter 2007 total of 183,000.
Iridium continued strong growth in the machine-to-machine (M2M) market
during the first quarter. The company's total number of short-burst data (SBD)
subscribers increased 169 percent over first quarter 2007.
The company also posted significant increases over first quarter 2007 in
voice and data traffic. Traffic in the U.S. and Canada was up almost 100
percent and up 61 percent in the Australia/Asia-Pacific region.
The company unveiled "Iridium OpenPort(SM)," a breakthrough product that
has changed the competitive landscape in the marine satcom market. Iridium
OpenPort is an optimized-bandwidth marine satellite system featuring multiple
phone lines, IP connectivity, flexible data speeds up to 128 kilobits per
second (kbps), substantially lower equipment and airtime costs, and unique 100
percent global coverage and service quality. It provides a cost-effective way
to address increased maritime reporting and management requirements, opening
up new market segments for Iridium.
"Thanks to committed launch partners, we are already seeing higher-than-
expected demand for Iridium OpenPort and have logged pre-orders for thousands
of units in the first quarter," Desch said.
The company also demonstrated its commitment to the emergency services
market through its "Trade-Up to Iridium" program, which helps ensure first
responders have high-quality, real-time MSS at their fingertips when needed
the most.
Finally, the company continues its long-term relationship with the U.S.
Department of Defense (DoD) through the renewal of its airtime services and
gateway maintenance agreements with the Defense Information Systems Agency
(DISA) of the DoD.
"Renewal of the five-year Enhanced Mobile Satellite Services (EMSS)
contract ensures continuation of unique voice and data communications which
support DoD missions worldwide," Desch said. "Feedback indicates Iridium is a
critical part of the armed forces' communications suite, and we look forward
to offering new capabilities to meet their ongoing needs."
Iridium continues to lay the foundation for the future by making
significant strides in the development of its next-generation satellite
constellation, "Iridium NEXT." During the first quarter, Iridium announced
agreements with three companies -- Lockheed Martin, Space Systems Loral and
Thales Alenia Space -- to develop design concepts, review critical engineering
trades, and evaluate performance and capabilities required for NEXT, along
with the costs to manufacture and launch the system. This is a critical step
toward awarding a single-source supply contract to one of these companies,
which Iridium expects to occur sometime around mid-2009.
About Iridium Satellite
Iridium Satellite LLC (www.iridium.com) is the only MSS company offering
gap-free, pole-to-pole coverage over the entire globe. Iridium's constellation
of 66 low-earth orbiting (LEO), cross-linked satellites (and multiple in-orbit
spares) provides critical voice and data services for areas not served by
other communication networks. Iridium has been steadily growing subscribers at
a double-digit annual rate since 2004, driven by increasing demand for
reliable, secure, global communications. Iridium serves commercial markets
through a worldwide network of more than 150 distributors, and also provides
services to the DoD and other U.S. and international government agencies. The
company's customers represent a broad spectrum of industry, including
maritime, aeronautical, government/defense, public safety, utilities, oil/gas,
mining, forestry, heavy equipment and transportation. Iridium has launched a
major development program for its next-generation satellite constellation,
Iridium NEXT, which will enable satellite-based innovations beyond
communications. The company is headquartered in Bethesda, Md. and is privately
held.
SOURCE Iridium Satellite LLC
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