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Iridium and Globalstar release Q3 results

  • Friday, 16 November 2007 | News

Iridium and Globalstar have both released their Q3 results, with both companies reporting substantial increases in subscriber numbers compared with 2006.

Iridium says that it now has approximately 225,000 subscribers worldwide as of the end of the third quarter, a 33 per cent increase over the third quarter 2006 total of 169,000, while Globalstar subscribers are up approximately 30,000, to 285,268.

Iridium also reported revenues of $74.2 million for the quarter, a 36 per cent increase on the Q3 2006 figure of $54.7 million. Third quarter EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) of $22.5 million was 61 per cent greater than the third quarter 2006 total of $14 million.

EBITDA for the first nine months of the year was $56.3 million versus $39.9 million for the same periods in 2006, a 41 per cent increase.

Globalstar service revenue for the third quarter of 2007 was $21.3 million compared to $27.6 million during the same period of 2006. During the third quarter of 2007 Globalstar recorded an operating loss of $0.3 million compared to operating income of $8.8 million for the quarter last year.

However the company is optimistic for the future following the successful launch of eight satellites over the course of the year, and the agreement of contracts for the construction of its second generation satellite constellation.

Globalstar also reported adjusted EBITDA of $7.8 million compared to an adjusted EBITDA of $10.1 million during the same period in 2006.

Net income for the third quarter of 2007 was $0.7 million compared to $2.7 million in the same period last year, with the decreases due primarily to lower retail ARPU (average revenue per unit) related to the introduction of unlimited satellite airtime price plans and lower equipment sales, the company said.

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