Iridium Communications Inc. (Nasdaq:IRDM), the technology company providing global mobile voice and data communications network services ended the second quarter with 478,000 subscribers, a near one-hundred-thousand subscriber increase from the second quarter of 2010 when the company only had a 383,000 billable subscriber count.
The 25% increase was due to customers who wanted machine-to-machine ("M2M") data, handheld voice, Netted Iridium and Iridium OpenPort® services.
"We once again achieved double-digit subscriber, service revenue and OEBITDA growth in the second quarter, building on a long track record of execution," stated Matt Desch, CEO of Iridium. "We also continue to strengthen our revenue profile in key areas, as approximately 40 percent of our total service revenue now comes from data products and services. Showcasing our strength in the data market, we grew commercial M2M data revenue over 18 percent in the second quarter."
The company which has its headquarters in the Tysons Corner area of Mclean, reported total revenue of $95.9 Million in the second quarter ended June 30, 2011. That was a year-over-year increase of almost $12 Million from $83.97 Million reported in 2010. Voice and M2M data service continued to be the bulks of revenues.
Net income jumped fourfold to $11.7 Million in the second quarter from $3.2 Million in the prior quarter of 2010.
Cash and cash equivalents balance as of June 30, 2011 was $103.8 million.
Desch said, "Connectivity is one of the single biggest driving forces in our daily lives. Our vision, with the world's furthest reaching network, is to connect people, assets and organizations all over the world in the ways they expect to be connected. We'll continue to shape the global communications landscape along with our ecosystem of partners, bringing personal tracking devices and smartphone connections to market in support of this vision and our proven strategy of growing highly profitable service revenue. In addition to our own upcoming handset innovations, we're also seeing rapid adoption of two-way data devices by many of our partners."