It seems that the episodes of financial crises in many parts of the world during the 2008-2010 have come to an end. Probably, the process of economic recovery is slow across all financial sectors, but the companies have started reporting financial growth.
Recently, Iridium Communications Inc., a mobile satellite communications company has declared its financial results for the quarter ended June 30, 2010. The company has reported growth in all its products line. The Total billable subscribers grew 16.8 percent, reaching approximately 383,000 up from approximately 328,000 at the end of the comparable quarter last year. The company has also reported sharp increase in Commercial service revenue from 13.8 percent to $45.5 million in the second quarter compared to $40.0 million during the second quarter of 2009. For the first half of the year, commercial service revenue was up 12.5 percent over the first half of 2009.
Iridium that has recently entered into long-term agreements with The Boeing Company for maintenance, operations and support of Iridium's satellite network has reported government voice and machine-to-machine (M2M) data service revenue increased 7.1 percent to $14.2 million in the second quarter compared to $13.3 million in the second quarter of 2009. For the first half of the year, government voice and M2M data service revenue was up 5.1 percent over the first half of 2009.
Due to a global parts supply issue that delayed some shipments to customers, to a change in the mix of equipment sales to lower- cost M2M devices, and to lower overall device pricing, the subscriber equipment revenue for the second quarter decreased to $20.3 million compared to $24.6 million in the second quarter of 2009. And in the first half of the year, subscriber equipment revenue was down 6.6 percent over the first half of 2009.
In the second quarter of 2009 the total revenue was $82.7 million and now it has reached to $84.0 million in the second quarter of 2010. For the first half of 2010, revenue increased 4.6 percent over the first half of 2009.
There is remarkable increase on the net income of the company. Net income for the second quarter was $3.2 million compared to net income of $28.6 million for the second quarter of 2009. For the first half of the year, net income was $1.9 million compared to $38.3 million in the first half of 2009, in part reflecting $11.8 million and $30.2 million, respectively, of non-cash expenses related to purchase accounting adjustments in those periods, net of tax, related to GHL Acquisition Corp.'s acquisition of Iridium Holdings LLC.