Iridium grows subscriber base and revenue

BETHESDA, Md. – Marine communications supplier Iridium Satellite LLC’s subscriber base grew by 29 percent for the nine months ended Sept. 30 – versus the comparable period in 2003 – and its revenue grew by 27 percent for the third quarter and 21 percent for the nine-month period versus the same periods last year, it reported in a press release yesterday.

The new figures compare with the previous growth rate of 17 percent for the first six months of 2004, which Iridium announced when it exceeded the 100,000-subscriber mark in July.

“Iridium’s subscribers and revenue increased solidly in the double digits as we saw steady growth across our business, especially in the maritime, aviation and defense market segments,” said Iridium Chairman and Chief Executive Officer Carmen Lloyd. “Through the first nine months of this year, we also reduced our operating costs and accelerated our EBITDA growth.”

Iridium also said it had recently closed an agreement for a $65.5-million credit facility with Bank of America, which replaces a similar facility with Riggs Bank. Iridium will use this facility for general corporate purposes.

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