Iridium (News - Alert) Communications Inc., a provider of mobile satellite service, or “MSS,” that offers coverage over the entire globe,  has announced to report its financial results for the period ended Dec. 31, 2009. Through its constellation of low-earth orbiting or ‘LEO’ cross-linked satellites, the company provides critical voice and data services for areas not served by terrestrial communication networks. 

The results suggest that in spite of the global economic downturn, Iridium maintained its operating strength to mark a consistent growth in financial terms. The company incurred a net loss of $4.7 million for the fourth quarter compared with net income of $1.5 million for the fourth quarter of 2008. The loss in part reflects $17.0 million of expenses related to purchase price accounting adjustments, net of tax, relating to the GHL Acquisition Corp. transaction. 

At the same time, the operational EBITDA of the company increased by 17.3 percent to $30.2 million in the fourth quarter from $25.8 million in the fourth quarter of 2008, which was primarily driven by growth in service revenue. Further, Iridium’s Operational EBITDA for the full year 2009 was $133.9 million, with an increase of 20.5 percent over full year 2008. 

Total number of Iridium’s subscribers was 369,000 at the close of fourth quarter 2009, up by 15.3 percent from approximately 320,000 at end of the fourth quarter of 2008, while its total revenue was down by 1.0 percent for the same period to $76.0 million compared to $76.8 million during the last quarter of the previous year. Total revenue of the company for the full year 2009 decreased by 0.6 percent to $318.9 million. 

According to the report, combined revenue of Iridium’s commercial voice, Iridium OpenPort voice and data, and M2M data service was $39.4 million in the fourth quarter of 2009, which is 11.1 percent more than the revenue earned during the fourth quarter of 2008 while it was just $35.5 million. For the full year 2009, commercial service voice and M2M data revenue increased 20.5 percent to $159.6 million, the report adds. 

In the words of Matt Desch (News - Alert), CEO of Iridium, the company is very pleased by these results, particularly in the face of the global economic slowdown as its full year Operational EBITDA, which is a key metric by which companies measure their business performance, was stronger than expected. Desch continued that growth in Iridium’s customer base, which generates high margin and recurring service revenues, more than offset a sharp decline in lower-margin equipment sales that were heavily impacted by the global recession. 

With only two weeks to go in the first quarter, Iridium is encouraged that the trends in its business continue to be positive, and the company anticipates that it will add more subscribers in this quarter than it has in each of the prior two quarters, Desch added. 

February 2010, Iridium announced tha,t in collaboration with Tecnologías de Control del Norte, the United Nations and various other Mexican government agencies, the company had expanded the use of Iridium 9555 satellite phones in support of Haiti relief and recovery efforts.