Iridium 1Q results: revenue up

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Iridium Communications reported a 7.9 percent increase in revenue for the first quarter of 2010, which ended March 31.

Total revenue increased to $81.7 million compared to $75.8 million during the first quarter of 2009, the company said.

Net loss for the first quarter was $1.3 million compared to net income of $9.7 million for the first quarter of 2009. That partially reflects $18.4 million of non-cash expenses in the 2010 quarter related to purchase price accounting adjustments, net of tax, regarding a transaction between GHL Acquisition Corp. and Iridium Holdings LLC.

"We're off to an excellent start in 2010," said Matt Desch, CEO of Iridium, in a statement. "We experienced strong subscriber additions and growth in most of our revenue categories in the first quarter. Our first-quarter growth reflects strengthening in the global economy and continued healthy demand for our diversified portfolio of products and services."

The company also reported it is making "substantial progress" toward the design and development of its next-generation satellite constellation, Iridium Next.

"We are near the final selection of our Next prime contractor and soon expect to execute a definitive contract to that effect," Desch added. "On the financing for Iridium Next, we also have made substantial progress towards securing the comprehensive export credit financing we need to fund our new constellation and we expect to complete that financing this summer."

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