BETHESDA, Md.-Iridium Satellite L.L.C. announced increased subscribers and revenues for the third quarter as well as new financing.
Iridium said its subscriber base increased 29 percent during the first three quarters of 2004 compared with the same period last year. In addition, revenues increased by 27 percent during the third quarter, according to the company.
“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 Carmen Lloyd, chairman and chief executive officer of Iridium. “Through the first nine months of this year, we also reduced our operating costs and accelerated our EBITDA (earnings before interest, taxes, depreciation and amortization) growth.”
The company also said it closed a $65.5 million credit facility agreement with Bank of America. The new agreement replaces a previous facility with Riggs Bank. Funds will be used for general corporate purposes.
