MCLEAN, Va., Feb. 28, 2013 (GLOBE NEWSWIRE) -- Iridium Communications Inc. (Nasdaq:IRDM) ("Iridium") today reported financial results for the fourth quarter of 2012 and issued its outlook for the full-year 2013. Net income was $16.7 million, or $0.19 per diluted share, for the fourth quarter of 2012, as compared to $8.4 million, or $0.11 per diluted share, for the fourth quarter of 2011. Net income increased 99 percent year-over-year, benefiting from a $5.8 million reduction in depreciation expense due to an extension of the estimated useful life of the Company's current satellite constellation. Operational EBITDA ("OEBITDA") (1) for the fourth quarter was $52.3 million, as compared to $44.3 million for the prior-year period, representing year-over-year growth of 18 percent and an OEBITDA margin (1) of 57 percent. OEBITDA benefited from growth in commercial service revenue and lower operating costs.
Iridium Announces Fourth-Quarter And Full-Year 2012 Results; Company Issues 2013 Outlook And Updates Long-Range Guidance
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