MCLEAN, Va., Oct. 31, 2013 (GLOBE NEWSWIRE) -- Iridium Communications Inc. (Nasdaq:IRDM) ("Iridium") today reported financial results for the third quarter of 2013 and affirmed its recently updated full-year 2013 outlook. The Company also withdrew its long-range outlook as it continues to evaluate the impact of lower commercial equipment sales and commercial subscriber additions on its operating plan. Net income was $16.6 million, or $0.19 per diluted share, for the third quarter of 2013, as compared to $17.8 million, or $0.23 per diluted share, for the third quarter of 2012. Operational EBITDA ("OEBITDA") (1) for the third quarter was $53.3 million, as compared to $57.6 million for the prior-year period, representing a year-over-year decline of 7 percent and an OEBITDA margin (1) of 53 percent. OEBITDA fell largely due to a decrease in equipment revenue and higher projected Iridium OpenPort ® warranty-related costs.
Iridium Announces Third-Quarter 2013 Results
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