Iridium Communications Inc. (Nasdaq:IRDM) reported financial results for the quarter ended March 31, 2010. The following reflects the results of Iridium Communications Inc. for the first quarter of 2010 compared to those of Iridium Holdings LLC (predecessor) for the first quarter of 2009.

Operating Highlights – The following results are highlights of Iridium’s first quarter 2010 financial performance:First Quarter 2010

• Total revenue increased 7.9 percent for the first quarter to $81.7 million compared to $75.8 million during the first quarter of 2009
• Commercial service revenue increased 11.0 percent to $40.9 million in the first quarter compared to $36.8 million during the first quarter of 2009
• Government voice and machine-to-machine (M2M) data service revenue increased 3.1 percent to $13.8 million in the first quarter compared to $13.3 million in the first quarter of 2009
• Subscriber equipment revenue for the first quarter increased 6.5 percent to $21.8 million compared to $20.5 million in the first quarter of 2009
• Subscribers reached approximately 390,000 – up from approximately 328,000 in the comparable quarter last year. Billable subscribers, defined as total subscribers less suspended subscribers, increased 14.3 percent to approximately 359,000 at the close of the first quarter from approximately 314,000 at the end of the first quarter of 2009
• Net loss for the first quarter was $1.3 million compared to net income of $9.7 million for the first quarter of 2009, in part reflecting $18.4 million of non-cash expenses in the 2010 quarter related to purchase price accounting adjustments, net of tax, related to the transaction between GHL Acquisition Corp. and Iridium Holdings LLC
• Operational EBITDA increased 19.6% to $33.6 million in the first quarter from $28.1 million in the first quarter of 2009, driven primarily by growth in service revenue

“We’re off to an excellent start in 2010,” said Matt Desch, CEO of Iridium. “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. We experienced double digit percentage growth in subscribers and revenue for our commercial services. We’re seeing growth in the government sector through our voice and Netted Iridium services. And, our handsets continue to set the standard for quality, reliability and global reach, evidenced by worldwide demand for the Iridium 9555™ satellite phone. Based on our results, we are confirming all elements of our full year guidance, notably net subscriber additions of 10-15% and Operational EBITDA in the range of $145-155 million.” The company reported it is also making substantial progress toward the design and development of its next-generation satellite constellation, Iridium NEXT.