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Iridium Communications Inc. provides satellite voice and data communications services to businesses, the U.S. and foreign governments, non-governmental organizations, and consumers worldwide.
Iridium offers unique communications products and services, but from an investors perspective I could not make sense of their SEC 10-Q quarterly report that was filed on 11/16/2009. They do about $80M in gross revenues a year, but during this past quarter they incurred a $34M charge due to "Change in fair value of warrants". I tried to find an explanation for this, but I could find none to my satisfaction despite over 60 occurrences of the "warrants" text in this document.I sense that future earnings may suffer from additional charges due to warrants. Until they post some earnings with a return for the investor, I project that they will underperform the S&P 500.
The warrant restructuring is on page 13 of the 10-Q.
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